6. Which of the following statements regarding group retirement plans is true: a. Defined benefit plans are significantly less costly for employers compared to defined contribution plans b. Defined contribution plans have negative tax consequences for distributions taken prior to age 59.5 c. Defined benefit plans typically allow the employee to choose which investment option is best for them d. During the past 20 years, there has been a significant decrease in the number of employer sponsored defined contribution plans compared to defined benefit plans ANSWER 7. A universal life policy has a face amount of $100,000 and an outstanding loan balance of SX. The policy has a current account value of $50,000. The policy has an Option II death benefit (non-level). The death proceeds if the insured died today is $120,000. Determine X a SO b. $30,000 c. $50.000 d. S120,000 ANSWER 8. Which of the following is an advantage of yearly renewable term insurance (YRT)? a. Ability to renew for another year without providing evidence of insurability b. Policy loans are not considered taxable income c. The premium amount stays level each time the policyowner renews for another year d. Ability to convert to a cash value (whole life) policy without providing evidence of insurability e. All the above are advantages