Free Annuities Practice Questions
Florida Life including Variable Annuity (2-14) exam (series 2-14) — 109 practice questions.
Subtopics: Annuity free look, Senior surrender charges, Annuity suitability, Secondary notice, Churning annuities, Best interest scope, Variable annuity registration, Separate account, Surrender charge disclosure, Annuity training, Charitable gift annuity, Free-look refund, Variable annuity refund, Annuity cover page, Annuity cover page warning, Consumer profile, Agent disclosure form, Compensation disclosure on request, Replacement analysis, Fiduciary status, Refusal to provide information, Non-recommended purchase, Annuity record retention, Sales contests, Securities license not required, Annuity restitution, Insurer verification of training, Churning definition, Purpose, Accumulation period, Annuitant, Immediate annuity, Deferred annuity, Fixed annuity, Variable annuity, Variable annuity licensing, Equity indexed annuity, Pure life option, Life with period certain, Refund annuity, Joint and survivor, Annuity certain, Tax-deferred growth, Exclusion ratio, Surrender charge, Retirement income use, Structured settlement, Owner rights, Early withdrawal penalty, Annuity vs life insurance, Single vs flexible premium annuity, Annuity surrender charge period, Bailout provision, Market value adjustment, Annuitization vs surrender, Annuity death benefit, Free withdrawal provision, Cash refund vs installment refund, Joint life annuity, 1035 exchange, Qualified annuity funding, Accumulation vs annuity units, Assumed interest rate, Guaranteed minimum income benefit, Guaranteed minimum withdrawal benefit, Qualified longevity annuity contract, Split-annuity concept, Annuity suitability standard, Nonqualified withdrawal taxation, Owner's death before annuitization, Two-tier annuity, Annuity guaranteed minimum value, Annuity exclusion ratio, Annuity parties, Annuitant requirement, Annuity insurer guarantees, Annuity mortality, SPIA, Deferred annuity funding, Nursing home waiver, Bonus annuity, Indexed annuity cap, Indexed annuity spread, Indexed annuity participation, Annual reset, Point to point, High water mark, Indexed annuity regulation, Variable annuity units, AIR performance, GMDB, Variable annuity seller, Life with refund vs pure life, Joint and survivor variations, Smallest payout option, Annuity certain use, Education funding, Tax-sheltered annuity users, Group annuity, Annuity disclosure, Annuity disclosure free look, Suitability review, Senior annuity concerns, Annuity death before annuitization, Spousal continuation, Non-natural owner, Annuity owner control
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Sample questions & answers
1. A Florida annuity contract must provide an unconditional refund period of at least:
21 days
Florida requires fixed and variable annuity contracts to provide an unconditional refund period of 21 days, regardless of the owner's age (accredited investors excepted for variable contracts).
2. An annuity issued in Florida to a senior consumer age 65 or older may not impose a surrender or deferred sales charge on a withdrawal that exceeds:
10 percent of the amount withdrawn
Section 627.4554(9) caps surrender charges on annuities sold to consumers 65 or older at 10 percent of the amount withdrawn, and the charge must end after the 10th policy year.
3. Before recommending an annuity in Florida, a producer must have:
A reasonable basis to believe the annuity effectively addresses the consumer's needs and objectives
Florida's best-interest rule requires the agent to know the consumer's situation and have a reasonable basis to believe the recommended annuity effectively addresses the consumer's financial situation, insurance needs, and objectives.
4. Florida requires a life insurer to send a secondary (lapse) notice for certain policies covering insureds who are:
Age 64 or older, on policies in force at least 1 year
A life policy covering a person 64 or older that has been in force at least 1 year cannot lapse for nonpayment unless the insurer mails notice at least 21 days before lapse to the owner and any designated secondary addressee.
All Life including Variable Annuity (2-14) topics
Practice: Annuities
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
