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214 FLORIDA INSURANCE LIFE AND VARIABLE
ANNUITY ACTUAL EXAM 2026 UPDATED WITH 100%
CORRECT ANSWERS
Variable annuity - correct answer - there is no guarantee of the dollar
amount of the payments, they fluctuate according to the value of an
account vest primarily in common stocks
Join and survivor annuity - correct answer - covers two or more lives and
continues in force so long as any one of them survives
Period certain annuity - correct answer - annuity income option that
guarantees a definite minimum period of payments
Life annuity - correct answer - 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 - correct answer - annuity income option that
provides for the funds remaining at the annuitants death to be paid to the
beneficiary in the form of continued annuity payments
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Immediate annuity - correct answer - only be purchased with single
payment. Provides payment of annuity benefit at one payment interval from
date of purchase
Equity indexed annuities (EIA) - correct answer - fixed annuity that offers
the potential for higher credited rates of return that their traditional
counterparts but also guarantee the owners principal
Deferred annuity - correct answer - provides postponement of the
commencement of an annuity until after a specified period or until the
annuitant attains a certain age.
Annuitant - correct answer - one to who an annuity is payable, or a person
upon the continuance of whose life further payment depends
Accumulation period of an annuity - correct answer - the time during which
funds are being paid into the annuity
Payout (annuity period) - correct answer - the point at which the annuity
ceases to be an accumulation vehicle and beings to generate benefit
payments on a regular basis.
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Funding method of annuity - correct answer - single lump-sum payment or
periodic payment over time
Principal sum - correct answer - beginning sum of money
Single-premium deferred annuities - correct answer - annuities funded with
single premiums
Assignment provision - correct answer - sets forth the procedure
necessary for ownership transfer
*transfer is known as assignment
*new owner is the assignee
*insurable interest does not have to exist between the insured and the
assignee
*assignee granted all rights of policy ownership, including right to name
beneficiary.
Preferred risk - correct answer - exceptionally good risk
*lower premiums
*personal characteristics-non smoker, weight within ideal range, favorable
cholesterol levels
214 FLORIDA INSURANCE LIFE AND VARIABLE
ANNUITY ACTUAL EXAM 2026 UPDATED WITH 100%
CORRECT ANSWERS
Variable annuity - correct answer - there is no guarantee of the dollar
amount of the payments, they fluctuate according to the value of an
account vest primarily in common stocks
Join and survivor annuity - correct answer - covers two or more lives and
continues in force so long as any one of them survives
Period certain annuity - correct answer - annuity income option that
guarantees a definite minimum period of payments
Life annuity - correct answer - 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 - correct answer - annuity income option that
provides for the funds remaining at the annuitants death to be paid to the
beneficiary in the form of continued annuity payments
, Page | 2
Immediate annuity - correct answer - only be purchased with single
payment. Provides payment of annuity benefit at one payment interval from
date of purchase
Equity indexed annuities (EIA) - correct answer - fixed annuity that offers
the potential for higher credited rates of return that their traditional
counterparts but also guarantee the owners principal
Deferred annuity - correct answer - provides postponement of the
commencement of an annuity until after a specified period or until the
annuitant attains a certain age.
Annuitant - correct answer - one to who an annuity is payable, or a person
upon the continuance of whose life further payment depends
Accumulation period of an annuity - correct answer - the time during which
funds are being paid into the annuity
Payout (annuity period) - correct answer - the point at which the annuity
ceases to be an accumulation vehicle and beings to generate benefit
payments on a regular basis.
, Page | 3
Funding method of annuity - correct answer - single lump-sum payment or
periodic payment over time
Principal sum - correct answer - beginning sum of money
Single-premium deferred annuities - correct answer - annuities funded with
single premiums
Assignment provision - correct answer - sets forth the procedure
necessary for ownership transfer
*transfer is known as assignment
*new owner is the assignee
*insurable interest does not have to exist between the insured and the
assignee
*assignee granted all rights of policy ownership, including right to name
beneficiary.
Preferred risk - correct answer - exceptionally good risk
*lower premiums
*personal characteristics-non smoker, weight within ideal range, favorable
cholesterol levels
