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Free Annuities Practice Questions

Ohio Life exam — 51 practice questions.

Subtopics: Accumulation, Immediate annuity, Variable annuity, Payout options, Senior free look, Suitability, Purpose, 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

Read the Annuities study guide

Sample questions & answers

1. The period during which an annuity owner makes payments into the contract is the:

Accumulation period

Contributions occur during accumulation; payout occurs during annuitization.

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

Immediate annuity

Immediate annuities begin payouts shortly after a single premium.

3. Which annuity places investment risk on the contract owner and may have values tied to subaccounts?

Variable annuity

Variable annuity values fluctuate with subaccount performance; the owner bears investment risk.

4. Which annuity payout option provides the largest periodic income but stops at the annuitant's death with no refund?

Straight life (life only)

Straight life pays the most but ends at death with nothing to beneficiaries.

All Life topics

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.