Multiple Choice
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1.
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When establishing an immediate annuity, the contract must also be a(n):
a. | single premium annuity | b. | installment annuity | c. | variable
annuity | d. | deferred annuity |
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2.
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In a variable annuity:
I. the investor assumes investment
risk
II. the investor assumes purchasing power risk
III. the insurance
company assumes investment risk
IV. the insurance company assumes purchasing power risk
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a. | I and II | b. | I and IV | c. | II and
III | d. | III and IV |
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3.
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When determining the first monthly payment from a deferred variable annuity, all
of the following factors are considered EXCEPT:
a. | the original premium paid | b. | the current value of the
account | c. | the annuitant's age | d. | the payout option
selected |
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4.
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A contract holder of a deferred annuity must choose a payout option:
a. | at age 59 1/2 | b. | when initially establishing the
contract | c. | when the account is annuitized | d. | when the account is
surrendered |
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5.
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Annuity payments to annuitants under a variable annuity are based on:
a. | a fixed number of accumulation units that vary in value | b. | a variable number of
accumulation units that are fixed in value | c. | a fixed number of annuity units that vary in
value | d. | a variable number of annuity units that are fixed in
value |
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6.
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Dollar cost averaging refers to:
a. | the tax-free portion of each variable annuity’s payout | b. | purchasing equal
numbers of shares of stock on a periodic schedule | c. | investing equal sums on a periodic
schedule | d. | IRS rules governing capital gains taxation |
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7.
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The period of time from a variable annuity contract's issue date until the
start of payments is known as the:
a. | premium period | b. | accumulation period | c. | annuity
period | d. | funding period |
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8.
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Upon retirement, a contract holder annuitizes her variable annuity contract.
After retirement which of the following remain unchanged?
a. | the number of annuity units | b. | the value of each annuity
unit | c. | the dollar amount of monthly payments | d. | the value of the separate
account |
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9.
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Which of the following is NOT required to calculate the size of annuity
payments?
a. | the length of the annuity period | b. | the length of the accumulation
period | c. | the size of the annuity’s accumulated value | d. | the interest rate
applied to the contract |
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10.
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The “current” rate of interest paid on a traditional fixed annuity
is:
a. | tied to current market rates | b. | whatever rate the annuity company chooses to
pay | c. | guaranteed at the time the contract is established | d. | whatever rate of
interest the company can earn on the investments in the general
account |
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11.
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Client A invests $50,000 in a fixed annuity contract and earns a current rate of
4% this year, while Client B invests $100,000 in the same contract and earns 4.25%. Which
interest crediting method does this contract use?
a. | new money method | b. | portfolio method | c. | sliding scale
method | d. | tiered-rate method |
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12.
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The net asset value of a mutual fund differs from the value of accumulation
units of a comparable separate account within a variable annuity because:
a. | mutual funds must make periodic distributions of investment income, annuities do
not | b. | investment income in a mutual fund is automatically reinvested in the fund, but not
in annuities | c. | reinvested income in a variable annuity results in more units, it does not in mutual
funds | d. | investment income reinvested in mutual funds grows tax-deferred, it does not in
variable annuities |
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13.
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The assumed interest rate (AIR) in a variable annuity:
a. | serves the same function as the minimum guaranteed rate in a fixed
annuity | b. | is the minimum amount the investments in the separate account must earn before the
contract will pay income payments to the annuitant | c. | is compared to the investment returns in the
separate account to determine if this month’s income payment will be higher or lower than last
month’s | d. | is the rate of interest state regulators apply to determine a variable
annuity’s reserve requirement |
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14.
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An equity indexed annuity that is simply based on the value of the index at
maturity relative to the value of the index at inception uses the
a. | point-to-point indexing method | b. | high-water indexing method | c. | ratchet
indexing method | d. | annual reset indexing method |
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15.
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An investor is comparing the purchase of an equity indexed annuity (EIA) based
on the S&P 500 with purchase Spiders®, an exchange traded fund (ETF) that holds a
stock portfolio that mirrors the S&P 500 index. Which of the following is true?
a. | the total return to the investor will be higher in the EIA than the
ETF | b. | the EIA’s return includes dividend income, the ETF does not | c. | the investor can
avoid market downturns in the ETF, but not the EIA | d. | none of the above are
true |
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16.
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Which of the following are offered to variable annuity contractholders at no
additional cost?
a. | guaranteed minimum death benefit | b. | guaranteed minimum income
benefit | c. | guaranteed minimum accumulation benefit | d. | guaranteed minimum
withdrawal benefit |
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17.
