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Free Annuities Practice Questions

New York Life exam (series 17-51) — 49 practice questions.

Subtopics: Nonforfeiture, Required provisions, Death during accumulation, Period certain payout, 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

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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

New York annuity contracts must contain required provisions including a right to examine and return the contract for a refund.

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

New York annuity provisions require that on death during accumulation the beneficiary receive at least the contract's 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.

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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.