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Free Annuities Practice Questions

Georgia Life exam — 51 practice questions.

Subtopics: Purpose, Payout phase, Variable annuity, Immediate annuity, Suitability training, Payout options, Accumulation period, Annuitant, Deferred annuity, Fixed 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

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Sample questions & answers

1. The primary purpose of an annuity is to:

Provide income that cannot be outlived

An annuity is designed to liquidate a sum over time and protect against outliving one's income.

2. The period during which an annuitant receives income payments is the:

Annuitization or payout phase

During the annuitization (payout) phase the accumulated value is converted into a stream of income payments.

3. An annuity whose values fluctuate based on separate-account investment performance is a:

Variable annuity

A variable annuity's accumulation and payout values vary with the performance of the underlying separate-account investments.

4. An annuity that begins income payments within one payment interval of purchase is a(n):

Immediate annuity

An immediate annuity, typically bought with a single premium, starts payments within one payment period of purchase.

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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.