{
  "meta": {
    "title": "Insurance Planning Chapter 8 Exam Bank",
    "language": "zh-CN",
    "question_count": 30,
    "quality_version": "reliability_v2",
    "answer_distribution": {
      "A": 4,
      "B": 4,
      "C": 4,
      "D": 4
    },
    "note": "原创题库，用于学习和自测；不复制教材题目。选择题答案位置已打散，解释含错因。"
  },
  "questions": [
    {
      "id": "c8-q001",
      "type": "multiple_choice",
      "difficulty": "basic",
      "concept_ids": [
        "annuity"
      ],
      "learning_objective_id": "c8-lo01",
      "question": "关于 Annuity，哪项判断最准确？",
      "choices": {
        "A": "由保险公司承诺在未来支付一系列款项的合同，常用于退休收入和长寿风险管理。",
        "B": "年金 tax-deferred 等于所有给付永久免税。",
        "C": "indexed annuity 就是直接买指数基金。",
        "D": "life-only 保护遗产最多。"
      },
      "answer": "A",
      "rationale_by_choice": {
        "A": "正确。Annuity 的核心是：由保险公司承诺在未来支付一系列款项的合同，常用于退休收入和长寿风险管理。",
        "B": "错误。税延只是延后纳税，收益部分通常仍可能按普通收入纳税。",
        "C": "错误。指数年金受 cap、participation、spread 和 floor 等合同规则限制。",
        "D": "错误。life-only 通常月收入高，但死亡后可能没有剩余给继承人。"
      },
      "explanation": "正确答案是 A。正确。Annuity 的核心是：由保险公司承诺在未来支付一系列款项的合同，常用于退休收入和长寿风险管理。 错项的共同问题是把本章相邻概念混用，或忽略付款人、受益人、触发条件、税务/合同限制。",
      "tags": [
        "chapter_8",
        "annuity",
        "reliability_v2"
      ]
    },
    {
      "id": "c8-q002",
      "type": "multiple_choice",
      "difficulty": "basic",
      "concept_ids": [
        "longevity_risk"
      ],
      "learning_objective_id": "c8-lo02",
      "question": "关于 Longevity risk，哪项判断最准确？",
      "choices": {
        "A": "indexed annuity 就是直接买指数基金。",
        "B": "寿命超过资产可支撑期限的风险。",
        "C": "life-only 保护遗产最多。",
        "D": "IRA 里买年金只因税延就必然适合。"
      },
      "answer": "B",
      "rationale_by_choice": {
        "A": "错误。指数年金受 cap、participation、spread 和 floor 等合同规则限制。",
        "B": "正确。Longevity risk 的核心是：寿命超过资产可支撑期限的风险。",
        "C": "错误。life-only 通常月收入高，但死亡后可能没有剩余给继承人。",
        "D": "错误。IRA 已有税延，年金还需有收入保证、风险转移等额外理由。"
      },
      "explanation": "正确答案是 B。正确。Longevity risk 的核心是：寿命超过资产可支撑期限的风险。 错项的共同问题是把本章相邻概念混用，或忽略付款人、受益人、触发条件、税务/合同限制。",
      "tags": [
        "chapter_8",
        "longevity_risk",
        "reliability_v2"
      ]
    },
    {
      "id": "c8-q003",
      "type": "multiple_choice",
      "difficulty": "basic",
      "concept_ids": [
        "annuity_owner"
      ],
      "learning_objective_id": "c8-lo03",
      "question": "关于 Owner，哪项判断最准确？",
      "choices": {
        "A": "life-only 保护遗产最多。",
        "B": "IRA 里买年金只因税延就必然适合。",
        "C": "控制年金合同权利的人。",
        "D": "年金 tax-deferred 等于所有给付永久免税。"
      },
      "answer": "C",
      "rationale_by_choice": {
        "A": "错误。life-only 通常月收入高，但死亡后可能没有剩余给继承人。",
        "B": "错误。IRA 已有税延，年金还需有收入保证、风险转移等额外理由。",
        "C": "正确。Owner 的核心是：控制年金合同权利的人。",
        "D": "错误。税延只是延后纳税，收益部分通常仍可能按普通收入纳税。"
      },
      "explanation": "正确答案是 C。正确。Owner 的核心是：控制年金合同权利的人。 错项的共同问题是把本章相邻概念混用，或忽略付款人、受益人、触发条件、税务/合同限制。",
      "tags": [
        "chapter_8",
        "annuity_owner",
        "reliability_v2"
      ]
    },
    {
      "id": "c8-q004",
      "type": "multiple_choice",
      "difficulty": "basic",
      "concept_ids": [
        "annuitant"
      ],
      "learning_objective_id": "c8-lo04",
      "question": "关于 Annuitant，哪项判断最准确？",
      "choices": {
        "A": "IRA 里买年金只因税延就必然适合。",
