Which of the following are not contractual savings institutions?
A) Life insurance companies
B) Credit unions
C) Pension funds
D) State and local government retirement funds

Question

Quizplus · Accepted Answer

Credit unions are not contractual savings institutions as they are member-owned financial cooperatives that provide banking services such as loans, savings accounts, and checking accounts to their members. However, the other options, life insurance companies, pension funds, and state and local government retirement funds, are all examples of contractual savings institutions that provide long-term savings options to individuals and organizations.

Which of the Following Are Not Contractual Savings Institutions