4-Hour Annuity Suitability and Best Interest Standards Exam WebCE fully solved 2024/2025

4-Hour Annuity Suitability and Best Interest Standards Exam For whom is joint ownership of an annuity often reserved? - correct answer spouses At what point does the beneficiary to an annuity acquire rights in the contract? - correct answer (Wrong) upon contract issue and throughout the life of the contract, until the death of the contract owner or annuitant Generally speaking, how long is the accumulation period for immediate annuities? - correct answer one month to one year For which of the following needs are traditional deferred annuities best suited? - correct answer retirement planning For what reason would an individual choose a variable annuity over a fixed annuity? - correct answer for the potential to earn greater contract growth At the time he purchased his variable annuity, Ahmed directed $5,000 of his premium into Subaccount A when the unit value was $10. A year later, the unit value had increased to $15. Assuming he made no additional premium deposits, what is the value of Ahmed's investment in Subaccount A now? - correct answer $7,500 For most indexed annuities, what is the specified floor? - correct answer 0 percent Which feature of indexed annuities prevents any negative index returns from affecting the contract's previously credited and accumulated values? - correct answer the floor At the age of 42, Steve purchased a fixed deferred annuity from Mega Mutual Life with a single premium deposit of $10,000. The declared interest rate on Steve's contract when it was issued was 5 percent, and the contract guarantees a minimum rate of 3 percent. The initial declared rate is payable for two years;