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a variable annuity has which of the following characteristics
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She may choose to receive monthly payments for the rest of her life. B) allow customers to opt out of sharing of financial information with certain nonaffiliated firms. C)3800. C. B)Fixed annuity contract with a discussion regarding timing risk If the annuitant dies during the accumulation period, his/her beneficiary will receive the promised annuity payments. must provide full and fair disclosure. The funds are not liquid due to the surrender fees, and there is also a 10% penalty on withdrawals before age 59-. A customer is receiving annuitized payments from a variable annuity. B) I and III. You can buy an annuity with either a lump sum or a series of payments, and the accounts value will grow accordingly. A variable annuity is both an insurance and a securities product. Which of the following statements is not true about the characteristics of a trend? 2019 Ted Fund Donors A registered representative recommends a variable annuity with an income rider to a client. A) a lifetime withdrawal benefit (LWB) or lifetime income benefit will make a periodic payment even if the account balance falls to zero C) single payment immediate annuity. D) II and III. Lifetime vs. fixed period annuities A)II and IV. What will this transaction provide? An investor who has purchased a nonqualified variable annuity has the right to: *Contributions to a nonqualified variable annuity are not tax deductible. Bear in mind that between the numerous feessuch as investment management fees,mortality fees, and administrative feesand charges for any additional riders, a variable annuitysexpenses can quickly add up. These contracts cover both lives and will continue to make payments until the last spouse dies. C) II and IV. All of the following statements about variable annuities are true EXCEPT: By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. If your customer invests in a variable annuity and chooses to annuitize at age 65, which of the following statements are TRUE? Before buying a variable annuity, investors should carefully read the prospectus to try to understand the expenses, risks, and formulas for calculating investment gains or losses. Spartan Technology Services and Solutions Private Limited is a subsidiary of IBM (International Business Machines) Corporation. C)number of accumulation units. Determine the revenue equation given the profit and expense equations. Once a customer annuitizes a variable annuity, which of the following statements are TRUE? A variable annuity is a combination of 2 products: an insurance contract and a mutual fund. B)a minimum rate of return is guaranteed. An example would be if a life annuity with 10-year period certain contract holder died after 5 years, payments would continue for 5 more years to the beneficiary and then stop. A) partially a tax-free return of capital and partially taxable. A) I and III. This customer has no spouse or dependents, which negates the value of the death benefit. Of the answer choices given the best would be to reevaluate the recommendation based on the new information tendered by the client. B) Ordinary income taxation on the earnings withdrawn until reaching the owner's cost basis. C) II and III. A) a minimum rate of return is guaranteed. D) Two-thirds of the withdrawal is taxable as ordinary income. B) Municipal bonds. Upon John's death during the accumulation period, Sue takes a lump-sum payment. If one purchases an annuity for a set price, the issuing company would invest the funds and hold them until they are supposed to be disbursed, generally based on the owner's age. Options. C)Mortality risk. a variable annuity does not guarantee payments for life. Cashing out life insurance policies or VAs where steep surrender charges are likely to exist, particularly in the earlier years of those contracts, is also considered abusive. Often used for retirement planning purposes, it is meant to provide a regular (monthly, quarterly, annual) income stream, starting at some point in the future. When the first party dies, the annuity payment is made to the survivor. B)100% taxable. Life Insurance vs. Annuity: What's the Difference? D) II and IV. A) I and II. All of the following statements about variable annuities are true EXCEPT: B) 0. A) defined contribution plans. B) the state insurance department. Home; About. savingsbondsGroupinsurance$198,74451,71415,21030,42045,630$341,718, Tax rates assumed: Variable Annuities. Annual depreciation on the machine is$12,000, and the tax rate of the company is 25%. B) Exchange traded Funds (ETFs) or Exchange traded Notes (ETNs) Reference: 12.1.2.1.1 in the License Exam. B. D) 4200. The amount taxed is the amount of the lump-sum payment minus the deceased's cost basis in the investment. A) mutual fund units. A)II and III B) I and III. The correct answer was: partially a tax-free return of capital and partially taxable. C) the client assumes the investment risk. D)an accounting measure used to determine payments to the owner of the variable annuity. Distribution can take place before or during any solicitation for sale. Variable annuities grow tax-deferred, so you dont have to pay taxes on any investment gains until you begin receiving income or make a withdrawal. Question #12 of 48Question ID: 606814 D) Growth mutual funds. However, if you take a withdrawal during the contractssurrender period, which can be as long as 15 years, youll generally have to pay a surrender fee. A) I and IV. The holder of a variable annuity receives the largest monthly payments under which of the following payout options? A. Suggesting that loans or drawing equity from a home to fund VA contracts have also been targeted as abusive sales practices. The separate account is NOT likely to invest in: Question #14 of 48Question ID: 606823 You can tailor the income stream to suit your needs. *Contributions to a nonqualified annuity are made with the owner's after-tax dollars. 