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Question 1 of 2
1. Question
Shirley’s annuity contract contained an enhanced death benefit rider when she died during the contract’s accumulation period. If Shirley’s cost basis in the contract was $100,000, her accumulated value at death was $150,000 and the enhanced death benefit was 40%, by what amount would her death benefit be enhanced?
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Question 2 of 2
2. Question
Arthur paid $100,000 to purchase a nonqualified deferred annuity containing a qualified long term care insurance rider. How much income must Arthur recognize if charges against the annuity’s cash value to pay the cost of the independent long-term care benefit were made amounting to $3,000 during the year in which his cash value was $102,000?
