need to know - chapter 4

to attain currently insured status under social security, a worker must have earned at least how many credits during the last 13 quarters?

6 credits

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

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

An IRA purchased by a small employer to cover employees is known as a

simplified employee pension plan

what describes the tax advantage of a qualified retirement plan?

the earnings in the plan accumulate tax deferred

which of the following is incorrect concerning a noncontributory group plan?

the employees receive individual policies

all of the following statements concerning the use of life insurance as an Executive Bonus are correct EXCEPT

the policy is owned by the company (its owned by the employee)

social security was created to provide all of the following benefits EXCEPT

unemployment income