        "B": "年金 tax-deferred 等于所有给付永久免税。",
        "C": "indexed annuity 就是直接买指数基金。",
        "D": "年金给付通常以其生命为计量对象的人。"
      },
      "answer": "D",
      "rationale_by_choice": {
        "A": "错误。IRA 已有税延，年金还需有收入保证、风险转移等额外理由。",
        "B": "错误。税延只是延后纳税，收益部分通常仍可能按普通收入纳税。",
        "C": "错误。指数年金受 cap、participation、spread 和 floor 等合同规则限制。",
        "D": "正确。Annuitant 的核心是：年金给付通常以其生命为计量对象的人。"
      },
      "explanation": "正确答案是 D。正确。Annuitant 的核心是：年金给付通常以其生命为计量对象的人。 错项的共同问题是把本章相邻概念混用，或忽略付款人、受益人、触发条件、税务/合同限制。",
      "tags": [
        "chapter_8",
        "annuitant",
        "reliability_v2"
      ]
    },
    {
      "id": "c8-q005",
      "type": "multiple_choice",
      "difficulty": "basic",
      "concept_ids": [
        "accumulation_phase"
      ],
      "learning_objective_id": "c8-lo05",
      "question": "关于 Accumulation phase，哪项判断最准确？",
      "choices": {
        "A": "资金进入合同并积累价值的阶段。",
        "B": "年金 tax-deferred 等于所有给付永久免税。",
        "C": "indexed annuity 就是直接买指数基金。",
        "D": "life-only 保护遗产最多。"
      },
      "answer": "A",
      "rationale_by_choice": {
        "A": "正确。Accumulation phase 的核心是：资金进入合同并积累价值的阶段。",
        "B": "错误。税延只是延后纳税，收益部分通常仍可能按普通收入纳税。",
        "C": "错误。指数年金受 cap、participation、spread 和 floor 等合同规则限制。",
        "D": "错误。life-only 通常月收入高，但死亡后可能没有剩余给继承人。"
      },
      "explanation": "正确答案是 A。正确。Accumulation phase 的核心是：资金进入合同并积累价值的阶段。 错项的共同问题是把本章相邻概念混用，或忽略付款人、受益人、触发条件、税务/合同限制。",
      "tags": [
        "chapter_8",
        "accumulation_phase",
        "reliability_v2"
      ]
    },
    {
      "id": "c8-q006",
      "type": "multiple_choice",
      "difficulty": "basic",
      "concept_ids": [
        "annuitization_phase"
      ],
      "learning_objective_id": "c8-lo01",
      "question": "关于 Annuitization / distribution phase，哪项判断最准确？",
      "choices": {
        "A": "indexed annuity 就是直接买指数基金。",
        "B": "把合同价值转换为定期收入的阶段。",
        "C": "life-only 保护遗产最多。",
        "D": "IRA 里买年金只因税延就必然适合。"
      },
      "answer": "B",
      "rationale_by_choice": {
        "A": "错误。指数年金受 cap、participation、spread 和 floor 等合同规则限制。",
        "B": "正确。Annuitization / distribution phase 的核心是：把合同价值转换为定期收入的阶段。",
        "C": "错误。life-only 通常月收入高，但死亡后可能没有剩余给继承人。",
        "D": "错误。IRA 已有税延，年金还需有收入保证、风险转移等额外理由。"
      },
      "explanation": "正确答案是 B。正确。Annuitization / distribution phase 的核心是：把合同价值转换为定期收入的阶段。 错项的共同问题是把本章相邻概念混用，或忽略付款人、受益人、触发条件、税务/合同限制。",
      "tags": [
        "chapter_8",
        "annuitization_phase",
        "reliability_v2"
      ]
    },
    {
      "id": "c8-q007",
      "type": "multiple_choice",
      "difficulty": "basic",
      "concept_ids": [
        "immediate_annuity"
      ],
      "learning_objective_id": "c8-lo02",
      "question": "关于 Immediate annuity，哪项判断最准确？",
      "choices": {
        "A": "life-only 保护遗产最多。",
        "B": "IRA 里买年金只因税延就必然适合。",
        "C": "购买后很快开始支付收入的年金。",
        "D": "年金 tax-deferred 等于所有给付永久免税。"
      },
      "answer": "C",
      "rationale_by_choice": {
        "A": "错误。life-only 通常月收入高，但死亡后可能没有剩余给继承人。",
        "B": "错误。IRA 已有税延，年金还需有收入保证、风险转移等额外理由。",
        "C": "正确。Immediate annuity 的核心是：购买后很快开始支付收入的年金。",
        "D": "错误。税延只是延后纳税，收益部分通常仍可能按普通收入纳税。"
      },
      "explanation": "正确答案是 C。正确。Immediate annuity 的核心是：购买后很快开始支付收入的年金。 错项的共同问题是把本章相邻概念混用，或忽略付款人、受益人、触发条件、税务/合同限制。",
      "tags": [
