Oklahoma Life, Health, & Accident-Annuity

Card Set Information

Author:
hicksmix6
ID:
306111
Filename:
Oklahoma Life, Health, & Accident-Annuity
Updated:
2015-08-06 11:11:14
Tags:
Oklahoma
Folders:
Insurance
Description:
L-107 to L-108
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user hicksmix6 on FreezingBlue Flashcards. What would you like to do?


  1. Scott is age 45 and wants a tax deferred saving plan for retirement.  Scott can afford to make $200 per month payments and plans to retire at 62.  What should the producer recommend?
    a. single premium deferred annuity
    b. flex premium immediate annuity
    c. flex premium deferred annuity
    d. single premium immediate annuity
    c. flex premium deferred annuity
  2. Who takes the investment risk on a fixed annuity?
    a. insurance company
    b. beneficiary
    c. annuitant
    d. stock market
    a. insurance company
  3. All of the follwoing are true regarding the annuity options, EXCEPT?
    a. can be used to provide a lifetime income that cannot be outlived
    b. can be used to provide a lifetime income for 2 people
    c. life income (aka life annuity) pays the annuitant the highest monthly income
    d.the annuitant can outlive the benefits in the life income with a refund option
    d.the annuitant can outlive the benefits in the life income with a refund option
  4. All of the following are true regarding the "life income" option, EXCEPT?
    a. when the annuitant dies, the benefit payments stop
    b. total benefits cannot exceed the principal plus interest
    c. annuitant cannot outlive the benefits
    d. the older the annuitant when the benefit payment begins, the larger the monthly payments
    b. total benefits cannot exceed the principal plus interest
  5. Paisley has $500,000 accumulated annuity.  Which annuity option could pay Paisley's beneficiary when Paisley dies?
    a. Life Income
    b. Life Income Period Certain
    c. Life Income Joint Survivor
    d. Singe Premium Immediate
    b. Life Income Period Certain
  6. All of the following statements are true regarding variable annuities, EXCEPT?
    a. investment risk is placed on the insured
    b. Oklahoma Insurance Department and the Financial Industry Regulatory Authority both regulate variable annuities
    c. variable annuities are covered by the Life & Health Guaranty Association in the event of the insurance company insolvency
    d. variable annuity payouts will not be affected by inflation
    c. variable annuities are covered by the Life & Health Guaranty Association in the event of the insurance company insolvency
  7. Which of the following annuity options would pay the largest monthly payment?
    a. life income
    b. life annuity 5-year period certain
    c. life annuity 10-year period certain
    d. life annuity with refund
    a. life income
  8. Sally is 45 and wants a tax deferred savings plan for retirement.  Sally can afford to make a $20,000 single payment and plans to retire at age 62.  What should the producer recommend?
    a. single premium deferred annuity
    b. singe premium immediate annuity
    c. flex premium deferred annuity
    d. flex premium immediate annuity
    a. single premium deferred annuity
  9. A widow, age 77, has just received $100,000 in a lump sum.  She has no other retirement income and is worried about outliving her income.  What type of insurance policy would you recommend she purchase?
    a. single premium immediate fixed annuity with a life income
    b. single premium immediate variable annuity with a life income
    c. single premium survivor-ship life policy with life income
    d. singe premium endowment with life income
    a. single premium immediate fixed annuity with a life income
  10. Mabel is 76 years old and is the annuitant on a single premium immediate annuity.  Upon Mabel's death, which of the following annuity options would make a lump sum payment to Mabel's beneficiary?
    a. life income
    b. life income with a refund
    c. life income 10 years certain
    d. equity index annuitization 
    b. life income with a refund
  11. All of the following are types of annuities, EXCEPT?
    a. single premium immediate
    b. single premium deferred
    c. flex premium deferred
    d. flex premium immediate
    d. flex premium immediate
  12. Jack has no current saving plan and is interested in an annuity for retirement income.  Jack is currently age 25 and plans on receiving benefits at age 65.  What type of annuity would you recommend?
    a. single premium immediate
    b. single premium deferred
    c. flex premium deferred
    d. retirement lifetime income
    c. flex premium deferred

What would you like to do?

Home > Flashcards > Print Preview