Taxes retirement and other insurance concepts

To attain currently insured status under Social Security, a worker must have earned alleys how many credits during the last 13 quarters ??

6 credits

What is "liquidity" refer to in a life insurance policy?

Cash values can be borrow at any time

Who can make a fully deductible contribution to a traditional IRA ?

An individual not covered by an employer sponsored plan who has earned income

All of the following statements are true regarding tax qualified annuities except

Employer contributions are not tax-deductible

Which of the following would not be taxable?

Policy loan borrowed by the policyowner

All of the following are true of key person insurance except

The plan is funded by permanent insurance only

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

All of the following would be different between qualified and nonqualified retirement plans except

Taxation on accumulation

Which of the following statements about group life is correct?

The cost of coverage is based on the ratio of man and woman in the group

All of the following statements concerning an employer sponsored non-qualified retirement plan are true except

The employer can receive a current tax deduction for any contributions made to the plan

In a life settlement contract, whom does this life settlement broker represent?

The owner

Which of the following is not true of life settlements?

The seller must be terminally ill

All of the following are true of the federal tax advantages of a qualified plan except

At distribution, all amounts received by the employee are tax free

Which of the following applicants will not qualify for a keogh plan

Someone who works 400 hours per year