        "chapter_8",
        "immediate_annuity",
        "reliability_v2"
      ]
    },
    {
      "id": "c8-q008",
      "type": "multiple_choice",
      "difficulty": "basic",
      "concept_ids": [
        "deferred_annuity"
      ],
      "learning_objective_id": "c8-lo03",
      "question": "关于 Deferred annuity，哪项判断最准确？",
      "choices": {
        "A": "IRA 里买年金只因税延就必然适合。",
        "B": "年金 tax-deferred 等于所有给付永久免税。",
        "C": "indexed annuity 就是直接买指数基金。",
        "D": "未来某时开始给付，之前先积累。"
      },
      "answer": "D",
      "rationale_by_choice": {
        "A": "错误。IRA 已有税延，年金还需有收入保证、风险转移等额外理由。",
        "B": "错误。税延只是延后纳税，收益部分通常仍可能按普通收入纳税。",
        "C": "错误。指数年金受 cap、participation、spread 和 floor 等合同规则限制。",
        "D": "正确。Deferred annuity 的核心是：未来某时开始给付，之前先积累。"
      },
      "explanation": "正确答案是 D。正确。Deferred annuity 的核心是：未来某时开始给付，之前先积累。 错项的共同问题是把本章相邻概念混用，或忽略付款人、受益人、触发条件、税务/合同限制。",
      "tags": [
        "chapter_8",
        "deferred_annuity",
        "reliability_v2"
      ]
    },
    {
      "id": "c8-q009",
      "type": "multiple_choice",
      "difficulty": "medium",
      "concept_ids": [
        "fixed_annuity"
      ],
      "learning_objective_id": "c8-lo04",
      "question": "关于 Fixed annuity，哪项判断最准确？",
      "choices": {
        "A": "提供固定或保证利率/给付，主要看保险公司信用和利率风险。",
        "B": "年金 tax-deferred 等于所有给付永久免税。",
        "C": "indexed annuity 就是直接买指数基金。",
        "D": "life-only 保护遗产最多。"
      },
      "answer": "A",
      "rationale_by_choice": {
        "A": "正确。Fixed annuity 的核心是：提供固定或保证利率/给付，主要看保险公司信用和利率风险。",
        "B": "错误。税延只是延后纳税，收益部分通常仍可能按普通收入纳税。",
        "C": "错误。指数年金受 cap、participation、spread 和 floor 等合同规则限制。",
        "D": "错误。life-only 通常月收入高，但死亡后可能没有剩余给继承人。"
      },
      "explanation": "正确答案是 A。正确。Fixed annuity 的核心是：提供固定或保证利率/给付，主要看保险公司信用和利率风险。 错项的共同问题是把本章相邻概念混用，或忽略付款人、受益人、触发条件、税务/合同限制。",
      "tags": [
        "chapter_8",
        "fixed_annuity",
        "reliability_v2"
      ]
    },
    {
      "id": "c8-q010",
      "type": "multiple_choice",
      "difficulty": "medium",
      "concept_ids": [
        "variable_annuity"
      ],
      "learning_objective_id": "c8-lo05",
      "question": "关于 Variable annuity，哪项判断最准确？",
      "choices": {
        "A": "indexed annuity 就是直接买指数基金。",
        "B": "价值与投资子账户表现相关，客户承担市场风险。",
        "C": "life-only 保护遗产最多。",
        "D": "IRA 里买年金只因税延就必然适合。"
      },
      "answer": "B",
      "rationale_by_choice": {
        "A": "错误。指数年金受 cap、participation、spread 和 floor 等合同规则限制。",
        "B": "正确。Variable annuity 的核心是：价值与投资子账户表现相关，客户承担市场风险。",
        "C": "错误。life-only 通常月收入高，但死亡后可能没有剩余给继承人。",
        "D": "错误。IRA 已有税延，年金还需有收入保证、风险转移等额外理由。"
      },
      "explanation": "正确答案是 B。正确。Variable annuity 的核心是：价值与投资子账户表现相关，客户承担市场风险。 错项的共同问题是把本章相邻概念混用，或忽略付款人、受益人、触发条件、税务/合同限制。",
      "tags": [
        "chapter_8",
        "variable_annuity",
        "reliability_v2"
      ]
    },
    {
      "id": "c8-q011",
      "type": "multiple_choice",
      "difficulty": "medium",
      "concept_ids": [
        "indexed_annuity"
      ],
      "learning_objective_id": "c8-lo01",
      "question": "关于 Indexed annuity，哪项判断最准确？",
      "choices": {
        "A": "life-only 保护遗产最多。",
        "B": "IRA 里买年金只因税延就必然适合。",
        "C": "计息与指数表现挂钩但受 cap、participation、spread、floor 限制。",
        "D": "年金 tax-deferred 等于所有给付永久免税。"
