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Your client bought a variable annuity contract that has a 5% contingent deferred sales charge with a
7 -year surrender period four years ago. He has been reading about bonus annuities and 1035 exchanges
and has asked for your advice. You can tell him:
A. that it's a great idea, and you plan on how you're going to spend the unexpected income.
B. that he'll have to pay the 5% deferred sales charge if he executes the exchange.
C. both B and C.
D. that although the exchange doesn't have any tax consequences, he'll be looking at a new, longer,
surrender period.
Answer: C
Explanation:
If your client bought a variable annuity contract with a 7-year surrender period four years ago,
you can tell him that even though there will be no tax consequences associated with the exchange, he'll
have to pay the 5% deferred sales charge if he executes the exchange, and he'll be looking at a new,
longer, surrender period-one of the less desirable features associated with bonus annuities.
NEW QUESTION: 2
This feature allows managers and employees to see an individual employee view of the Variable Pay bonus plan.
Please choose the correct answer.
Response:
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B. Configure label names and visibility
C. Live profile visibility
D. Field-Based permission
Answer: C
NEW QUESTION: 3
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A. Intercompany invoicing must be enabled in Payables Invoice Options.
B. Same tax rate code must be populated in Intercompany System Options for both Payables and Receivables invoices.
C. Intercompany invoicing must be enabled in Receivables System Options.
D. Receiver and provider business units and legal entities must be subscribed to the applicable tax regime on the transaction date.
Answer: D
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D. Click the "Dashboard" tab.From the Show Dashboard list box, select the dashboard that you want to delete.On the toolbar, click "Delete Dashboard for a user".On the User selection Menu select the user you want to delete from the dashboard and click "Okay".
Answer: C
Explanation:
Explanation
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