's dividend yield was % last year. Which 2 of the 4 client profiles would a VA be LEAST suitable for? Based only on these facts, the variable annuity recommendation is If you die before the payout phase, your beneficiaries may receive a. 6102..55.001) is being updated on an ongoing basis. "Variable Annuities: What You Should Know," Page 3. A)II and IV. Question #19 of 48Question ID: 606826 D) expense guarantee. In this case, the investor is taking a lump-sum distribution before reaching age 59- and must pay an additional 10% penalty on the taxable amount. Science Health Science Nursing. Universal variable life policies This makes a total of $4,000 tax and penalty paid on the random withdrawal. The value of the annuity units is fixed. D)variable annuities. D)the safety of the principal invested. B)cost of living. All of the following are true about annuities EXCEPT: they have all the same characteristics as life insurance. In addition, if the customer is not at least 59-, there will be a tax penalty of an additional 10%. None of the other investments listed here offer tax-deferred growth. Determine whether the following events are independent or dependent. Deal with mathematic Math is all about solving equations and finding the right answer. A variable annuity is just a tax-deferred annuity in which you get to choose how the value of the annuity is invested. D)I and II. You purchase a variable annuity contract by making either a single purchase payment or a series of purchase payments. There is a guaranteed minimum interest rate, normally amounting to between 1 and 3 percent. Both products typically have a wide range of options across equities, bonds and money market instruments. D) 100% tax deferred. Which of the following are defined as securities? Your 55-year-old client invested $50,000 four years ago in a nonqualified variable annuity. In a joint-and-last-survivor option, the annuity payment is made jointly to both parties while both are alive. In a variable annuity contract, the provision that guarantees the annuitant payments for life is called the: a variable annuity guarantees payments for life. \end{array} II. A) the investment portfolio is managed professionally. A variable annuity is both an insurance and a securities product. Annuity death benefits are generally paid in a lump sum. B) Life annuity. Early withdrawal is either removal of funds from a fixed-term investment before the maturity date, or the removal of funds from a tax-deferred investment account or retirement savings account before a prescribed time. The time period depends on how often the income is to be paid. C) III and IV. Reference: 12.1.2.1.2 in the License Exam. D) Variable annuities. None of the other investments listed here offer tax-deferred growth. C)earnings only and taxable A) I and III. an annuitant lives longer than expected. However, it does guarantee payments for life (mortality). D) I and IV. Variable annuity salespeople must register with all of the following EXCEPT: It is the starting point of motivation because they generate emotions. Assuming that the payroll for the last week of the year is to be paid on January 444 of the following fiscal year, journalize the following entries: A customer has an investment objective of keeping pace with inflation while assuming moderate risk. A)Fixed annuity contract with a discussion regarding purchasing power risk D) accumulation shares. A)variable annuities may only be sold by registered representatives. A) Age 56, available cash to invest, makes the maximum retirement plan contributions to an existing IRA and 401(k) plan B) a variable annuity contract is not required to be sold by prospectus because it is an insurance contract B) variable annuities. B)corporate stock. c. The separate account provides for a guaranteed minimum return. Only variable annuities have payout plans that provide the client income for life. Distributions to the annuitant will fluctuate during the payout period. Reference: 12.1.4.2 in the License Exam. Consequently, the client pays taxes only on the growth portion of the withdrawal ($10,000). Reference: 12.3.1 in the License Exam, Question #30 of 48Question ID: 606833 C) IRAs. Complete a blank sample electronically to save yourself time and money. B) The entire $10,000 is taxable as ordinary income. A 32-year-old with a company-sponsored 401k plan who will need a lump sum soon to finance graduate school tuition *When money is deposited into the annuity, it is purchasing accumulation units. A registered representative recommends a variable annuity with an income rider to a client. Question #17 of 48Question ID: 606802 How