      },
      "answer": "C",
      "rationale_by_choice": {
        "A": "错误。life-only 通常月收入高，但死亡后可能没有剩余给继承人。",
        "B": "错误。IRA 已有税延，年金还需有收入保证、风险转移等额外理由。",
        "C": "正确。Indexed annuity 的核心是：计息与指数表现挂钩但受 cap、participation、spread、floor 限制。",
        "D": "错误。税延只是延后纳税，收益部分通常仍可能按普通收入纳税。"
      },
      "explanation": "正确答案是 C。正确。Indexed annuity 的核心是：计息与指数表现挂钩但受 cap、participation、spread、floor 限制。 错项的共同问题是把本章相邻概念混用，或忽略付款人、受益人、触发条件、税务/合同限制。",
      "tags": [
        "chapter_8",
        "indexed_annuity",
        "reliability_v2"
      ]
    },
    {
      "id": "c8-q012",
      "type": "multiple_choice",
      "difficulty": "medium",
      "concept_ids": [
        "life_only"
      ],
      "learning_objective_id": "c8-lo02",
      "question": "关于 Life-only payout，哪项判断最准确？",
      "choices": {
        "A": "IRA 里买年金只因税延就必然适合。",
        "B": "年金 tax-deferred 等于所有给付永久免税。",
        "C": "indexed annuity 就是直接买指数基金。",
        "D": "只要 annuitant 活着就支付，死亡后通常停止，月收入最高。"
      },
      "answer": "D",
      "rationale_by_choice": {
        "A": "错误。IRA 已有税延，年金还需有收入保证、风险转移等额外理由。",
        "B": "错误。税延只是延后纳税，收益部分通常仍可能按普通收入纳税。",
        "C": "错误。指数年金受 cap、participation、spread 和 floor 等合同规则限制。",
        "D": "正确。Life-only payout 的核心是：只要 annuitant 活着就支付，死亡后通常停止，月收入最高。"
      },
      "explanation": "正确答案是 D。正确。Life-only payout 的核心是：只要 annuitant 活着就支付，死亡后通常停止，月收入最高。 错项的共同问题是把本章相邻概念混用，或忽略付款人、受益人、触发条件、税务/合同限制。",
      "tags": [
        "chapter_8",
        "life_only",
        "reliability_v2"
      ]
    },
    {
      "id": "c8-q013",
      "type": "multiple_choice",
      "difficulty": "medium",
      "concept_ids": [
        "period_certain"
      ],
      "learning_objective_id": "c8-lo03",
      "question": "关于 Period certain，哪项判断最准确？",
      "choices": {
        "A": "保证至少支付一定年数。",
        "B": "年金 tax-deferred 等于所有给付永久免税。",
        "C": "indexed annuity 就是直接买指数基金。",
        "D": "life-only 保护遗产最多。"
      },
      "answer": "A",
      "rationale_by_choice": {
        "A": "正确。Period certain 的核心是：保证至少支付一定年数。",
        "B": "错误。税延只是延后纳税，收益部分通常仍可能按普通收入纳税。",
        "C": "错误。指数年金受 cap、participation、spread 和 floor 等合同规则限制。",
        "D": "错误。life-only 通常月收入高，但死亡后可能没有剩余给继承人。"
      },
      "explanation": "正确答案是 A。正确。Period certain 的核心是：保证至少支付一定年数。 错项的共同问题是把本章相邻概念混用，或忽略付款人、受益人、触发条件、税务/合同限制。",
      "tags": [
        "chapter_8",
        "period_certain",
        "reliability_v2"
      ]
    },
    {
      "id": "c8-q014",
      "type": "multiple_choice",
      "difficulty": "medium",
      "concept_ids": [
        "joint_survivor"
      ],
      "learning_objective_id": "c8-lo04",
      "question": "关于 Joint and survivor，哪项判断最准确？",
      "choices": {
        "A": "indexed annuity 就是直接买指数基金。",
        "B": "为两个人提供终身收入，第一人死亡后继续给另一人全部或部分收入。",
        "C": "life-only 保护遗产最多。",
        "D": "IRA 里买年金只因税延就必然适合。"
      },
      "answer": "B",
      "rationale_by_choice": {
        "A": "错误。指数年金受 cap、participation、spread 和 floor 等合同规则限制。",
        "B": "正确。Joint and survivor 的核心是：为两个人提供终身收入，第一人死亡后继续给另一人全部或部分收入。",
        "C": "错误。life-only 通常月收入高，但死亡后可能没有剩余给继承人。",
        "D": "错误。IRA 已有税延，年金还需有收入保证、风险转移等额外理由。"
      },
      "explanation": "正确答案是 B。正确。Joint and survivor 的核心是：为两个人提供终身收入，第一人死亡后继续给另一人全部或部分收入。 错项的共同问题是把本章相邻概念混用，或忽略付款人、受益人、触发条件、税务/合同限制。",
      "tags": [
        "chapter_8",
