QUESTION 22 Julian, who is now 75 years oid, accumulated $60,000 at age 60. He used his savings to purchase a single premium annuity, which pays him $500 per month. If his ife expectancy was 25 years at the time he purchased the annuity, how much of each payment is subject to tax? O $500 at his current age. O $350. O $300. O $200. Annuities can be either immediate or deferred O True O False QUESTION 25 1 po Vickie's house was destroyed by a tomado that passed through her town. She was covered by a standard homeowner's policy. Vickie must fulfll all of the following duties as a precondition of receiving benefits EXCEPT O Give notice immediately to the insurance company or agent Protect the property from further damage. O Obtain estimates of the damage from credible sources Prepare an inventory itemizing losses to the building and personal property O