Insurance chapter 18

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If the annuitant dies during the accumulation period and before the contract is annuitized

a death benefits equal to premiums paid and part of the interest on the premium is payable to beneficiary or to the annuitants estate

a pension plan that provides a retirement benefit equal to 50% of the employee's terminal salary is an example of

a defined benefit plan

an annuity contract provides an income until the first of two annuitants dies is

a joint life annuity

which of the following annuities paying a $100 monthly benefit would have the greatest purchase price

a single life annuity with cash refund purchased by a female age 65

all of the following annuities may provide benefits after the death of the annuitant except

a straight line annuity

which of the following statements is true regarding regulation of annuity sales

all of the above

section 40 1(K) plans

allow employees to make tax deferred contribution to the plan

taxation of payments under an annuity

apportions payments between recovery of capital and investment income

annuities are classified in all of the following ways except

by the face amount of the policy

A premature withdrawal from an annuity

can trigger a tax penalty if the distribution is not over the annuitant's lifetime

the return that will be earned over the life of an annuity

depends on the interest rate, the surrender charge, and administrative expenses

Which of the following is true with respect to defined benefit and defined contribution plans

employees bear the investment risk in defined contribution plans

a retirement plan that promises monthly benefit equal to 1 percent of the average monthly salary during the individuals last three years of employment is a

final average salary plan

distributions from a qualified retirement plan before age 59 1/2 are subject to a 10% tax penalty which does not apply

if the distribution is rolled over into another qualified plan or an IRA

which of the following statements about a variable annuity is true

it provides retirement income that fluctuates with the underlying portfolio

the type of annuity that pays income to two or more annuitants until the death of the last annuitant is

join and survivorship annuity

savings incentive match plan for employees (SIMPLE)

require employers to make matching contributions up to 3% of employee compensation or make nonelective contributions of 2% for all employees

the Keogh plans are designed for

self employed persons and their employees

under a defined benefit pension plan

the employer promises to pay the employee a specific income at retirement

Under a deferred profit sharing plan

there is no requirement that the level of contributions be fixed


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