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A contract holder purchases $150,000 variable annuity with a guaranteed minimum
accumulation benefit rider that has a seven-year vesting period with a step-up option. In year
5, the value of the contract has grown to $200,000. Under the GWAB rider, the contractholder is
guaranteed a minimum contract value of:
a. | $150,000 in year 7 | b. | $200,000 in year 7 if the step up option is
exercised in year 5 | c. | $200,000 in year 12 if the step up option is
exercised in year 5 | d. | a or c |
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18.
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Your client purchases a $200,000 variable annuity with a guaranteed minimum
withdrawal benefit rider. The GMWB allows for 5% withdrawals. In year 5, when value of the
annuity has dropped to $150,000, the client chooses to exercise the withdrawal option. The
contractholder will be able withdraw
a. | $10,000 per year for the next 20 years | b. | $7,500 per year for the next 20
years | c. | $10,000 per year for life | d. | $7,500 per year for
life |
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19.
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Which of the following is costs in a deferred fixed annuity is the least
transparent (not clearly disclosed) to contractholders?
a. | surrender charges | b. | interest rate spread | c. | contract
charges | d. | market value adjustments |
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20.
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A market value adjustment affects fixed deferred annuity holders who:
a. | annuitize their contracts | b. | surrender their contracts | c. | take penalty-free
withdrawals | d. |
all of the above |
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21.
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Investors might consider making a Section 1035 exchange to:
I. improve the return on the contract
II. upgrade the
carrier
III. establish a higher death benefit on a variable contract
IV. change
from a variable to a fixed contract
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a. | I and II only | b. | III and IV only | c. | I, II and IV
only | d. | I, II, III and IV |
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22.
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A client purchased a non-qualified variable annuity in 2002 for $50,000.
Today the account is worth $75,000. If the client withdrew $30,000 today, the withdrawal would
be taxed:
a. | as $25,000 taxable earnings and $5,000 tax-free return of
principal | b. | as $30,000 of tax-free return of principal | c. | using the exclusion
ratio, 1/3rd taxable income and 2/3rd tax-free return of principal | d. | as $25,000 capital
gain |
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23.
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The “exclusion ratio” in a variable annuity is based on:
a. | the annuitant’s life expectancy | b. | the value of the annuity
units | c. | the value of the accumulation units | d. | projected value of annuity
payments |
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24.
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Which of the following exchanges NOT permitted tax-free under Section
1035?
a. | an annuity exchanged for another annuity | b. | an annuity exchanged
for a life insurance policy | c. | a life insurance policy exchanged for an
annuity | d. | a life insurance policy exchanged for another life
policy |
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25.
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The 10% penalty applies to withdrawals prior to age 59 1/2 from:
a. | non-qualified annuities | b. | qualified annuities | c. | both a and
b | d. | neither a nor b |
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26.
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A client owns a deferred fixed annuity and wishes to transfer it to his
revocable living trust. For tax purposes, this transfer:
a. | has income tax consequences | b. | has gift tax consequences | c. | has estate tax
consequences | d. | none of the above |
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27.
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Sam purchased a deferred fixed annuity a number of years ago. Upon his
retirement in October 1997, he annuitized the contract, selecting a straight life with 10-year period
certain payout that paid him $1,500 per month. In October 2008, Sam dies. The value of
this annuity, for estate tax purposes, is:
a. | $0 | b. | the discounted value of $1,500 per month for 11
years, discounted at the rates published in IRS tables | c. | the comparable cost to purchase an annuity
paying $1,500 a month for 10 years | d. | none of the
above |
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28.
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At retirement, Tristan used the $500,000 of proceeds from his 401k plan to
purchase an immediate joint and one-half survivor annuity to provide a lifetime income for him and
his wife, Isolde. The joint payments are $2,000 per month. If Tristan dies, what is the
practical impact of this annuity on on his estate taxes?
a. | the estate must pay taxes on the value of a lifetime annuity paying $2,000 per month
to Isolde | b. | the estate must pay taxes on the value of a lifetime annuity paying $1,000 per month
to Isolde | c. | there is no estate tax consequence since Isolde was married to
Tristan | d. | only the annuity’s death benefits are taxable for estate tax
purposes |
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29.
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Due to tax complications, advisors should refrain from recommending that an
annuity contract:
a. | be owned by a trust | b. | be owned jointly | c. | name a trust as
beneficiary | d. | all of the above |
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30.
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In a tax sheltered annuity:
a. | employee contributions are made with before-tax dollars | b. | employee
contributions are made with after-tax dollars | c. | employer contributions are made with after-tax
dollars | d. | both a and c |
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31.