Are Nonqualified Variable Annuities Taxed? Sub accounts and mutual funds are conceptually. III. Immediate life annuity. When the contract is annuitized, the annuitant is credited with a fixed number of annuity units. Nicks Enterprises has purchased a new machine tool that will allow the company to improve the efficiency of its operations. B) A 30 year old construction worker recently unemployed who wants to invest his severance pay amounting to 9 months salary. We also reference original research from other reputable publishers where appropriate. Needs - are goal-directed forces that people experience. Find the per-day expense for one of these travelers who had a z-score of -1.6. c. A Bargain Times Vacation Blog writer claimed to have done this vacation for a cost of$710 per person. b. A) complete all paper work to purchase the annuity contract and obtain the clients signature immediately. *A variable annuity payout is determined by comparing account performance with AIR, and this month's payout with last month's payout. With regard to a variable annuity, all of the following may vary EXCEPT: The amount of the purchase payments that go into the account may be less than you paid because fees were taken out of the purchase payments. A)exempt from taxes B)Life annuity with period certain. Can I Borrow from My Annuity for a House Down Payment? How is the distribution taxed? Listing tax-deferred growth as an objective for retirement income, which of the following investments is most suitable? An annuitant assumes the investment risk of a variable annuity and is not protected by the insurance company from capital losses. B)II and III. During the payout period, payments are based on a fixed number of annuity units established when the contract was annuitized. What Are the Risks of Annuities in a Recession? D)Variable annuity. Clusters of vesicles in various stages. A) a minimum rate of return is guaranteed. Securely download your document with other editable templates, any time, with PDFfiller. If the annuitant should die during that time, any death benefit would be paid to a beneficiary designated by the annuitant at the time the annuity was purchased. DR:BASSANT ADEL 9 QUIZ CH 6 Choose the correct answer: 1-Insurance policy benefits are classified on an insurance company's balance sheet as A. liabilities, because the insurance company may have to pay out the benefits B. assets, because policy benefits are valuable to the company C. liabilities, because customers may fall behind on their premium payments D. assets, because policy benefits . The owner of a life annuity with 10-year period certain will receive payments for life, subject to a minimum of 10 years. An ordinary simple annuity has the following characteristics: For example, most car loans are ordinary simple annuities where payments are. A) The policy provides a minimum guaranteed death benefit. The earnings on dollars invested into a variable annuity accumulate tax deferred, which is why variable annuities are popular products for retirement accumulation. C) III and IV. B) payment guarantee. What Are the Distribution Options for an Inherited Annuity? must be filed with FINRA. A variable annuity is a security and must be registered with the SEC, not FINRA. No, annuities are not FDIC-insured as they are not bank products. c) Construct a contingency table showing all the joint and marginal probabilities. The minimum guaranteed death benefit is provided by that portion of the payment invested in the insurance company's general account. Her agent recommended she choose a variable annuity as a safe haven for the funds. The annuity unit's value represents a guaranteed return. Though there is no beneficiary designation during the annuitization, this is not an issue for this annuitant. D)all return of cost basis and nontaxable, Annuitized payments from a variable annuity are viewed for tax purposes as part earnings and part cost basis. B) the client may vote for the board of directors or board of managers. D) II and III. D) Life annuity with 10-year period certain. Fixed annuities are not considered securities as return is guaranteed by the insurance company issuer. An investor owning which of the following variable annuity contracts would hold accumulation units? They are also not considered suitable for anyone who anticipates needing a lump sum within a short time frame to fund other endeavors. When a variable annuity contract is annuitized, the number of annuity units is fixed. A)defined contribution plans. If you need to withdraw money from the account because of a financial emergency, you may face surrender fees. Question #29 of 48Question ID: 606831 A) I and II Suggesting that loans or drawing equity from a home to fund VA contracts have also been targeted as abusive sales practices. Question #11 of 48Question ID: 606816 Variable annuities involve underlying equity investments in a separate account. However, because the client is not yet age 59- when making the withdrawal, he also pays a 10% penalty, or $1,000. *An immediate annuity has no accumulation period. While variable annuities have greater potential for earnings, since their interest rate rises and falls with their underlying investments, they can lose money. An accumulation unit in a variable annuity contract is: C)the yield is always higher than bond yields. Of the 4 