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Who bears the risk of principal loss in a variable annuity with respect to funds the owner has allocated to the separate account? Correct Answer the insurer If a consumer wants to receive monthly periodic payments from an annuity beginning in one month, what kind of annuity should he or she buy? Correct Answer immediate California Insurance Code Section 787(b) defines advertising broadly, when targeted to people age 65 or older, and includes all of the following EXCEPT: Correct Answer bene...

Delta Insurers appointed Joe as its agent. Can Joe let his brother, Agent Shawn, use his appointment to transact insurance? Correct Answer No, Joe cannot let Shawn transact insurance by using his appointment. James is a licensed agent who lives in Florida. He moves to Georgia. By when must he notify the Department of Financial Services of his move? Correct Answer within 30 days What are the responsibilities of the Office of Insurance Regulation and the Department of Financial Services? Cor...

Which of the following is a purpose of the annuity? A. The replacement of earnings upon the disability of an individual B. The distribution of a lifetime income C. The discounting of a principal sum back to its present value D. The creation of a fund at the earth of an individual Correct Answer B Why: the purpose of an annuity is the distribution of a lifetime income Annuity purchasers transfer to an insurance company their risk of A. Outliving their financial resources B. Becomi...

An investor purchased a variable annuity from a financial adviser in her bank's investment services department. In the event of financial failure of the insurer, the annuity contract value is A. Protected by FDIC coverage B. Protected by SIPC coverage C. Protected by the state guaranty association D. Not protected Correct Answer C. Protected by the state guaranty association Which of the following riders does NOT guarantee an income benefit? A. Guaranteed Lifetime Withdrawal Benefit...

Shirley is financially responsible for her minor children but has never owned life insurance. She wants to purchase life insurance after being diangosed with a possibly terminal disease. Which of the following characterizes her desire to purchase life insurance? a. clean sheeting b. warehousing c. material misrepresentation d. adverse selection Correct Answer d. adverse selection Arthur is concerned that flying on a commercial airliner exposes him to the risk that he will be injured or k...