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All of the following are functions of the National Association of Insurance
Commissioners EXCEPT to:
a. | promote uniformity among state insurance laws | b. | enact statutes to
regulate insurance nationwide | c. | preserve state regulation of
insurance | d. | protect the insurance-buying public |
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32.
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If an annuity company becomes financially insolvent, the failed company’s
obligations to its contractholders will be fulfilled by Florida’s:
a. | Department of Financial Services | b. | Consumer Assistance Plan | c. | Life & Health
Guaranty Association | d. | Office of Insurance
Regulation |
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33.
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An agent found to be soliciting policies on behalf of an unauthorized insurance
entity may be:
a. | convicted of a third-degree felony | b. | be subject to a $50,000
fine | c. | convicted of a first-degree felony | d. | any of the
above |
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34.
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Private annuities:
a. | are another name for an individual annuities | b. | were once permitted
under the tax code but are now prohibited by the | c. | can be used as an estate planning tool to
transfer ownership of assets between family members | d. | must be underwritten by private sector
insurance companies |
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35.
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Which of the following does NOT rate the financial strength of insurance
companies?
a. | Fitch | b. | Duff & Phelps | c. | J.D.
Powers | d. | A.M. Best |
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36.
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The increased use of third party distribution systems have resulted in:
a. | greater agent loyalty to annuity companies | b. | longer persistancy
factors for annuity contracts | c. | greater profitability of annuity
companies | d. | wider selections of annuity products for consumers |
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37.
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The increased use of third-party distributors in the annuity marketplace
has:
a. | improved long-term client satisfaction | b. | improved overall supervision of agents and
suitability of their recommendations | c. | reduced the incidence of unsuitable
“replacements” | d. | increased competition between annuity
companies |
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38.
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Which of the following regulatory bodies oversees the secondary market in
annuities?
a. | FINRA | b. | state insurance
commissioners | c. | SEC | d. | none of the
above |
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39.
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Under the decisions Appel v. Moss and Abbott v Beardmore, which of
the following are deemed to have a fiduciary responsibility to their clients?
a. | agents | b. | brokers | c. | both a and
b | d. | neither a nor b |
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40.
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An agent’s license may remain valid without an appropriate appointment
for:
a. | 12 months | b. | 24 months | c. | 36
months | d. | 48 months |
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41.
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Regarding premium payments collected by an agent, Florida law requires agents to
maintain records of premiums for:
a. | 12 months | b. | 24 months | c. | 36
months | d. | 48 months |
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42.
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Agents selling an equity indexed annuity must deliver which of the following to
the client?
a. | Contract Summary | c. | both a and b | b. | Prospectus | d. | neither a nor b |
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43.
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For client’s seeking capital accumulation, which of the following types of
variable annuity subaccounts would best fit within Modern Portfolio Theory?
a. | an actively managed growth account | b. | a passively managed growth
account | c. | the contract’s fixed account | d. | any of the
above |
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44.
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Under Modern Portfolio Theory, an investor who owns an “efficient
portfolio” holds:
a. | a portfolio of weakly corrolated stocks | b. | a portfolio of
strongly corrolated stocks | c. | a portfolio with few transaction
costs | d. | a relatively small portfolio that can be easily
managed |
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45.
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The Provident Annuity Company offers its variable annuity investors the choice
of the Global Growth subaccount managed by Pacific Investments. Pacific also manages the Global
Growth mutual fund, which has performed very well in the past. Advisors who recommend the
Global Growth subaccount to their clients should:
a. | refer to the subaccount as a “clone” of the mutual
fund | b. | note that the past investment results of the mutual fund | c. | disclose that
Pacific manages both the fund and the subaccount | d. | disclose that the fund and the subaccount may
not be managed by the same investment analyst |
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46.
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The difference between accumulating capital using an equity indexed annuity
versus a variable annuity invested in an indexed subaccount is:
a. | the indexed subaccount may go down in value, the equity indexed annuity will
not | b. | the investor in the indexed subaccount is credited with full market movements, the
equity indexed annuity is not | c. | the indexed subaccount will receive dividend
income from its passively managed portfolio, the equity indexed annuity will not | d. | all of the above are
true |
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47.
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Which of the following annuity types is most appropriate for investors with
investment objectives of accumulation and conservation of capital
a. | fixed deferred annuities | b. | equity indexed annuities | c. | variable deferred
annuities | d. | all of these annuities fulfill both accumulation and conservation
objectives |
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48.
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What is the greatest risk facing investors who seek conservation of
principal?
a. | tax risk | b. | purchasing power risk | c. | interest rate
risk | d. | opportunity risk |
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49.