        "joint_survivor",
        "reliability_v2"
      ]
    },
    {
      "id": "c8-q015",
      "type": "multiple_choice",
      "difficulty": "medium",
      "concept_ids": [
        "exclusion_ratio"
      ],
      "learning_objective_id": "c8-lo05",
      "question": "关于 Exclusion ratio，哪项判断最准确？",
      "choices": {
        "A": "life-only 保护遗产最多。",
        "B": "IRA 里买年金只因税延就必然适合。",
        "C": "非合格年金年金化后，用来区分每期本金返还和应税收益。",
        "D": "年金 tax-deferred 等于所有给付永久免税。"
      },
      "answer": "C",
      "rationale_by_choice": {
        "A": "错误。life-only 通常月收入高，但死亡后可能没有剩余给继承人。",
        "B": "错误。IRA 已有税延，年金还需有收入保证、风险转移等额外理由。",
        "C": "正确。Exclusion ratio 的核心是：非合格年金年金化后，用来区分每期本金返还和应税收益。",
        "D": "错误。税延只是延后纳税，收益部分通常仍可能按普通收入纳税。"
      },
      "explanation": "正确答案是 C。正确。Exclusion ratio 的核心是：非合格年金年金化后，用来区分每期本金返还和应税收益。 错项的共同问题是把本章相邻概念混用，或忽略付款人、受益人、触发条件、税务/合同限制。",
      "tags": [
        "chapter_8",
        "exclusion_ratio",
        "reliability_v2"
      ]
    },
    {
      "id": "c8-q016",
      "type": "multiple_choice",
      "difficulty": "medium",
      "concept_ids": [
        "annuity_surrender_charge"
      ],
      "learning_objective_id": "c8-lo01",
      "question": "关于 Surrender charge，哪项判断最准确？",
      "choices": {
        "A": "IRA 里买年金只因税延就必然适合。",
        "B": "年金 tax-deferred 等于所有给付永久免税。",
        "C": "indexed annuity 就是直接买指数基金。",
        "D": "年金早期退保或超额提款的费用。"
      },
      "answer": "D",
      "rationale_by_choice": {
        "A": "错误。IRA 已有税延，年金还需有收入保证、风险转移等额外理由。",
        "B": "错误。税延只是延后纳税，收益部分通常仍可能按普通收入纳税。",
        "C": "错误。指数年金受 cap、participation、spread 和 floor 等合同规则限制。",
        "D": "正确。Surrender charge 的核心是：年金早期退保或超额提款的费用。"
      },
      "explanation": "正确答案是 D。正确。Surrender charge 的核心是：年金早期退保或超额提款的费用。 错项的共同问题是把本章相邻概念混用，或忽略付款人、受益人、触发条件、税务/合同限制。",
      "tags": [
        "chapter_8",
        "annuity_surrender_charge",
        "reliability_v2"
      ]
    },
    {
      "id": "c8-q017",
      "type": "scenario_short_answer",
      "difficulty": "medium",
      "concept_ids": [
        "annuity",
        "longevity_risk",
        "annuity_owner"
      ],
      "question": "案例陷阱题：tax-deferred 不是 tax-free。。学生应该怎样纠正这个判断？",
      "answer": "具体错因：tax-deferred 不是 tax-free。。年金要先看 owner/annuitant、给付选项、流动性、税务和退保费。",
      "key_points": [
        "先判断损失类型",
        "再判断触发条件",
        "最后判断付款人/受益人/税务或合同边界"
      ],
      "rubric": {
        "full_credit": "能指出具体错因并给出正确判断顺序",
        "partial_credit": "只说出概念定义但没有应用到案例"
      },
      "explanation": "这题训练的是识别具体误导点，不是背统一定义。具体错因：tax-deferred 不是 tax-free。。年金要先看 owner/annuitant、给付选项、流动性、税务和退保费。",
      "tags": [
        "chapter_8",
        "exam_trap",
        "reliability_v2"
      ]
    },
    {
      "id": "c8-q018",
      "type": "scenario_short_answer",
      "difficulty": "medium",
      "concept_ids": [
        "annuity",
        "longevity_risk",
        "annuity_owner"
      ],
      "question": "案例陷阱题：年金收益通常不是 capital gain。。学生应该怎样纠正这个判断？",
      "answer": "具体错因：年金收益通常不是 capital gain。。年金要先看 owner/annuitant、给付选项、流动性、税务和退保费。",
      "key_points": [
        "先判断损失类型",
        "再判断触发条件",
        "最后判断付款人/受益人/税务或合同边界"
      ],
      "rubric": {
        "full_credit": "能指出具体错因并给出正确判断顺序",
        "partial_credit": "只说出概念定义但没有应用到案例"
      },
