Taxes, Retirement, and Other Insurance Concepts
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| 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.
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| Which of the following is the required number of participants in a contributory group plan? | 75%
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| If a retirement plan or annuity is "qualified," this means | It is approved by the IRS.
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| The minimum number of credits required for partially insured status for Social Security disability benefits is | 6 credits.
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| 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
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| 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.
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| 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.
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| Employer contributions made to a qualified plan | Are subject to vesting requirements.
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| All of the following are general requirements of a qualified plan EXCEPT | The plan must provide an offset for social security benefits.
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| A tax-sheltered annuity is a special tax-favored retirement plan available to | Certain groups of employees only.
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| What is the number of credits required for fully insured status for Social Security disability benefits? | 40 credits
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| What does “liquidity” refer to in a life insurance policy? | Cash values can be borrowed at any time.
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| Which of the following is INCORRECT concerning a noncontributory group plan? | The employees receive individual policies.
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| 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.
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Created by:
Hayley92