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Quiz 5 Day 2 Life & Health

Quiz by Brian Morton

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6 questions
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  • Q1
    Art, the owner and insured under a $75,000 life policy, is killed in an accident. He had paid total premiums of $26,000. How much of the death benefit will be included in his gross estate for estate tax purposes?
    $75,000
    $49,000
    $26,000
    $0
    60s
  • Q2
    Art, the owner and insured under a $75,000 life policy, is killed in an accident. He had paid total premiums of $26,000. How much of the $75,000 death benefit that was paid to Art’s wife in a lump sum is taxable income to her?
    $26,000
    $75,000
    $0
    $49,000
    60s
  • Q3
    Sarah, age 65, the owner of a $150,000 whole life policy, decides to surrender the policy and take the $90,000 cash value in a lump sum. Over the years she has paid a total of $54,000 in premiums. How much, if any, of the payments will be taxed?
    $54,000
    $0
    $36,000
    $90,000
    60s
  • Q4
    Bill names his church as the beneficiary of his $300,000 life insurance policy. When Bill dies, who is responsible for the income taxes payable on the lump-sum proceeds received by the church?
    His church is responsible
    His estate is responsible
    No income tax is payable on the death proceeds
    His estate and the beneficiary share the tax liability equally
    60s
  • Q5
    All of the following statements about the taxation of insurance proceeds are correct EXCEPT
    Interest earned on policy dividends is exempt from income tax
    A beneficiary will not be taxed on insurance proceeds paid as a lump sum death benefit
    Generally, no gain or loss is recognized when one insurance policy is exchanged for another
    A policyowner who receives the cash value for a surrendered policy must pay taxes on any gain
    60s
  • Q6
    “Annuity payments are taxable to the extent that they represent interest earned rather than capital returned.” When an annuitized payout option is chosen, what method is used to determine the taxable portion of each payment?
    Surtax ratio
    Marginal tax formula
    Exclusion ratio
    Annuitization ratio
    60s

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