All of the following statements are true regarding tax-qualified annuities EXCEPT

A) Employer contributions are not tax deductible.

B) Tax accumulation is deferred.

C) They must be approved by the IRS.

D) Withdrawals are taxed

Answer: Employer contributions are not tax deductible

Qualified Plans

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An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?

An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay? a) $0 b) $30,000 c) $32,000 d) $40,000 Answer: B

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How many pair of glasses in a 12-month period will a vision expense insurance plan cover?
The voluntary relinquishment of a legal right is called
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