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Michigan Variable Annuities Exam fully solved graded A+ 2023/2024

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Michigan Variable Annuities Exam

Other names for pure life settlement - correct answer -life income

-life annuity

What annuity settlement option produces the largest monthly income guaranteed for life? - correct
answer pure life settlement option

second life contingency option - correct answer 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 - correct answer 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

b. pure life option

c. life with refund - correct answer b

how long is the free-look period for Michigan annuity contracts - correct answer 10 calendar days after
purchase date (eligible for full refund including premium paid)

accumulation period/units - correct answer a $5,000 prem deposit in a VA in which the units are valued
at $5, would purchase 1,000 accumulation units. New prem pmts change the number of accumulation
units in a purchaser's account, and market fluctuations change each unit's value, so remember that both
the number and value of accumulation units change

annuity period/units - correct answer when annuitized, accumulation units are converted to a set
number of annuity units; this number becomes one of the factors used to calculate the payout each

, month during the annuity phase (once the # of annuity units is chosen, it will not change, but the value
of each unit change)

Assumed Interest Rate (AIR) - correct answer arbitrary rate of return set by the insurer for any separate
account they establish; VA owner ust experience a separate account net investment rate of return that
exceeds the AIR in order for those product values to go up

Applying AIR to variable life - correct answer applies to the variable death benefit, but not var. cash
value (only a separate account return above the AIR would increase the variable policy death benefit)

Applying AIR to variable annuity - correct answer applies to the variable annuity unit value and any
payouts, but not o the variable accumulation value (only a separate account return above the AIR would
increase the variable annuity unit values and pmts)

Combination Annuities - correct answer Combo offers features of fixed and variable contracts

-Fixed portion offers guaranteed rate

-Variable portion tries to achieve higher rate of return

-$ in fixed portion goes to general account for conservative investment

-$ in variable portion goes to separate account for stocks, bond, mutual funds

-Reps must have securities and insurance licenses

Guaranteed living benefits (GLB) - correct answer Accumulation, income, and withdrawal guarantee
features of annuities; attractive to older and conservative consumers

guaranteed minimum account value (GMAV) - correct answer variable annuity guaranteed life benefit
that ensures the contract's account value will be the greater of the premiums paid or the actual account
value after a specified period of time, such as 8 or 10 years

guaranteed minimum income benefit - correct answer variable annuity guaranteed life benefit that
ensures a minimum amount will be available to convert to annuitized income at rate specified in the
contract

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