Jamar bought a segregated fund contract for $100,000 that includes a 75% death benefit guarantee. At the time of his death, the contract was worth $50,000. What is the entitlement of the beneficiary?
1) The $50,000 market value, plus $25,000 death benefit.
2) The $50,000 market value only.
3) A $75,000 death benefit.
4) The $100,000 purchase value of the contract.