California Life Insurance State Exam Simulator/ 199 Q&A/ .
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California Life Insurance
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California Life Insurance
California Life Insurance State Exam Simulator/ 199 Q&A/ . Terms like:
60 payments - Answer: 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 ...
California Life Insurance State Exam Simulator/
199 Q&A/ 2024-2025.
60 payments - Answer: 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 - Answer: 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 - Answer: An annuity which is backed by a life insurer's separate account is called a(n)
Equity indexed annuity
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,Variable annuity
Immediate annuity
403(b) plan
The time at which benefit payments start - Answer: 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 - Answer: 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 - Answer: 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
Exclusion ratio - Answer: 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
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,Offers a maximum interest rate that increases annually - Answer: 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 - Answer: 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 - Answer: 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 - Answer: 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
Exclusion ratio - Answer: 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,
Offers a maximum interest rate that increases annually - Answer: 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 - Answer: 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 - Answer: 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 - Answer: 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
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