Michigan Variable Insurance 2025/2026
Exam Questions and Verified Answers |
Already Graded A+
A contract that provides income for a specified period of years, or for life. -
🧠 ANSWER ✔✔What is an annuity?
The purchaser of the annuity contract, but not necessarily the one who
receives the benefits - 🧠 ANSWER ✔✔owner
Who has all the rights of an Annuity? - 🧠 ANSWER ✔✔owner
The person who recieves the benefits or the payments from the annuity,
whos lige expectancy is taken into consideration. - 🧠 ANSWER
✔✔annuitant
True or False : The annuitant must be a natural person? - 🧠 ANSWER
✔✔True
, The person who receives the annuity assets. - 🧠 ANSWER ✔✔beneficary
Annuity Period, Annuitization Period, Liquidation Period, Pay-Out Period -
🧠 ANSWER ✔✔Converted into a stream of income payments to the
annuitant.
The owner makes payments into the annuity. Also the payments earn
interest, tax deferred. - 🧠 ANSWER ✔✔
Annuity income is based on - 🧠 ANSWER ✔✔the amt of premium or cash
value accumulated, the frequency of the payment, interest rate, and
annuitants age and gender.
If an annuitant dies during the accumulation period, what will the
beneficiary receive? - 🧠 ANSWER ✔✔Cash value or total premiums paid.
Premium payment methods? - 🧠 ANSWER ✔✔Single or Periodic
When income payments begin? - 🧠 ANSWER ✔✔immediate or deferred
How premiums are invested? - 🧠 ANSWER ✔✔fixed or variable
Disposing of proceeds - 🧠 ANSWER ✔✔pure life, annuity certain, or life
refund annuity
Exam Questions and Verified Answers |
Already Graded A+
A contract that provides income for a specified period of years, or for life. -
🧠 ANSWER ✔✔What is an annuity?
The purchaser of the annuity contract, but not necessarily the one who
receives the benefits - 🧠 ANSWER ✔✔owner
Who has all the rights of an Annuity? - 🧠 ANSWER ✔✔owner
The person who recieves the benefits or the payments from the annuity,
whos lige expectancy is taken into consideration. - 🧠 ANSWER
✔✔annuitant
True or False : The annuitant must be a natural person? - 🧠 ANSWER
✔✔True
, The person who receives the annuity assets. - 🧠 ANSWER ✔✔beneficary
Annuity Period, Annuitization Period, Liquidation Period, Pay-Out Period -
🧠 ANSWER ✔✔Converted into a stream of income payments to the
annuitant.
The owner makes payments into the annuity. Also the payments earn
interest, tax deferred. - 🧠 ANSWER ✔✔
Annuity income is based on - 🧠 ANSWER ✔✔the amt of premium or cash
value accumulated, the frequency of the payment, interest rate, and
annuitants age and gender.
If an annuitant dies during the accumulation period, what will the
beneficiary receive? - 🧠 ANSWER ✔✔Cash value or total premiums paid.
Premium payment methods? - 🧠 ANSWER ✔✔Single or Periodic
When income payments begin? - 🧠 ANSWER ✔✔immediate or deferred
How premiums are invested? - 🧠 ANSWER ✔✔fixed or variable
Disposing of proceeds - 🧠 ANSWER ✔✔pure life, annuity certain, or life
refund annuity
