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| 1. What are the two district periods in the life of an annuity? |
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| The Accumulation (Pay-in) Period Annuity (Pay-out) Period-Annuitization |
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| 2. Which type of annunity has a guaranteed interest rate and benefit? |
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| 3. Goober's Furniture wants to purchase an annunity. As Goober's agent, you should alert Goober to the fact that an annuity cannot be used as an investment vehicle to defer taxes on company assests. (T or F) |
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| 4. Virginia places a large sum of money in an annuity and begins receiving the benefits 90 days later. What type of annuity did Virginia purchase? |
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Definition
| -Single Premium Immediate Annunity |
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Term
| 5. To assist a prospective buyer with the decision making process when purchasing a Varible annunity the regitered agent should provide a current ______. |
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| 6. Variable annuity premiums are invested in _____ _______ during the accumulation period. |
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| 7. If an annuitant becomes a nursing home resident, has an extended hospitalization, or if disablity should occur to either the ammuitant or his/her spouse, the insurer may waive the surrender charges on any funds withdrawn from the annuity to pay the expense of these conditions. (T or F) |
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Term
| 8. A corporate Group Deferred annuity plan provides participants with a ________, to distinguish those employees enrolled in the plan from other employees. |
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| 9. Mr. A is the annuitant owner of a Variable annunity. If his wife is the beneficiary and Mr. A meets with an untimely death, his wife becomes the owner. She would not be taxed on the benefits and would continue with the growth being taxed-deferred (T or F) |
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| 10. All annunity benefits are calculated using _____ ____ ____ at the beginning of the annuity period. |
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| 11. The annunity owner may change the ______ date, the settlement option and even the beneficiary, but cannot change the issue date. |
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| 12. Which annuity would never be assessed a surrender charge? |
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| 13. My agent told me that I could take the value of each account and multiply that value by the number of units to determine the value of my annuity. What kind of annuity do I have? |
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| 14. An annuity with a bailout provision allows the annuitant to surrender the annuity without penalty if the ____ ____ goes below a stated value. |
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Term
| 15. All annuities may be sold by agents holding a life license and conducting themselves in accordance with the Maloney Act of 1938. (T or F) |
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