Michigan Variable Annuities Updated Exam 2026
WITH Recent Newest Verified And Well Analyzed
Exam Questions (Actual Exam 2026-2027)
Correct Detailed & Verified ANSWERS (100%
Accurate Solutions) ALREADY GRADED
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Other names for pure life settlement - ANSWERS--life income -life annuity
Accumulation Phase - ANSWERS-the period of time by which the owner of the contract
pays in to the annuity; a beneficiary must be named if the policy owner dies during the
accumulation phase.
Accumulation Units - ANSWERS-premiums an annuitant pays into a variable annuity
are credited as ______. At the end of the accumulation period accumulation units are
converted to annuity units.
administration charge - ANSWERS-under an insurance or annuity contract, the charge
the insurance company makes to compensate for maintaining records, accounting and
reports generation
Annuitant - ANSWERS-The person that buys an annuity; may or may not be an
annuity's policyowner; receives the distribution from an annuity contract
annuity - ANSWERS-a contract in which the insurer agrees, for a price, to make regular
pmts to an individual for life or some fixed period
Annuity Phase - ANSWERS-the period of time when the owner recieves payment;
, Annuity Units - ANSWERS-At the time the variable annuity benefits are to be paid out to
the annuitant, the accumulation units in the participant's individual account are
converted into annuity units; accounting measure used to determine the amount of each
pmt of the annuitant during the annuity (payout) phase of a variable annuity (number of
annuity units never changes)
Assumed Interest Rate (AIR) - ANSWERS-Rate of growth built into an annuity table
which determines payout on a variable annuity; forms the basis for an initial annuity pmt
as well as a "floor" from which to measure gain
Combined Annuity - ANSWERS-"balanced"; An annuity combining the features of the
fixed and variable annuities.
Death Benefit Guarantee - ANSWERS-an amount equal to the higher of the separate
account balance or the sum of the purchase pmts, which is paid to the beneficiary of a
variable annuitant in the event of their death during the accumulation phase
Deferred Annuity - ANSWERS-An annuity that starts sometime in the future.
What annuity settlement option produces the largest monthly income guaranteed for
life? - ANSWERS-pure life settlement option
second life contingency option - ANSWERS-life with period certain (ie. 10 years) so
even if the annuitant does or does not die within that timeframe, insurer guarantees to
continue the annuity payments to a named beneficiary for the balance of the certain
period.
third life contingency option - ANSWERS-life with refund; insurer guarantees payments
for life, but if the annuitant dies before the payments received equal the annuitant's
basis (the total amount paid for the annuity), then the insurer agrees to pay out the
remaining basis to a named beneficiary
which annuity settlement option provides the largest monthly income payment?
a. life with period certain
WITH Recent Newest Verified And Well Analyzed
Exam Questions (Actual Exam 2026-2027)
Correct Detailed & Verified ANSWERS (100%
Accurate Solutions) ALREADY GRADED
A+||NEWEST VERSION Of The Exam Guarantee
Pass!!
Other names for pure life settlement - ANSWERS--life income -life annuity
Accumulation Phase - ANSWERS-the period of time by which the owner of the contract
pays in to the annuity; a beneficiary must be named if the policy owner dies during the
accumulation phase.
Accumulation Units - ANSWERS-premiums an annuitant pays into a variable annuity
are credited as ______. At the end of the accumulation period accumulation units are
converted to annuity units.
administration charge - ANSWERS-under an insurance or annuity contract, the charge
the insurance company makes to compensate for maintaining records, accounting and
reports generation
Annuitant - ANSWERS-The person that buys an annuity; may or may not be an
annuity's policyowner; receives the distribution from an annuity contract
annuity - ANSWERS-a contract in which the insurer agrees, for a price, to make regular
pmts to an individual for life or some fixed period
Annuity Phase - ANSWERS-the period of time when the owner recieves payment;
, Annuity Units - ANSWERS-At the time the variable annuity benefits are to be paid out to
the annuitant, the accumulation units in the participant's individual account are
converted into annuity units; accounting measure used to determine the amount of each
pmt of the annuitant during the annuity (payout) phase of a variable annuity (number of
annuity units never changes)
Assumed Interest Rate (AIR) - ANSWERS-Rate of growth built into an annuity table
which determines payout on a variable annuity; forms the basis for an initial annuity pmt
as well as a "floor" from which to measure gain
Combined Annuity - ANSWERS-"balanced"; An annuity combining the features of the
fixed and variable annuities.
Death Benefit Guarantee - ANSWERS-an amount equal to the higher of the separate
account balance or the sum of the purchase pmts, which is paid to the beneficiary of a
variable annuitant in the event of their death during the accumulation phase
Deferred Annuity - ANSWERS-An annuity that starts sometime in the future.
What annuity settlement option produces the largest monthly income guaranteed for
life? - ANSWERS-pure life settlement option
second life contingency option - ANSWERS-life with period certain (ie. 10 years) so
even if the annuitant does or does not die within that timeframe, insurer guarantees to
continue the annuity payments to a named beneficiary for the balance of the certain
period.
third life contingency option - ANSWERS-life with refund; insurer guarantees payments
for life, but if the annuitant dies before the payments received equal the annuitant's
basis (the total amount paid for the annuity), then the insurer agrees to pay out the
remaining basis to a named beneficiary
which annuity settlement option provides the largest monthly income payment?
a. life with period certain
