Free Annuities Practice Questions
North Dakota Life exam — 105 practice questions.
Subtopics: Annuity replacement, Annuity purpose, Accumulation phase, Fixed annuity, Variable annuity, Life only payout, Period certain, Free look, Death claims, Surrender deferral, Best interest standard, Annuity disclosure, Annuity documentation, Annuity records, Insurer supervision, Annuity training, Annuity best interest, Purpose, Accumulation period, Annuitant, Immediate annuity, Deferred 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 free look, Suitability review, Senior annuity concerns, Annuity death before annuitization, Spousal continuation, Non-natural owner, Annuity owner control, Annuity free look
Read the Annuities study guide
Sample questions & answers
1. When recommending that a North Dakota consumer replace an existing annuity, the producer must consider whether the consumer has had another annuity exchange or replacement within the preceding:
60 months
N.D.C.C. 26.1-34.2-03 requires the producer, in a replacement, to consider surrender charges, lost benefits, whether the new product substantially benefits the consumer, and other exchanges within the preceding sixty months.
2. The primary purpose of an annuity is to:
Provide income, often for retirement
An annuity is designed to liquidate a sum into a stream of income, frequently used to fund retirement.
3. The period during which an annuity owner pays into the contract and the funds grow is the:
Accumulation phase
During the accumulation phase, contributions are made and the value grows before income payments begin.
4. Which feature is characteristic of a fixed annuity?
A guaranteed minimum interest rate
A fixed annuity provides a guaranteed minimum interest rate and predictable fixed payments.
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.
