Annuity Basics 103 - Active Annuities
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- 1.What form is used to remove excess contributions from an IRA?
- A.
1099
- B.
EFL-927
- C.
EFL-520
- D.
EFL-809
- 2.An annuitant is 74 years old. She has a Roth IRA. How much can she contribute to her IRA for 2013?
- A.
$5,500
- B.
None
- C.
$6,500
- D.
$25,000
- 3.Select each of the following that are true regarding ownership changes:
- A.
You can change the owner of a non-qualified annuity.
- B.
If the owner dies, funds must be withdrawn within 12 months.
- C.
You can change the owner of an IRA.
- D.
If an annuitant or any natural owner hs died, an ownership change cannot be processed.
- 4.The 5498 will show all contributions made during the specified tax year on qualified IRAs.
- A.
True
- B.
False
- 5.Which form is used to designate a tax year on a Traditional IRA contribution?
- A.
EFL-809
- B.
EFL-5003
- C.
EFL-7700
- D.
EFL-520
- 6.Peter Griffin, 54, has an FPDA Traditional IRA at Erie Family Life that was issued on 01/01/2010. So far, he has contributed $4,000 to it in 2013. He has another Traditional IRA at another company with a value of $35,000 that he would like to transfer to his IRA at EFL. How much of it can he transfer to the IRA at EFL?
- A.
$2,500
- B.
$35,000
- C.
$21,000
- D.
$25,000
- 7.Maturity letters are sent to annuitants 90 days prior to the maturity date.
- A.
True
- B.
False
- 8.In order to be eligible for a 1st year rate bonus on an SPDA, the minimum amount that must be submitted at application is:
- A.
$25,000
- B.
$10,000
- C.
$50,000
- D.
$20,000
- 9.A fund administered by a U.S. state to protect policy holders in the event that an insurance company defaults on benefit payments or becomes insolvent is called .
- A.
State Guaranty Fund
- B.
State Insurance Protection Fund
- C.
FDIC
- D.
Super Awesome State Fund
- E.
FICA
- 10.The insterest rate on the 24 screen of LifeSys will always be correct.
- A.
True
- B.
False
- 11.Statements of policy values are sent out during which months?
- A.
July, October, January, April
- B.
September, April, June, November
- C.
April, May, June
- D.
January, April, June, October
- 12.If an annuitant contributes more than the $25,000 per policy year limit to his non-qualified annuity, he must complete the EFL-927 to have the extra funds removed.
- A.
True
- B.
False
- 13.If an RMD is required to be taken on a Traditional IRA, the amount can be found on what form(s)?
- A.
IRA Reference chart
- B.
1099 and EFL-520
- C.
5498 and policy statement
- D.
EFL-809 and EFL-927
- 14.A 'true excess' occurs when the owner requests to remove eligible current year regular, spousal, or catch-up contributions by deeming the contribution as an excess.
- A.
True
- B.
False
- 15.Which settlement option states; "Payments will be made as long as the annuitatnt is alive. Upon the annuitant's death, payments will cease. The amount of each payment is based on the annuitants sex and age at the the time the option is selected"?
- A.
Life income benefits with _____________ years guaranteed.
- B.
Life Income Benefits only
- C.
Joint and Survivor life income benefits with _____% continuing to the survivor.
- D.
Guaranteed income beneftis for fixed period of ______________years.
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