Variable annuities - Study guides, Class notes & Summaries

Insurance - Financial protection against loss or harm - An arrangement by which company gives customers financial protection against loss or harm such as theft or illness in return for premium payments. Life Insurance - Is based on actuarial or mathematical principles and guarantees a specified sum of money upon the death of the person who is insured. Health Insurance - Evolved from scientific principles to provide funds for medical expensed due to sickness or injury and to cover loss of incom...

A variable annuity has a payout that is - Answer-Contingent upon the profitability of the investment portfolio Which of the following would be considered the largest cost incurred on the value of a variable annuity? a) the cost of insurance b) Mortality fee c) Investment management fee d) Administrative expenses - Answer-c) Investment management fee The two main categories of policy loan interest rates are - Answer-Fixed and variable Which of the following types of policies would al...

Michigan Variable Annuities Exam Questions and Correct Answers 2024 Other names for pure life settlement - Answer --life income -life annuity What annuity settlement option produces the largest monthly income guaranteed for life? - Answer - pure life settlement option second life contingency option - Answer -life with period certain (ie. 10 years) so even if the annuitant does or does not die within that timeframe, insurer guarantees to continue the annuity payments to a named beneficiar...

accumulation period/units - a $5,000 prem deposit in a VA in which the units are valued at $5, would purchase 1,000 accumulation units. New prem pmts change the number of accumulation units in a purchaser's account, and market fluctuations change each unit's value, so remember that both the number and value of accumulation units change Accumulation Phase - the period of time by which the owner of the contract pays in to the annuity; a beneficiary must be named if the policy owner dies dur...

Florida Insurance 2-15 Exam Terms (2-15 Life, Health, and Variable Annuities. State of FL Exam) Questions With Complete Solutions

All of the following statements concerning Social Security disability benefits are true except - ANSWER Benefits are retroactive to the time of disability (benefits are retroactive but do not include the waiting period) Which statement concerning commercial companies is not true? - ANSWER They are not debit companies (Commercial insurance can be sold by debit or industrial or home service companies. They are synonyms) Which of the following service providers allows for a primary care phy...

Other names for pure life settlement - Answer--life income -life annuity What annuity settlement option produces the largest monthly income guaranteed for life? - Answer-pure life settlement option second life contingency option - Answer-life with period certain (ie. 10 years) so even if the annuitant does or does not die within that timeframe, insurer guarantees to continue the annuity payments to a named beneficiary for the balance of the certain period. third life contingency option...

For whom is joint ownership of an annuity often reserved? Correct Answer spouses At what point does the beneficiary to an annuity acquire rights in the contract? Correct Answer (Wrong) upon contract issue and throughout the life of the contract, until the death of the contract owner or annuitant Generally speaking, how long is the accumulation period for immediate annuities? Correct Answer one month to one year For which of the following needs are traditional deferred annuities best sui...

Florida Life, Health and Variable Annuities correct 100% All of the following statements concerning Social Security disability benefits are true except - ANSWER Benefits are retroactive to the time of disability (benefits are retroactive but do not include the waiting period) Which statement concerning commercial companies is not true? - ANSWER They are not debit companies (Commercial insurance can be sold by debit or industrial or home service companies. They are synonyms) Which of t...

Florida Insurance 2-14 Exam Terms (2-15 Life, Health, and Variable Annuities. State of FL Exam) Complete 2023