LAH - Annuities (5)
How long is the right to examine period for new individual annuities issued in this state?
10 days
The surrender charge may be waived if the annuitant is confined to a long-term care facility for at least ______ days
30
When an annuity is written, whose life expectancy is taken into account
Annuiant
With the straight life option, the annuity payments cease at...
Death
If the annuitant dies before annuitization occurs, what will the beneficiary receive?
Either the amount paid into the plan or the cash value of the plan, whichever is the lesser amount
An agent selling variable annuities must be registered with...
FINRA (formerly NASD)
Under which installments option does the annuitant select the amount of each payment, and the insurer determines how long they will pay benefits
Fixed amount
Under a pure life annuity, an income is payable by the company...
Only for the life of the annuitant
A variable annuity requires a...
Securities license
If the annuity owner dies while the annuity is still in the accumulation stage...
The beneficiary will receive the greater of the money paid into the annuity or the cash value
Who bears all of the investment risk in a fixed annuity?
The insurance company
If a deferred annuity is surrendered prematurely, a surrender charge is imposed. How is the surrender charge determined?
The surrender charge is a percentage of the cash value and decreases over time
The main difference between immediate and deferred annuities is...
When the income payments begin