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  4. Annuities

Free Annuities Practice Questions

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

Subtopics: Immediate annuity, Flexible premium, Annuitant, Joint and survivor, Refund annuity, Indexed annuity, Surrender charge, Market value adjustment, 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. An immediate annuity differs from a deferred annuity primarily because an immediate annuity:

Begins income payments within about one payment period of purchase

An immediate annuity begins paying income shortly after purchase, while a deferred annuity delays payments to a later date.

2. A flexible premium deferred annuity allows the owner to:

Make varying contributions over time during accumulation

A flexible premium annuity lets the owner contribute varying amounts over time during the accumulation period.

3. The annuitant in an annuity contract is the person:

Whose life expectancy is used to determine the income payments

The annuitant is the individual whose life is used to measure the annuity's income payments.

4. A joint and survivor annuity payout option continues income:

As long as either of two annuitants is living

A joint and survivor option pays income for as long as either of the two annuitants remains alive, often to a surviving spouse.

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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.