client profiles below, which might be the best suited for a variable annuity recommendation? The separate account is used for both variable life insurance and variable annuity investments. C)III and IV B) the number of annuity units is fixed, and their value remains fixed. This guideline has been prepared for use by Federal agencies. On withdrawals from a nonqualified annuity, taxes are paid only on the amount that exceeds cost basis (the amount paid into the annuity). B)value of annuity units. C) A 25year old public school teacher who would like to save enough for the purchase of her first home within the next 3 to 5 years. must precede every sales presentation. Immediate life annuity with 10-year period certain. must provide full and fair disclosure. B) The policyowner. can be sold by someone with only an insurance license Outgoing personality with the ability to develop relationships (i.e., "People Person") and a sincere desire to help others Fearless, positive attitude, and willingness to be accountable for results Organized, detail-oriented, and excellent time-management skills A desire for continuous learning Reference: 12.1.2 in the License Exam, Question #23 of 48Question ID: 901858 B) IPO. a life insurance holder dies sooner than expected. Reference: 12.1.1 in the License Exam. The most popular type of variable annuity is a deferred annuity. Which of the following is NOT an accurate statement concerning a variable life insurance contract? B) During the accumulation period. The accumulation unit's value is used to calculate the total value of the account. B) The death benefit cannot ever be more than the guaranteed benefit. B) suitable if she has enough equity in the home to fund the variable annuity without cashing out the other VA contract Future annuity payments will vary according to the separate account's performance. Life income riders are best suited for those who anticipate a lengthy retirement and are generally not yet retired when making the VA purchase. *BEST Suited for VA-Age 56, available cash to invest, maxes out IRA and 401(k) plan VA will be supplemental income, would not be suitable for cust. A) There is no risk in a variable annuity. John is the annuitant in a variable plan, and Sue is the beneficiary. D) There is no guarantee regarding the investment results of the separate account. When the second party dies, all payments cease. B) I and II. C) with guaranteed minimum withdrawal benefits (GMWBs) a lifetime of periodic payments is guaranteed Once annuitized, the number of annuity units does not vary. C) 10 years of variable payments. C) suitable regardless of funding sources Mri Resident Connect Login, Dog Magazine Italian Greyhound, Is Charles Hurt Related To The Kennedys, Rutgers Soccer Head Coach, Articles A
She may choose to receive monthly payments for the rest of her life. B) allow customers to opt out of sharing of financial information with certain nonaffiliated firms. C)3800. C. B)Fixed annuity contract with a discussion regarding timing risk If the annuitant dies during the accumulation period, his/her beneficiary will receive the promised annuity payments. must provide full and fair disclosure. The funds are not liquid due to the surrender fees, and there is also a 10% penalty on withdrawals before age 59-. A customer is receiving annuitized payments from a variable annuity. B) I and III. You can buy an annuity with either a lump sum or a series of payments, and the accounts value will grow accordingly. A variable annuity is both an insurance and a securities product. Which of the following statements is not true about the characteristics of a trend? 2019 Ted Fund Donors A registered representative recommends a variable annuity with an income rider to a client. A) a lifetime withdrawal benefit (LWB) or lifetime income benefit will make a periodic payment even if the account balance falls to zero C) single payment immediate annuity. D) II and III. Lifetime vs. fixed period annuities A)II and IV. What will this transaction provide? An investor who has purchased a nonqualified variable annuity has the right to: *Contributions to a nonqualified variable annuity are not tax deductible. Bear in mind that between the numerous feessuch as investment management fees,mortality fees, and administrative feesand charges for any additional riders, a variable annuitysexpenses can quickly add up. These contracts cover both lives and will continue to make payments until the last spouse dies. C) II and IV. All of the following statements about variable annuities are true EXCEPT: By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. If your customer invests in a variable annuity and chooses to annuitize at age 65, which of the following statements are TRUE? Before buying a variable annuity, investors should carefully read the prospectus to try to understand the expenses, risks, and formulas for calculating investment gains or losses. Spartan Technology Services and Solutions Private Limited is a subsidiary of IBM (International Business Machines) Corporation. C)number of accumulation units. Determine the revenue equation given the profit and expense equations. Once a customer annuitizes a variable annuity, which of the following statements are TRUE? A variable annuity is a combination of 2 products: an insurance contract and a mutual fund. B)a minimum rate of