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Florida 2-15 Overview/ Study Guide (Fool Proof Guide): Annuities with Correct Answers 100% Verified $5.99   Add to cart
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Florida 2-15 Overview/ Study Guide (Fool Proof Guide): Annuities with Correct Answers 100% Verified
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Florida 2-15 Overview/ Study Guide (Fool Proof Guide): Annuities with Correct Answers 100% Verified Annuity - Correct Answer A savings plan within an insurance company instead of a bank. - An annuity is not considered insurance, but the life insurance industry handles them Fixed Annuity - Corr...

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  • July 24, 2024
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  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • Florida 2-15
  • Florida 2-15

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Florida 2-15 Overview/ Study Guide (Fool Proof Guide):
Annuities with Correct Answers 100% Verified
Annuity - Correct Answer A savings plan within an insurance company instead of a bank.
- An annuity is not considered insurance, but the life insurance industry handles them
Fixed Annuity - Correct Answer A savings plan with an insurance company with a minimum guaranteed interest rate
Accumulation Period - Correct Answer The period in an annuity where the savings is building
Annuity Period - Correct Answer The payout period of an annuity
What is the purpose of an annuity? - Correct Answer To provide income for life.
The concept of an annuity is to save during the annuitants working years and payout over the annuitants retirement years.
Once an annuity is annualized it pays out as long as the annuitant lives.
Annuitization Point - Correct Answer The point the annuity pays out to the annuitant.
-Usually at age 65
Deferred Annuity - Correct Answer Save for the future early and pay out at a future date. Usually at age 65
Single Premium (Annuity) - Correct Answer You pay one time payment for the annuity
What are some key features to remember about annuities? - Correct Answer 1. Tax Deferred
2. They are protected from suit
3. They tend to earn a greater return than a savings account of a CD at a bank.
What are two ways an annuity is paid out? - Correct Answer Immediate and Deferred
When does an immediate annuity payout? - Correct Answer One payment interval from the date of purchase.
Meaning if you buy an annuity today you will have to wait 30 days (one month) to receive the first monthly payment
What are six different annuity payout options? - Correct Answer 1. Straight Life Income
2. Cash Refund
3. Installment Refund
4. Life with period certain

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