NW Mutual quiz5 - Annuities

How long is the right to examine period for new individual annuities issued in this state?

10 days

An individual has been making periodic premium payments on an annuity. The annuity income payments are scheduled to begin after 1 year since the annuity was purchased. What type of annuity is it?

Deferred

An agent selling variable annuities must be registered with

FINRA

A lucky individual won the state lottery, so the state will be sending him a check each month for the next 25 years. What type of annuity products are they likely to use to provide these benefits?

Immediate annuity

Which of the following is NOT true regarding the Life with Guaranteed Minimum annuity settlement option? It is a life contingency option The beneficiary receives the remainder of the principal amount upon the annuitant's death. Payments can be made in installments and as a single cash refund It does not guarantee that the entire principal amount will be paid out

It does not guarantee that the entire principal amount will be paid out

If a contract provides a set amount of income for two or more persons with the income stopping upon the first death of the insured, it is called a

Joint Life annuity

Which of the following is NOT true about a joint and survivor annuity benefit option? Payments stop after the first death among the annuitants A period certain option may be included This option guarentees income for two or more recipients the surviving annuitant may recieve reduced payments

Payments stop after the first death among the annuitants

Which of the following products requires a securities license?

Variable Annuity

The main difference between immediate and deferred annuities is

When the income payments begin

Which of the following is TRUE regarding variable annuities?

annuitant assumes the risks on investment

Which of the following are NOT fundable by annuities? A person's retirement Estate liquidation death benefites cash accumulation for any reason

death benefits

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

Which of the following is TRUE regarding the accumulation period of an annuity?

idk

The president of a company is starting an annuity and decides that his corporation will be the annuitant. What is true?

the annuitant must be a natural person

Which of the following is NOT true regarding Equity Indexed Annuities?

they earn lower interest rates than fixed annuities