QUESTION 41 Coverage of a detached structure, such as a garage, is generally insured up to 30 percent of the dwelling. True False QUESTION 42 All of the following statements concerning the Social Security system are correct EXCEPT O The Social Security retirement benefit is payable at normal retirement age with reduced benefits available as early as age 59, to anyone who has obtained at least a minimum amount of Social Security benefits. O Disability benefit recipients must have a severe physical or mental impairment that is expected to either prevent them from performing "substantial work for at least a year, or result in death O The family benefit is provided to certain family members of workers eligible for retirement or disability benefits. O Survivors benefits apply to those family members listed for family benefits, and may also include the worker's parents if the worker was their primary means of support QUESTION 44 Scott purchased a life insurance policy to insure that his kids were taken care of in the event of his untimely death. Since they are novrgrown, he feels he no longer needs the ife insurance. He would like to exchange it for an annuity that can provide him additional income for his golden yars. Which of the following is correct? He can make the exchange, but it will be taxable to the extent of the cash value. He can make the exchange, but it will be taxable to the extent of the cash value less the additional money he puts into the annuity. He can make the exchange, which will not be taxable. He can make the exchange, which will not be taxable, but his basis wil not reflect any of the investment into the life insurance policy. QUESTION 45 Avery wants does not want to miss out on the expected growth of the stock market. However, he wants to have protection against the loss of his principal. He expects to contribute to an annuity over the next twelve years. What annuity is best suited for Avery? O An indexed annuity A SAP 500 base annuity A single premium deferred annuity A variable annuity. O O