return is guaranteed. An example would be if a life annuity with 10-year period certain contract holder died after 5 years, payments would continue for 5 more years to the beneficiary and then stop. A) partially a tax-free return of capital and partially taxable. A) I and III. This customer has no spouse or dependents, which negates the value of the death benefit. Of the answer choices given the best would be to reevaluate the recommendation based on the new information tendered by the client. B) Ordinary income taxation on the earnings withdrawn until reaching the owner's cost basis. C) II and III. A) a minimum rate of return is guaranteed. D) Two-thirds of the withdrawal is taxable as ordinary income. B) Municipal bonds. Upon John's death during the accumulation period, Sue takes a lump-sum payment. If one purchases an annuity for a set price, the issuing company would invest the funds and hold them until they are supposed to be disbursed, generally based on the owner's age. Options. C)Mortality risk. a variable annuity does not guarantee payments for life. Cashing out life insurance policies or VAs where steep surrender charges are likely to exist, particularly in the earlier years of those contracts, is also considered abusive. Often used for retirement planning purposes, it is meant to provide a regular (monthly, quarterly, annual) income stream, starting at some point in the future. When the first party dies, the annuity payment is made to the survivor. B)100% taxable. Life Insurance vs. Annuity: What's the Difference? D) II and IV. A) I and II. All of the following statements about variable annuities are true EXCEPT: B) 0. A) defined contribution plans. B) the state insurance department. Home; About. savingsbondsGroupinsurance$198,74451,71415,21030,42045,630$341,718, Tax rates assumed: Variable Annuities. Annual depreciation on the machine is$12,000, and the tax rate of the company is 25%. B) Exchange traded Funds (ETFs) or Exchange traded Notes (ETNs) Reference: 12.1.2.1.1 in the License Exam. B. D) 4200. The amount taxed is the amount of the lump-sum payment minus the deceased's cost basis in the investment. A) mutual fund units. A)II and III B) I and III. The correct answer was: partially a tax-free return of capital and partially taxable. C) the client assumes the investment risk. D)an accounting measure used to determine payments to the owner of the variable annuity. Distribution can take place before or during any solicitation for sale. Variable annuities grow tax-deferred, so you dont have to pay taxes on any investment gains until you begin receiving income or make a withdrawal. Question #12 of 48Question ID: 606814 D) Growth mutual funds. However, if you take a withdrawal during the contractssurrender period, which can be as long as 15 years, youll generally have to pay a surrender fee. A) I and IV. The holder of a variable annuity receives the largest monthly payments under which of the following payout options? A. Suggesting that loans or drawing equity from a home to fund VA contracts have also been targeted as abusive sales practices. The separate account is NOT likely to invest in: Question #14 of 48Question ID: 606823 You can tailor the income stream to suit your needs. *Contributions to a nonqualified annuity are made with the owner's after-tax dollars. 's dividend yield was % last year. Which 2 of the 4 client profiles would a VA be LEAST suitable for? Based only on these facts, the variable annuity recommendation is If you die before the payout phase, your beneficiaries may receive a. 6102..55.001) is being updated on an ongoing basis. "Variable Annuities: What You Should Know," Page 3. A)II and IV. Question #19 of 48Question ID: 606826 D) expense guarantee. In this case, the investor is taking a lump-sum distribution before reaching age 59- and must pay an additional 10% penalty on the taxable amount. Science Health Science Nursing. Universal variable life policies This makes a total of $4,000 tax and penalty paid on the random withdrawal. The value of the annuity units is fixed. D)variable annuities. D)the safety of the principal invested. B)cost of living. All of the following are true about annuities EXCEPT: they have all the same characteristics as life insurance. In addition, if the customer is not at least 59-, there will be a tax penalty of an additional 10%. None of the other investments listed here offer tax-deferred growth. Determine whether the following events are independent or dependent. Deal with mathematic Math is all about solving equations and finding the right answer. A variable annuity is just a tax-deferred annuity in which you get to choose how the value of the annuity is invested. D)I and II. You purchase a variable annuity contract by making either a single purchase payment or a series of purchase payments. There is a guaranteed minimum interest rate, normally amounting to between 1 and 3 percent. Both products typically have a wide range of options across equities, bonds and money market instruments. D) 100% tax deferred. Which of the following are defined as securities? Your 55-year-old client invested $50,000 four years ago in a nonqualified variable annuity. In a joint-and-last-survivor option, the annuity payment is made jointly to both parties while both are alive. In a variable annuity contract, the provision that guarantees