Annuities Quiz Questions with complete solutions 2024/2025 passed

Annuities Quiz QuestionsThe principle use of a Life Annuity is to Provide for the beneficiary's lifetime income Arrange an income for old age Provide for the liquidation of debts at retirement Create capital for the annuitant's heirs - correct answer Arrange an income for old age If an client annuitizes an annuity to pay them $250 a month for life or for 15 years, whichever is longer, they have chosen which annuity pay-out option Life income Fixed amount Refund Period certain - correct answer Period Certain A client might purchase an immediate annuity for all of the following reasons, except To supplement social security retirement benefits To annuitize the proceeds of a life insurance policy To annuitize the proceeds of a property/casualty insurance claim settlement To save money for a childs future college expenses - correct answer To save money for a child's future college expenses All of the following are true regarding Single premium immediate life income annuities, except They may not be surrendered for cash