Which of the following statements is incorrect?
A) An annuity is a series of payments under a contract.
B) Annuity payments are fixed in amount.
C) Annuity payments may be for a specified period of time or for the life of the contract holder.
D) The proportional amount of an annuity payment that is attributable to the cost of the contract is tax-free.
Correct Answer:
Verified
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