the annuitant payments for life is called the: a variable annuity guarantees payments for life. \end{array} II. A) the investment portfolio is managed professionally. A variable annuity is both an insurance and a securities product. Annuity death benefits are generally paid in a lump sum. B) Life annuity. Early withdrawal is either removal of funds from a fixed-term investment before the maturity date, or the removal of funds from a tax-deferred investment account or retirement savings account before a prescribed time. The time period depends on how often the income is to be paid. C) III and IV. Reference: 12.1.2.1.2 in the License Exam. D) Variable annuities. None of the other investments listed here offer tax-deferred growth. C)earnings only and taxable A) I and III. an annuitant lives longer than expected. However, it does guarantee payments for life (mortality). D) I and IV. Variable annuity salespeople must register with all of the following EXCEPT: It is the starting point of motivation because they generate emotions. Assuming that the payroll for the last week of the year is to be paid on January 444 of the following fiscal year, journalize the following entries: A customer has an investment objective of keeping pace with inflation while assuming moderate risk. A)Fixed annuity contract with a discussion regarding purchasing power risk D) accumulation shares. A)variable annuities may only be sold by registered representatives. A) Age 56, available cash to invest, makes the maximum retirement plan contributions to an existing IRA and 401(k) plan B) a variable annuity contract is not required to be sold by prospectus because it is an insurance contract B) variable annuities. B)corporate stock. c. The separate account provides for a guaranteed minimum return. Only variable annuities have payout plans that provide the client income for life. Distributions to the annuitant will fluctuate during the payout period. Reference: 12.1.4.2 in the License Exam. Consequently, the client pays taxes only on the growth portion of the withdrawal ($10,000). Reference: 12.3.1 in the License Exam, Question #30 of 48Question ID: 606833 C) IRAs. Complete a blank sample electronically to save yourself time and money. B) The entire $10,000 is taxable as ordinary income. A 32-year-old with a company-sponsored 401k plan who will need a lump sum soon to finance graduate school tuition *When money is deposited into the annuity, it is purchasing accumulation units. A registered representative recommends a variable annuity with an income rider to a client. Question #17 of 48Question ID: 606802 How Are Nonqualified Variable Annuities Taxed? Sub accounts and mutual funds are conceptually. III. Immediate life annuity. When the contract is annuitized, the annuitant is credited with a fixed number of annuity units. Nicks Enterprises has purchased a new machine tool that will allow the company to improve the efficiency of its operations. B) A 30 year old construction worker recently unemployed who wants to invest his severance pay amounting to 9 months salary. We also reference original research from other reputable publishers where appropriate. Needs - are goal-directed forces that people experience. Find the per-day expense for one of these travelers who had a z-score of -1.6. c. A Bargain Times Vacation Blog writer claimed to have done this vacation for a cost of$710 per person. b. A) complete all paper work to purchase the annuity contract and obtain the clients signature immediately. *A variable annuity payout is determined by comparing account performance with AIR, and this month's payout with last month's payout. With regard to a variable annuity, all of the following may vary EXCEPT: The amount of the purchase payments that go into the account may be less than you paid because fees were taken out of the purchase payments. A)exempt from taxes B)Life annuity with period certain. Can I Borrow from My Annuity for a House Down Payment? How is the distribution taxed? Listing tax-deferred growth as an objective for retirement income, which of the following investments is most suitable? An annuitant assumes the investment risk of a variable annuity and is not protected by the insurance company from capital losses. B)II and III. During the payout period, payments are based on a fixed number of annuity units established when the contract was annuitized. What Are the Risks of Annuities in a Recession? D)Variable annuity. Clusters of vesicles in various stages. A) a minimum rate of return is guaranteed. Securely download your document with other editable templates, any time, with PDFfiller. If the annuitant should die during that time, any death benefit would be paid to a beneficiary designated by the annuitant at the time the annuity was purchased. DR:BASSANT ADEL 9 QUIZ CH 6 Choose the correct answer: 1-Insurance policy benefits are classified on an insurance company's balance sheet as A. liabilities, because the insurance company may have to pay out the benefits B. assets, because policy benefits are valuable to the company C. liabilities, because customers may fall behind on their premium payments D. assets, because policy benefits . The owner of a life annuity with 10-year period certain will receive payments for life, subject to a minimum of 10 years. An ordinary simple annuity has the following characteristics: