Which of the following statements is incorrect?
A) Annuity payments may be for a specified period of time or for the life of the contract holder.
B) An annuity is a series of payments under a contract.
C) Annuity payments are fixed in amount.
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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