12-GA-62 Variable Products Exam ACTUAL
QUESTIONS AND DETAILED SOLUTIONS LATEST
VERSION| JUST RELEASED!!
fixed annuity - ANSWER-an annuity providing that the
insurer will pay the annuitant a guaranteed, fixed amount
during the annuity phase
fixed period option - ANSWER-an insurance or annuity
settlement option in which an approximate amount is paid
out for a chosen length of time when principal and interest
are exhausted
,flexible premium deferred annuity (FPDA) - ANSWER-a
deferred annuity purchased with a series of payments
which may be irregular as to amount or timing
flexible-premium variable life - ANSWER-a type of life
insurance, also known as variable universal life, which is
characterized by flexible premiums, adjustable death
benefit, and the ability of the owner to make partial
surrenders
General account - ANSWER-the account that holds all of
the assets of an insurer other than those in the separate
accounts. the general account holds the premiums for all
fixed life and annuity products and is typically
, conservatively invested in bonds and commercial real
estate to produce a relatively stable return
Immediate annuity - ANSWER-An annuity purchased with
a single premium payment, in which annuity payments
begin the next (one month to one year) after purchase
Indirect method - ANSWER-an approach to managing a
variable products separate account that uses a unit
investment trust contract with an investment company
external to the insurer
Interest Only Option - ANSWER-An insurance or annuity
settlement option in which the insurer holds the principal
QUESTIONS AND DETAILED SOLUTIONS LATEST
VERSION| JUST RELEASED!!
fixed annuity - ANSWER-an annuity providing that the
insurer will pay the annuitant a guaranteed, fixed amount
during the annuity phase
fixed period option - ANSWER-an insurance or annuity
settlement option in which an approximate amount is paid
out for a chosen length of time when principal and interest
are exhausted
,flexible premium deferred annuity (FPDA) - ANSWER-a
deferred annuity purchased with a series of payments
which may be irregular as to amount or timing
flexible-premium variable life - ANSWER-a type of life
insurance, also known as variable universal life, which is
characterized by flexible premiums, adjustable death
benefit, and the ability of the owner to make partial
surrenders
General account - ANSWER-the account that holds all of
the assets of an insurer other than those in the separate
accounts. the general account holds the premiums for all
fixed life and annuity products and is typically
, conservatively invested in bonds and commercial real
estate to produce a relatively stable return
Immediate annuity - ANSWER-An annuity purchased with
a single premium payment, in which annuity payments
begin the next (one month to one year) after purchase
Indirect method - ANSWER-an approach to managing a
variable products separate account that uses a unit
investment trust contract with an investment company
external to the insurer
Interest Only Option - ANSWER-An insurance or annuity
settlement option in which the insurer holds the principal
