Free Annuities Practice Questions
New York Life exam (series 17-51) — 92 practice questions.
Subtopics: Nonforfeiture, Required provisions, Death during accumulation, Period certain payout, Annuity grace period, Annuity incontestability, Annuity misstatement, Annuity reinstatement, Annuity suitability, Annuity replacement free look, Paid-up deferred annuity disclosure, 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, Annuity free look
Read the Annuities study guide
Sample questions & answers
1. New York individual deferred annuity contracts must guarantee the owner minimum:
Nonforfeiture (guaranteed surrender) values
New York annuity contracts must contain required nonforfeiture provisions guaranteeing minimum cash and paid-up values.
2. New York requires individual annuity contracts to include a right-to-examine provision allowing the owner to:
Return the contract within the stated period for a refund
Individual annuity contracts must allow the holder to surrender the contract for a refund during a period of not less than 10 nor more than 30 days after delivery (30 days for mail-order sales).
3. If the owner-annuitant of a New York deferred annuity dies during the accumulation phase, the contract generally pays the beneficiary:
At least the accumulated contract value
Under New York's standard nonforfeiture law for annuities, minimum cash surrender and death benefits during the deferral period are based on the contract's actual accumulated value.
4. A New York annuity settlement option that continues payments to a beneficiary if the annuitant dies before a stated number of years have elapsed is a:
Life with period-certain annuity
A period-certain option guarantees payments for a set period; if the annuitant dies during that period, payments continue to a beneficiary.
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.
