Question: You are preparing the annuity contract for your client, Barak, and completing the sections which name the annuitant and the beneficiary. Which of the following

You are preparing the annuity contract for your client, Barak, and completing the sections which name the annuitant and the beneficiary. Which of the following statements about naming the annuitant is correct?

a)For registered plans, a contract may be issued to a person naming him as the annuitant or naming another as the annuitant.

b)An annuity contract will only provide creditor protection where an irrevocable annuitant has been designated.

c)A joint and last survivor annuity names two or more annuitants in the annuity, known as co-annuitants.

d)The owner and annuitant must be the same person if the annuity is registered or funded with registered savings.

Step by Step Solution

★★★★★

3.44 Rating (151 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

dThe owner and annuitant must be the same person if the annuity is register... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Which one of the following statements about the term structure of interest rates is true? a. The expectations hypothesis indicates a flat yield curve if anticipated future short-term rates exceed...

For each of the following statements about an M/M/1 queueing system, label the statement as true or false and then justify your answer by referring to specific statements in the chapter. (a) The...

Which one of the following statements about the Personal Property Security Act is false?n a. This legislation applies to all present and future transactions (whatever form they might take) where...

As the accountant for Runson Moving Company, you are preparing the companys annual return, Form 940 and Schedule A. Use the following information to complete Form 940 and Schedule A on pages 5-40 to...

In early 2018, Skyline Corp. won a contract to build a rapid transit line along the Broadway corridor. The contract was for $1.9 billion to be received over the construction period of six years,...

As part of the year-end accounting process for your company, you are preparing the statement of cash flows according to GAAP. One of your team a finance major, believes the statement should be...

As part of the year-end accounting process for your company, you are preparing the statement of cash flows according to GAAP. One of your team, a finance major, believes the statement should be...

Assume you are opening a Bed Bath & Beyond store. To finance the business, you need a $500,000 loan, and your banker requires a set of forecasted financial statements. Assume you are preparing the...

Assume you are opening a furniture store. To finance the business, you need a $ 500,000 loan, and your banker requires a set of forecasted financial statements. Assume you are preparing the...

For several years, you have prepared the tax return for Alpha Corporation, a closely held corporation engaged in manufacturing garden tools. On February 20 of the current year, Bill Johnson, the...

a. Explain how Samuel Adams has differentiated its Utopias to compete with other beer brands in terms of quality, price, and marketing. b. Predict whether Samuel Adams produces at, above, or below...

In a university there are students studying in different programs. Each program run through different semester and each semester has different subjects. Each subject has a credits. For attending the...

[ - / 1 Points ] SCALCET 9 1 6 . 4 . 0 0 7 . Use Green's theorem to evaluate the line integral along the given positively oriented curve. C x 2 y 2 d x y t a n - 1 ( 8 y ) d y , C is the triangle...

Charles has AGI of $39,500 and has made the following payments related to (1) land he inherited from his deceased aunt and (2) a personal vacation taken last year. State inheritance tax on the land $...

Describe general managerial cost concepts and how each is useful in classifying costs. Be prepared to provide examples of each. (and how each response to changes in activity level in total and per...

What do you think a project manager needs to do to develop a team?

Assume that a radiologist group practice has the following cost structure: Fixed costs $500,000 Variable cost per procedure $25 Charge (revenue) per procedure $100 Further more, assume that the group...

On March 1, 2019, Iron Inc., a public company, issued $800,000, 10%, 10-year bonds dated March 1, 2019, with interest payable semi-annually on March 1 and September 1. The market yield at issuance is...

Sally is angry at Joe. In the middle of the argument she pulls a gun out of her purse and starts waiving it around. "I ought to shoot you right now!" she yells. Joes says, "hey Sally, be careful,...

Plz answer quick, I don't have enough time Plz answer quick, I don't have enough time Plz answer quick, I don't have enough time Plz answer quick, I don't have enough time, accounting Plz answer...

Joseph (age 52) and Diana (age 54) Cohen are married and live in Pleasantville, New Jersey. Joseph is the Vice-President of Sales at a small start-up company. Diana is a former advertising executive...

Cindy is preparing for a closing meeting with clients who are considering a deferred fixed annuity. This solution could help them meet their financial goal of supplementing their future retirement...

ALAN AND ERICA WRIGHT INDIVIDUAL FEDERAL INCOME TAX RETURN Alan (age 52) and Erica (age 54) Wright are married and live in Akron, Ohio. Alan is the Chief Marketing Officer at a large electric...

Part 1: Tax return preparation (35 points) You have been engaged to prepare the 2018 federal income tax return for Bob and Melissa Grant. Your tax form submission should include: Form 1040, Schedules...

JOSEPH AND DIANA COHEN INDIVIDUAL FEDERAL INCOME TAX RETURN Joseph (age 52) and Diana (age 54) Cohen are married and live in Pleasantville, New Jersey. Joseph is the Vice-President of Sales at a...