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Arizona Life Insurance Exam - Annuities
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Arizona Life Insurance Exam - Annuities
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Arizona Life Insurance Exam -Annuities
Deferred - -Withheld or postponed until a specified time or event in the
future
-IRS - -Internal Revenue Service, the U.S. government agency responsible
for collecting taxes and enforcement of the Internal Revenue Code
-Life Contingency - -Dependent on whether or not the insured is alive
-Liquidation of an Estate - -Converting a person's net worth into a cash flow
-Natural Person - -A human being
-Qualified Plan - -A retirement plan that meets the IRS guidelines for
receiving a favorable tax treatment
-Suitability - -A requirement to determine if an insurance product or an
investment is appropriate for a particular customer
-Owner - -The _____ of the annuity has all the rights, such as naming the
beneficiary and surrendering the annuity
-Annuitant - -The person who receives the benefits or payments from the
annuity, whose life expectancy is taken into consideration, and for whom the
annuity is written
-Beneficiary - -The person who receives annuity assets (either the amount
paid into the annuity or the cash value, whichever is greater) if the annuitant
dies during the accumulation period
-Accumulation Period - -(AKA the pay-in period) The period of time over
which the owner makes payments (premiums) into an annuity
-Annuity Period - -(AKA the annuitization period, liquidation period, or pay-
out period) The time during which the sum that has been accumulated
during the accumulation period is converted into a stream of income
payments to the annuitant
-Single Premium - -One-time lump-sum payment for annuity
-Periodic Payments - -Premiums are paid in installments over a period of
time
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