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Free Annuities Practice Questions

Indiana Life, Accident & Health exam — 37 practice questions.

Subtopics: Annuitant, Deferred annuity, Single premium, Life with period certain, Joint and survivor, Indexed annuity, Surrender charge, Annuity beneficiary at death, 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, Exclusion ratio, Early withdrawal penalty, Annuitization, Death before annuitization, Qualified vs nonqualified, Structured settlement, Annuity exclusion ratio

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Sample questions & answers

1. In an annuity contract, the person whose life expectancy measures the income payments is called the what?

Annuitant

The annuitant is the person whose life is used to determine the amount and duration of annuity income payments.

2. A deferred annuity differs from an immediate annuity primarily because income payments do what?

Begin at a future date after an accumulation period

A deferred annuity has an accumulation period and begins income at a future date, unlike an immediate annuity.

3. A single premium annuity is funded how?

With one lump-sum payment

A single premium annuity is funded by one lump-sum payment rather than a series of contributions.

4. A life income with period certain option guarantees payments for what?

The annuitant's life and at least a minimum guaranteed number of years

Life with period certain pays for the annuitant's life but guarantees payments for at least the certain period to a beneficiary if the annuitant dies early.

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Practice: Annuities

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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.