LAH - Annuities (5)

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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


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