      "explanation": "这题训练的是识别具体误导点，不是背统一定义。具体错因：年金收益通常不是 capital gain。。年金要先看 owner/annuitant、给付选项、流动性、税务和退保费。",
      "tags": [
        "chapter_8",
        "exam_trap",
        "reliability_v2"
      ]
    },
    {
      "id": "c8-q019",
      "type": "scenario_short_answer",
      "difficulty": "medium",
      "concept_ids": [
        "annuity",
        "longevity_risk",
        "annuity_owner"
      ],
      "question": "案例陷阱题：indexed annuity 不是指数基金。。学生应该怎样纠正这个判断？",
      "answer": "具体错因：indexed annuity 不是指数基金。。年金要先看 owner/annuitant、给付选项、流动性、税务和退保费。",
      "key_points": [
        "先判断损失类型",
        "再判断触发条件",
        "最后判断付款人/受益人/税务或合同边界"
      ],
      "rubric": {
        "full_credit": "能指出具体错因并给出正确判断顺序",
        "partial_credit": "只说出概念定义但没有应用到案例"
      },
      "explanation": "这题训练的是识别具体误导点，不是背统一定义。具体错因：indexed annuity 不是指数基金。。年金要先看 owner/annuitant、给付选项、流动性、税务和退保费。",
      "tags": [
        "chapter_8",
        "exam_trap",
        "reliability_v2"
      ]
    },
    {
      "id": "c8-q020",
      "type": "scenario_short_answer",
      "difficulty": "medium",
      "concept_ids": [
        "annuity",
        "longevity_risk",
        "annuity_owner"
      ],
      "question": "案例陷阱题：1035 exchange 递延税，但可能重启退保费。。学生应该怎样纠正这个判断？",
      "answer": "具体错因：1035 exchange 递延税，但可能重启退保费。。年金要先看 owner/annuitant、给付选项、流动性、税务和退保费。",
      "key_points": [
        "先判断损失类型",
        "再判断触发条件",
        "最后判断付款人/受益人/税务或合同边界"
      ],
      "rubric": {
        "full_credit": "能指出具体错因并给出正确判断顺序",
        "partial_credit": "只说出概念定义但没有应用到案例"
      },
      "explanation": "这题训练的是识别具体误导点，不是背统一定义。具体错因：1035 exchange 递延税，但可能重启退保费。。年金要先看 owner/annuitant、给付选项、流动性、税务和退保费。",
      "tags": [
        "chapter_8",
        "exam_trap",
        "reliability_v2"
      ]
    },
    {
      "id": "c8-q021",
      "type": "comparison",
      "difficulty": "medium",
      "concept_ids": [
        "accumulation_phase",
        "deferred_annuity"
      ],
      "question": "比较 Accumulation phase 与 Deferred annuity：考试中应如何分辨？",
      "answer": "Accumulation phase：资金进入合同并积累价值的阶段。；Deferred annuity：未来某时开始给付，之前先积累。。",
      "key_points": [
        "分辨风险对象",
        "分辨触发条件",
        "分辨现金流结果",
        "分辨税务或合同限制"
      ],
      "rubric": {
        "full_credit": "能分别定义两个概念并说明案例边界",
        "partial_credit": "只写定义但没有说明边界"
      },
      "explanation": "比较题要避免把相邻概念混用。Accumulation phase 的信号是 尚未年金化时通常有提款和退保规则。；Deferred annuity 的信号是 适合延后退休收入。。",
      "tags": [
        "chapter_8",
        "accumulation_phase",
        "deferred_annuity",
        "comparison",
        "reliability_v2"
      ]
    },
    {
      "id": "c8-q022",
      "type": "comparison",
      "difficulty": "medium",
      "concept_ids": [
        "annuitization_phase",
        "fixed_annuity"
      ],
      "question": "比较 Annuitization / distribution phase 与 Fixed annuity：考试中应如何分辨？",
      "answer": "Annuitization / distribution phase：把合同价值转换为定期收入的阶段。；Fixed annuity：提供固定或保证利率/给付，主要看保险公司信用和利率风险。。",
      "key_points": [
        "分辨风险对象",
        "分辨触发条件",
        "分辨现金流结果",
        "分辨税务或合同限制"
      ],
      "rubric": {
        "full_credit": "能分别定义两个概念并说明案例边界",
        "partial_credit": "只写定义但没有说明边界"
      },
      "explanation": "比较题要避免把相邻概念混用。Annuitization / distribution phase 的信号是 年金化后流动性通常下降。；Fixed annuity 的信号是 固定不等于没有通胀风险。。",
      "tags": [
        "chapter_8",
        "annuitization_phase",
