214 Florida Insurance Life And Variable Annuity Actual Exam Updated 2025

variable annuity - there is no guarantee of the dollar amount of the payments, they fluctuate according to the value of an account vest primarly in common stocks join and survivor annuity - covers two or more lives and contiunes in force so long as any one of them survives period certain annuity - annuity imcome option that guarantees a definite minimum peroid of payments life annuity - payable during the continued life of the annuitant. No provision is made for the guaranteed return of the unused portion of the premium installment refund annuity - annuity income option that provies for the funds remaing at the annuiants death to be paid to the beneficiary in the form of continued annity payments immediate annuity - only be purchased with single payment. provides payment of annuity benefit at one payment interval from date of purchase equity indexed annuities (EIA) - fixed annuity that offers the potential for higher credited rates of return that their traditional counterparts but also guarantee the owners principal deferred annuity - provides postponment of the commencemnt of an annity until after a specified peroid or until the annuiant attains a certain age. annuiant - one to who an annuity is payable, or a person upon the contiuance of whoes life further payment depends accumulation period of an annuity - the time during which funds are being paid into the annuity payout (annuity period) - the point at which the annuity ceases to be an accumulation vehicle and beings to generate benefit payments on a regular basis. funding method of annuity - single lump-sum payment or periodic payment over time principal sum - beginning sum of money single-premium deferred annuities - annuities funded with single premiums assigment provision - sets forth the procedure necessary for ownership transfer *transfer is known as assignment *new owner is the assignee *insureable interest does not have to exist between the insured and the asignee *asignee granted all rights of policy ownership, including right to name beneficiary. preferred risk - exceptionally good risk *lower preimums *personal characteristics-non smoker, weight within ideal range, favorable cholestrol levels standard risk - individuals who fit in the insurers guidlines for policy issue without special restrictions or additional ratings substandard risk - one below the insurer's standard or average risk guidelines *poor health, dangerous occupations, or attributes or habits that could be hazardous Fair Credit Reporting Act (FCRA) - established procedures for the collection and disclosure of information obtained on consumers through investigation and credit reports. Seeks to insure fairness with the regards to confidentiality, accuracy, and disclosure. avoidance - simply avoiding as many risks as possible underwriting - term for risk selection *the process of reviewing the many characteristics that