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1. There is one standard gift annuity document that covers both federal requirements and every state's requirements.

True False

2. An annuity contract should include the names of the donor or donors and the charity, with their addresses, cities, states and zip codes.

True False

3. The gift annuity payout and deduction are based on the age or ages of all annuitants.

True False

4. The document's state law is always the state where the charity resides.

True False

5. It is not permissible for the annuitant to assign an annuity payment to anyone other than the issuing charity.

True False

6. With a two-life gift annuity, it is permissible to retain the right to revoke the income stream to the second annuitant.

True False

7. A deferred gift annuity is a bargain sale.

True False

8. The annuitants' birth dates, addresses and Social Security numbers should be included in the annuity document.

True False

9. A donor can reserve the right to change the charitable remainderman in a gift annuity document.

True False

10. It is allowable for a gift annuity contract to state that there will be a last pro-rata payment to the annuitant.

True False

Basic Quiz - 3.3.4 Gift Annuity Documents