taxes retirement and other insurance concepts

a tax sheltered annuity is a special tax favored retirement plan available to

certain groups of employees only

who is a third party owner

A policyowner who is not the insured

which of the following is not true regarding policy loans?

Money borrowed from the cash value is taxable.

which of the following is not true of Life settlements ?

The seller must be terminally ill

social security was created to provide all the following benefits except

Unemployment income

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

employer contributions are not tax deductible

which of the following best defines the "owner" as it pertains to life settlement contracts

the policy owner of the life insurance policy

all the following would be eligible to establish a Keogh retirement plan except

the president and employee of a family corporation

simple plans require all of the following except

At least 1,000 employees.

when a beneficiary receives payments consisting both principal and interest portions which parts are taxable as income

interest only

an employee quit your job where she has a balance of $10,000 in her qualified plan if she decides to do a direct transfer from her plan to a traditional IRA how much will be transferred from one plan administrator to another and what is the tax consequence of a direct transfer?

$10,000 no tax consequence

what percentage of a company's employees must take part in a non-contributory group Life plan?

100%

what does "liquidity" refer to in a life insurance policy?

Cash values can be borrowed at any time

all 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

traditional IRA contributions are tax deductible based on which of the following

owners income