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Free Annuities Practice Questions

Georgia Life, Accident & Health exam — 35 practice questions.

Subtopics: Accumulation phase, Fixed annuity, Deferred annuity, Surrender charge, Joint and survivor, Exclusion ratio, Principles, Immediate vs deferred, Products, Payment options, Uses, Taxation, Parties to an annuity, Flexible premium annuity, Cash refund option, Installment refund option, Period certain option, Annuity units, Separate account, Tax-deferred accumulation, Early withdrawal penalty, Annuitization, Death before annuitization, Qualified vs nonqualified, Structured settlement, Annuity exclusion ratio

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Sample questions & answers

1. The accumulation phase of a deferred annuity is the period during which:

premiums are paid and value grows tax-deferred

During accumulation, contributions are made and the contract value grows on a tax-deferred basis before payout begins.

2. A fixed annuity provides:

a guaranteed minimum interest rate and fixed income payments

A fixed annuity guarantees a minimum interest rate during accumulation and a fixed, dependable income at payout.

3. A deferred annuity is one in which:

income payments begin at a future date

A deferred annuity delays the start of income payments to a future date, allowing the value to accumulate first.

4. A surrender charge in an annuity is:

a fee for withdrawing funds early in the contract

A surrender charge is a declining fee assessed when an owner withdraws funds during the early years of the contract.

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Practice: Annuities

Take a randomized, timed-style practice test. Answer choices are shuffled and your results are scored instantly with an explanation for every question.

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.