Chapters 1-4: End of Chapter Review

fixed

A ___________ annuity does not fluctuate in value.

the manner in which those words are combined

In determining whether a combination of words constitutes a professional designation implying that person has special certification in servicing seniors include the use of one or more words such as "senior," "advisor," "specialist," "elder," etc., are considered in addition to _____________________________________________________.

broker-dealer entity

The SEC's Reg BI Compliance Obligation applies solely to the ____________________________.

June 30, 2020

The SEC's Regulation Best Interest (Reg BI) is effective as of __________________.

a Care Obligation, a Disclosure Obligation, a Material Conflict of Interest Obligation, and a Documentation Obligation

The enhanced Model Regulation includes a new best interest standard of care that producers and insurers can meet if they satisfy ALL of the following requirements _____________________________________________________________.

Best Interest Standard

The ethical requirement that people who care for others will do so in good faith, placing their assessment of that person's best interests above their own" refers to the _________________________.

15 days

1. According to the NAIC Annuity Disclosure Model Regulation, where the Buyer's Guide and disclosure document are not provided at or before the time of application, a free look period of no less than ________ must be provided.

CD-type

A type of annuity in which the surrender charge period and the interest guarantee period are equal in length is called a "________" annuity.

unfair and deceptive acts or practices

According to the NAIC Annuity Disclosure Model Regulation, the uses of unearned certifications or professional designations are considered ________ in the business of insurance.

six years

Firms are required to maintain a copy of each Form CRS on record for at least ___________________.

Best Interest

The revisions to NAIC Suitability in Annuity Transactions Model Regulation (#275) include a new "________" Standard.

reasonable diligence, care and skill

The revisions to NAIC Suitability in Annuity Transactions Model Regulation (#275) requires agents and carriers to act with "________" in making recommendations.