For example, most car loans are ordinary simple annuities where payments are. A) The policy provides a minimum guaranteed death benefit. The earnings on dollars invested into a variable annuity accumulate tax deferred, which is why variable annuities are popular products for retirement accumulation. C) III and IV. B) payment guarantee. What Are the Distribution Options for an Inherited Annuity? must be filed with FINRA. A variable annuity is a security and must be registered with the SEC, not FINRA. No, annuities are not FDIC-insured as they are not bank products. c) Construct a contingency table showing all the joint and marginal probabilities. The minimum guaranteed death benefit is provided by that portion of the payment invested in the insurance company's general account. Her agent recommended she choose a variable annuity as a safe haven for the funds. The annuity unit's value represents a guaranteed return. Though there is no beneficiary designation during the annuitization, this is not an issue for this annuitant. D)all return of cost basis and nontaxable, Annuitized payments from a variable annuity are viewed for tax purposes as part earnings and part cost basis. B) the client may vote for the board of directors or board of managers. D) II and III. D) Life annuity with 10-year period certain. Fixed annuities are not considered securities as return is guaranteed by the insurance company issuer. An investor owning which of the following variable annuity contracts would hold accumulation units? They are also not considered suitable for anyone who anticipates needing a lump sum within a short time frame to fund other endeavors. When a variable annuity contract is annuitized, the number of annuity units is fixed. A)defined contribution plans. If you need to withdraw money from the account because of a financial emergency, you may face surrender fees. Question #29 of 48Question ID: 606831 A) I and II Suggesting that loans or drawing equity from a home to fund VA contracts have also been targeted as abusive sales practices. Question #11 of 48Question ID: 606816 Variable annuities involve underlying equity investments in a separate account. However, because the client is not yet age 59- when making the withdrawal, he also pays a 10% penalty, or $1,000. *An immediate annuity has no accumulation period. While variable annuities have greater potential for earnings, since their interest rate rises and falls with their underlying investments, they can lose money. An accumulation unit in a variable annuity contract is: C)the yield is always higher than bond yields. Of the 4 client profiles below, which might be the best suited for a variable annuity recommendation? The separate account is used for both variable life insurance and variable annuity investments. C)III and IV B) the number of annuity units is fixed, and their value remains fixed. This guideline has been prepared for use by Federal agencies. On withdrawals from a nonqualified annuity, taxes are paid only on the amount that exceeds cost basis (the amount paid into the annuity). B)value of annuity units. C) A 25year old public school teacher who would like to save enough for the purchase of her first home within the next 3 to 5 years. must precede every sales presentation. Immediate life annuity with 10-year period certain. must provide full and fair disclosure. B) The policyowner. can be sold by someone with only an insurance license Outgoing personality with the ability to develop relationships (i.e., "People Person") and a sincere desire to help others Fearless, positive attitude, and willingness to be accountable for results Organized, detail-oriented, and excellent time-management skills A desire for continuous learning Reference: 12.1.2 in the License Exam, Question #23 of 48Question ID: 901858 B) IPO. a life insurance holder dies sooner than expected. Reference: 12.1.1 in the License Exam. The most popular type of variable annuity is a deferred annuity. Which of the following is NOT an accurate statement concerning a variable life insurance contract? B) During the accumulation period. The accumulation unit's value is used to calculate the total value of the account. B) The death benefit cannot ever be more than the guaranteed benefit. B) suitable if she has enough equity in the home to fund the variable annuity without cashing out the other VA contract Future annuity payments will vary according to the separate account's performance. Life income riders are best suited for those who anticipate a lengthy retirement and are generally not yet retired when making the VA purchase. *BEST Suited for VA-Age 56, available cash to invest, maxes out IRA and 401(k) plan VA will be supplemental income, would not be suitable for cust. A) There is no risk in a variable annuity. John is the annuitant in a variable plan, and Sue is the beneficiary. D) There is no guarantee regarding the investment results of the separate account. When the second party dies, all payments cease. B) I and II. C) with guaranteed minimum withdrawal benefits (GMWBs) a lifetime of periodic payments is guaranteed Once annuitized, the number of annuity units does not vary. C) 10 years of variable payments. C) suitable regardless of funding sources

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a variable annuity has which of the following characteristics