RMI 3011 final exam Question and
answers rated A+
annuity - correct answer ✔periodic pmt that continues for fixed pd or duration
of designated life
annuitant - correct answer ✔recs pmts
annuity reduces risk of - correct answer ✔living too long
annuity if the opposite of - correct answer ✔LI
1. fixed annuity - correct answer ✔guaranteed and fixed amt
accumulation pd - correct answer ✔prior to retirement
guaranteed rate - correct answer ✔min int rate credited to fixed annuity
current rate - correct answer ✔based on current mkt conditions; guaranteed
for limited pd
liquidation pd - correct answer ✔funds paid out
fixed annuity not protected against - correct answer ✔inflation
immediate annuity - correct answer ✔first income pmt is due one payment
interval from the date of purchase
, deferred annuity - correct answer ✔provides income payments at some
future date
single-prem deferred annuity - correct answer ✔deferred annuity purchase
w/ lump sum
flexible-prem annuity - correct answer ✔owner can vary premium pmts
most annuities - correct answer ✔are not annuitized
life annuity (no refund) option - correct answer ✔life income to annuitant only
while alive
life annuity w/ guaranteed pmts - correct answer ✔life income to annuitant w/
certain # of guaranteed pmts
installment refund option - correct answer ✔life income to annuitant
installment refund option after death - correct answer ✔pmts to beneficiary
until they equal purchase price
cash refund option - correct answer ✔pays beneficiary in lump sum
joint and survivor annuity - correct answer ✔pays based on lives of 2+
annuitants
joint and survivor pmts until - correct answer ✔last annuitant dies
answers rated A+
annuity - correct answer ✔periodic pmt that continues for fixed pd or duration
of designated life
annuitant - correct answer ✔recs pmts
annuity reduces risk of - correct answer ✔living too long
annuity if the opposite of - correct answer ✔LI
1. fixed annuity - correct answer ✔guaranteed and fixed amt
accumulation pd - correct answer ✔prior to retirement
guaranteed rate - correct answer ✔min int rate credited to fixed annuity
current rate - correct answer ✔based on current mkt conditions; guaranteed
for limited pd
liquidation pd - correct answer ✔funds paid out
fixed annuity not protected against - correct answer ✔inflation
immediate annuity - correct answer ✔first income pmt is due one payment
interval from the date of purchase
, deferred annuity - correct answer ✔provides income payments at some
future date
single-prem deferred annuity - correct answer ✔deferred annuity purchase
w/ lump sum
flexible-prem annuity - correct answer ✔owner can vary premium pmts
most annuities - correct answer ✔are not annuitized
life annuity (no refund) option - correct answer ✔life income to annuitant only
while alive
life annuity w/ guaranteed pmts - correct answer ✔life income to annuitant w/
certain # of guaranteed pmts
installment refund option - correct answer ✔life income to annuitant
installment refund option after death - correct answer ✔pmts to beneficiary
until they equal purchase price
cash refund option - correct answer ✔pays beneficiary in lump sum
joint and survivor annuity - correct answer ✔pays based on lives of 2+
annuitants
joint and survivor pmts until - correct answer ✔last annuitant dies