        "fixed_annuity",
        "comparison",
        "reliability_v2"
      ]
    },
    {
      "id": "c8-q023",
      "type": "comparison",
      "difficulty": "medium",
      "concept_ids": [
        "immediate_annuity",
        "variable_annuity"
      ],
      "question": "比较 Immediate annuity 与 Variable annuity：考试中应如何分辨？",
      "answer": "Immediate annuity：购买后很快开始支付收入的年金。；Variable annuity：价值与投资子账户表现相关，客户承担市场风险。。",
      "key_points": [
        "分辨风险对象",
        "分辨触发条件",
        "分辨现金流结果",
        "分辨税务或合同限制"
      ],
      "rubric": {
        "full_credit": "能分别定义两个概念并说明案例边界",
        "partial_credit": "只写定义但没有说明边界"
      },
      "explanation": "比较题要避免把相邻概念混用。Immediate annuity 的信号是 适合已经需要现金流的人。；Variable annuity 的信号是 保证 rider 另有成本和限制。。",
      "tags": [
        "chapter_8",
        "immediate_annuity",
        "variable_annuity",
        "comparison",
        "reliability_v2"
      ]
    },
    {
      "id": "c8-q024",
      "type": "comparison",
      "difficulty": "medium",
      "concept_ids": [
        "deferred_annuity",
        "indexed_annuity"
      ],
      "question": "比较 Deferred annuity 与 Indexed annuity：考试中应如何分辨？",
      "answer": "Deferred annuity：未来某时开始给付，之前先积累。；Indexed annuity：计息与指数表现挂钩但受 cap、participation、spread、floor 限制。。",
      "key_points": [
        "分辨风险对象",
        "分辨触发条件",
        "分辨现金流结果",
        "分辨税务或合同限制"
      ],
      "rubric": {
        "full_credit": "能分别定义两个概念并说明案例边界",
        "partial_credit": "只写定义但没有说明边界"
      },
      "explanation": "比较题要避免把相邻概念混用。Deferred annuity 的信号是 适合延后退休收入。；Indexed annuity 的信号是 不是直接买指数基金。。",
      "tags": [
        "chapter_8",
        "deferred_annuity",
        "indexed_annuity",
        "comparison",
        "reliability_v2"
      ]
    },
    {
      "id": "c8-q025",
      "type": "comparison",
      "difficulty": "medium",
      "concept_ids": [
        "fixed_annuity",
        "life_only"
      ],
      "question": "比较 Fixed annuity 与 Life-only payout：考试中应如何分辨？",
      "answer": "Fixed annuity：提供固定或保证利率/给付，主要看保险公司信用和利率风险。；Life-only payout：只要 annuitant 活着就支付，死亡后通常停止，月收入最高。。",
      "key_points": [
        "分辨风险对象",
        "分辨触发条件",
        "分辨现金流结果",
        "分辨税务或合同限制"
      ],
      "rubric": {
        "full_credit": "能分别定义两个概念并说明案例边界",
        "partial_credit": "只写定义但没有说明边界"
      },
      "explanation": "比较题要避免把相邻概念混用。Fixed annuity 的信号是 固定不等于没有通胀风险。；Life-only payout 的信号是 对遗产需求弱才更适合。。",
      "tags": [
        "chapter_8",
        "fixed_annuity",
        "life_only",
        "comparison",
        "reliability_v2"
      ]
    },
    {
      "id": "c8-q026",
      "type": "comparison",
      "difficulty": "medium",
      "concept_ids": [
        "variable_annuity",
        "period_certain"
      ],
      "question": "比较 Variable annuity 与 Period certain：考试中应如何分辨？",
      "answer": "Variable annuity：价值与投资子账户表现相关，客户承担市场风险。；Period certain：保证至少支付一定年数。。",
      "key_points": [
        "分辨风险对象",
        "分辨触发条件",
        "分辨现金流结果",
        "分辨税务或合同限制"
      ],
      "rubric": {
        "full_credit": "能分别定义两个概念并说明案例边界",
        "partial_credit": "只写定义但没有说明边界"
      },
      "explanation": "比较题要避免把相邻概念混用。Variable annuity 的信号是 保证 rider 另有成本和限制。；Period certain 的信号是 保障越多，月收入通常越低。。",
      "tags": [
        "chapter_8",
        "variable_annuity",
        "period_certain",
        "comparison",
