Free Annuities Practice Questions
Virginia Life exam (series 11-05) — 103 practice questions.
Subtopics: Purpose, Accumulation vs annuity, Immediate annuity, Fixed annuity, Variable annuity, Life with period certain, Annuity training, Annuity training verification, Best interest obligations, Annuity disclosure form, Annuity replacement review, Best interest is not fiduciary, Consumer refusal, Annuity records, Sales contests, Annuity rule exemptions, Annuity advertising, Charitable gift annuities, Market value adjusted annuities, Variable contract agent license, Annuity disclosures, Annuity best interest, Accumulation period, Annuitant, Deferred annuity, Variable annuity licensing, Equity indexed annuity, Pure life option, 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. The primary purpose of an annuity is to:
Provide income and protect against outliving savings
Annuities are designed to liquidate a sum into income, protecting against the risk of outliving one's money.
2. The phase during which an annuity owner makes payments into the contract is the:
Accumulation period
During the accumulation period funds are paid in and grow; income is paid out during the annuity (payout) period.
3. An immediate annuity generally begins income payments:
Within one payment interval after purchase
A single-premium immediate annuity begins payments within one payment period (for example, one month) after purchase.
4. A fixed annuity provides:
A guaranteed minimum interest rate and fixed payments
Fixed annuities are backed by the insurer's general account, guarantee a minimum interest rate, and pay level benefit amounts.
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.
