California Life Insurance State Exam Simulator Already Passed

California Life Insurance State Exam Simulator Already Passed Exclusion ratio An annuitant would life to determine the amount of an annuity distribution that is exempt from taxation. What is used to calculate this? Mortality rate, Exclusion ratio, Morbidity rate, Debt-to-Equity ration Offers a maximum interest rate that increases annually Which of the following is NOT a feature of equity-indexed annuities? Offers long term inflation protection, Offers a minimum guaranteed rate, Offers a maximum interest rate that increases annually, Offers protection during a decline in the stock market Joint and survivor annuity What kind of annuity pays income to two annuitants until their deaths? Period certain annuity Joint and survivor annuity Straight life annuity Installment refund For a minimum of 120 months and a maximum of the remainder of his life Victoria owns a life annuity and elects to receive annuity payments monthly for the remainder of her life with "ten years certain". Her annuity will make payments For a period of time dependent on the performance of the annuity's underlying assets For a maximum of 120 months For the remainder of her life only For a minimum of 120 months and a maximum of the remainder of his life Variable annuity An annuitant would life to determine the current value of her annuity. To do this, she multiplies the number of "accumulation units" she owns times the unit value of the "separate account". What kind of annuity BEST matches this description? Variable annuity Fixed annuity Immediate annuity Life annuity 60 payments Cindy buys a 10-year annuity with an installment refund. After receiving monthly payments for 5 years, Cindy dies. How many remaining payments will the insurer make to her beneficiary? No payments 30 payments 60 payments 120 payments To protect against the risk of outliving their financial resources What is a common reason people purchase an annuity? To create an immediate estate To pay off a debt in the event of death To minimize their tax burden To protect against the risk of outliving their financial resources Variable annuity An annuity which is backed by a life insurer's separate account is called a(n) Equity indexed annuity Variable annuity Immediate annuity 403(b) plan The time at which benefit payments start What distinguishes a deferred annuity from an immediate annuity? The time at which benefit payments start The benefit payment amount The taxation of benefit payments The age at which the annuity can be purchased Deferred annuity A savings vehicle designed to first accumulate funds and then systematically liquidates the funds is called a(n) Immediate annuity Deferred annuity Endowment Whole life policy Insurance policy Which of the following is a contract that involves one party which indemnifies another when a loss arises from an unknown event? Insurance policy Loss contract Warranty arrangement Indemnification arrangement Mutual