        "reliability_v2"
      ]
    },
    {
      "id": "c8-q027",
      "type": "comparison",
      "difficulty": "medium",
      "concept_ids": [
        "indexed_annuity",
        "joint_survivor"
      ],
      "question": "比较 Indexed annuity 与 Joint and survivor：考试中应如何分辨？",
      "answer": "Indexed annuity：计息与指数表现挂钩但受 cap、participation、spread、floor 限制。；Joint and survivor：为两个人提供终身收入，第一人死亡后继续给另一人全部或部分收入。。",
      "key_points": [
        "分辨风险对象",
        "分辨触发条件",
        "分辨现金流结果",
        "分辨税务或合同限制"
      ],
      "rubric": {
        "full_credit": "能分别定义两个概念并说明案例边界",
        "partial_credit": "只写定义但没有说明边界"
      },
      "explanation": "比较题要避免把相邻概念混用。Indexed annuity 的信号是 不是直接买指数基金。；Joint and survivor 的信号是 保护配偶但降低初始月收入。。",
      "tags": [
        "chapter_8",
        "indexed_annuity",
        "joint_survivor",
        "comparison",
        "reliability_v2"
      ]
    },
    {
      "id": "c8-q028",
      "type": "comparison",
      "difficulty": "medium",
      "concept_ids": [
        "life_only",
        "exclusion_ratio"
      ],
      "question": "比较 Life-only payout 与 Exclusion ratio：考试中应如何分辨？",
      "answer": "Life-only payout：只要 annuitant 活着就支付，死亡后通常停止，月收入最高。；Exclusion ratio：非合格年金年金化后，用来区分每期本金返还和应税收益。。",
      "key_points": [
        "分辨风险对象",
        "分辨触发条件",
        "分辨现金流结果",
        "分辨税务或合同限制"
      ],
      "rubric": {
        "full_credit": "能分别定义两个概念并说明案例边界",
        "partial_credit": "只写定义但没有说明边界"
      },
      "explanation": "比较题要避免把相邻概念混用。Life-only payout 的信号是 对遗产需求弱才更适合。；Exclusion ratio 的信号是 年金化前提款常见规则不同。。",
      "tags": [
        "chapter_8",
        "life_only",
        "exclusion_ratio",
        "comparison",
        "reliability_v2"
      ]
    },
    {
      "id": "c8-q029",
      "type": "comparison",
      "difficulty": "medium",
      "concept_ids": [
        "period_certain",
        "annuity_surrender_charge"
      ],
      "question": "比较 Period certain 与 Surrender charge：考试中应如何分辨？",
      "answer": "Period certain：保证至少支付一定年数。；Surrender charge：年金早期退保或超额提款的费用。。",
      "key_points": [
        "分辨风险对象",
        "分辨触发条件",
        "分辨现金流结果",
        "分辨税务或合同限制"
      ],
      "rubric": {
        "full_credit": "能分别定义两个概念并说明案例边界",
        "partial_credit": "只写定义但没有说明边界"
      },
      "explanation": "比较题要避免把相邻概念混用。Period certain 的信号是 保障越多，月收入通常越低。；Surrender charge 的信号是 有短期流动性需求的人不适合长期退保期。。",
      "tags": [
        "chapter_8",
        "period_certain",
        "annuity_surrender_charge",
        "comparison",
        "reliability_v2"
      ]
    },
    {
      "id": "c8-q030",
      "type": "comparison",
      "difficulty": "medium",
      "concept_ids": [
        "joint_survivor",
        "annuity"
      ],
      "question": "比较 Joint and survivor 与 Annuity：考试中应如何分辨？",
      "answer": "Joint and survivor：为两个人提供终身收入，第一人死亡后继续给另一人全部或部分收入。；Annuity：由保险公司承诺在未来支付一系列款项的合同，常用于退休收入和长寿风险管理。。",
      "key_points": [
        "分辨风险对象",
        "分辨触发条件",
        "分辨现金流结果",
        "分辨税务或合同限制"
      ],
      "rubric": {
        "full_credit": "能分别定义两个概念并说明案例边界",
        "partial_credit": "只写定义但没有说明边界"
      },
      "explanation": "比较题要避免把相邻概念混用。Joint and survivor 的信号是 保护配偶但降低初始月收入。；Annuity 的信号是 年金不是单纯投资账户。。",
      "tags": [
        "chapter_8",
        "joint_survivor",
        "annuity",
        "comparison",
        "reliability_v2"
      ]
    }
  ]
}