MICHIGAN LIFE INSURANCE STATE EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+

Michigan Life Insurance State Exam Under a traditional IRA, interest is taxed: Only if withdrawn prior to age 59 1/2 According to the capital gains rate Upon distribution During the accumulation phase Correct Answer: Upon distribution Which of these statements concerning Traditional IRAs is CORRECT? Earnings are not taxable when withdrawn Earnings are taxable when withdrawn Contribution are never tax deductible 2 Contributions are always made by the employer Correct Answer: Earnings are taxable when withdrawn Which of these describes the result of a modified endowment contract that failed to meet the sevenpay test? Policy loans are disallowed The premium payments will be tax deductible Pre- death distributions are typically taxable Withdrawals will be prohibited Correct Answer: Pre- death distributions are typically taxabl