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Chapter 4

Taxes, Retirement, and Other Insurance Concepts

QuestionAnswer
All of the following statements concerning an employer sponsored nonqualified retirement plan are true EXCEPT The employer can receive a current tax deduction for any contributions made to the plan.
Which of the following is the required number of participants in a contributory group plan? 75%
If a retirement plan or annuity is "qualified," this means It is approved by the IRS.
The minimum number of credits required for partially insured status for Social Security disability benefits is 6 credits.
If $100,000 of life insurance proceeds were used in a settlement option, which paid $13,000 per year for ten years, which of the following would be taxable annually? $3,000
If an immediate annuity is purchased with the face amount at death or with the cash value at surrender, this would be considered a Settlement option.
A partnership buy-sell agreement in which each partner purchases insurance on the life of each of the other partners is called a Cross-purchase plan.
Employer contributions made to a qualified plan Are subject to vesting requirements.
All of the following are general requirements of a qualified plan EXCEPT The plan must provide an offset for social security benefits.
A tax-sheltered annuity is a special tax-favored retirement plan available to Certain groups of employees only.
What is the number of credits required for fully insured status for Social Security disability benefits? 40 credits
What does “liquidity” refer to in a life insurance policy? Cash values can be borrowed at any time.
Which of the following is INCORRECT concerning a noncontributory group plan? The employees receive individual policies.
An insured has a Modified Endowment Contract. He wants to withdraw some money in order to pay medical bills. Which of the following is true? He will have to pay a penalty if he is younger than 59½.
Created by: Hayley92
 

 



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