Annuities

which of the following is NOT true reguarding the annuitant?

The annuitant cannot be the same person as the annuity owner

when a fixed annuity owner pays his/her insurance company a monthly annuity premium, where is the money placed?

The insurance company general account

which of the following is NOT a term for the period of time during which the annuitant or the beneficiary receives income?

accumulation

In deferred annuity, the difference between the accumulation value and the surrender value is the

surrender charge

which of the following terms are associated with the way an annuity is funded?

Single premium and periodic payments

which of the following is NOT true about a group annuity?

it can be owned by individual employees

if a retirement plan or annuity is qualified, this means

it satisfies IRS requirements for favorable tax treatment