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Which of the following riders would make a variable annuity a more suitable
recommendation for an investor with an objective of conservation of principal?
a. | guaranteed minimum accumulation benefit (GMAB) rider | b. | guaranteed minimum
income benefit (GMIB) rider | c. | guaranteed minimum withdraw benefit (GMWB)
rider | d. | enhanced minimum death benefit rider |
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50.
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Which of the following variable annuity riders is most suitable for
client’s who have an objective of distribution and wish to retain as much flexibility as
possible over her principal?
a. | guaranteed minimum accumulation benefit (GMAB) rider | b. | guaranteed minimum
income benefit (GMIB) rider | c. | guaranteed minimum withdraw benefit (GMWB)
rider | d. | enhanced minimum death benefit rider |
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51.
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All deferred annuities will contain minimum payout tables when the contract is
established. Historically, those minimum payout table are typically:
a. | less favorable than payouts based on current conditions when the account is
annuitized | b. | the same as payouts based on current conditions when the account is
annuitized | c. | more favorable than payouts based on current conditions when the account is
annuitized | d. | there is no fixed relationship between the two possible
payouts |
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52.
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When analyzing a client’s assets prior to recommending an annuity, which
of the following should NOT be considered?
a. | family residence | b. | life insurance cash value | c. | liquid
assets | d. | death benefits of life insurance |
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53.
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Before recommending an annuity to a client, an advisor should consider the
client’s existing:
a. | annuity holdings | b. | financial needs | c. | income and
expenses | d. | all of the above |
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54.
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An advisor should consider all of the following when proposing an exchange of
annuity contracts EXCEPT:
a. | the new surrender period | b. | fees and charges on the old and new
contracts | c. | commission payout on the new contract | d. | investment options, if a variable annuity is
proposed |
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55.
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All of the following could negatively affect a client who exchanges an annuity
contract for another EXCEPT:
a. | loss of grandfathered rights | b. | income taxes owed on the
exchange | c. | extended surrender period | d. | higher fees and
charges |
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56.
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When compared with an investment in a corporate bond of comparable quality,
which of the following is true of a fixed deferred annuity?
a. | the fixed annuity will offer a higher rate of return than the
bond | b. | the fixed annuity offers the investor a possibility of gain if interest rates
fall | c. | the investor will be guaranteed return of total investment if interest rates
rise | d. | the fixed annuity may be subject to penalties due to premature
withdrawal |
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57.
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An elderly client is concerned with his Social Security benefits being taxed.
Which of the following sources of income are included in determining the taxability of those
benefits?
a. | interest earned on corporate bonds | b. | deferred income earned on fixed
annuities | c. | both a and b | d. | neither a nor b |
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58.
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When compared with an investment in a similar mutual fund, variable annuities
offer which of the following advantages?
a. | lower upfront sales charges | b. | step up in value for estate planning
purposes | c. | guaranteed death benefit | d. | all of the
above |
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59.
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Generally speaking, the capital gains tax treatment of mutual fund investments
is:
a. | more advantageous to an investor than tax deferred growth in a variable
annuity’s comparable subaccount | b. | less advantageous to an investor than tax
deferred growth in a variable annuity’s comparable subaccount | c. | roughly similar to
an investor than tax deferred growth in a variable annuity’s comparable
subaccount | d. | cannot not be generally compared to tax deferred growth in a variable annuity’s
comparable subaccount |
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60.
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Variable annuities provide a minimum guaranteed death benefit, and the
contractholder pays a mortality charge for this benefit. In most contracts, the mortality
charge for variable annuities increases as the amount of protection for beneficiaries
a. | increases | b. | decreases | c. | remains the
same | d. | there is no relationship between the mortality cost and the level of
protection |
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61.
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Investor A purchases an indexed annuity based on the S&P 500. Investor
B invests an equal amount in SPDR® shares, an exchange traded fund based on the S&P 500
index. After five years, the two investors liquate their investments. Which of the
following is most likely true?
a. | Investor A will always outperform Investor B | b. | Investor A will
outperform Investor B if the index has risen in the past five years | c. | Investor A will
outperform Investor B if the index has fallen in the past five years | d. | There is not enough
information make a general comparison |
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62.
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Which of the following is NOT a prohibited practice?
a. | twisting | b. | churning | c. | replacement | d. | stripping |
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63.
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In a practical sense, which of the following are subject to the disclosures
required under Florida’s Annuity Suitability law?
a. | sale of fixed annuities to all consumers | b. | sale of variable
annuities to senior consumers | c. | sales of indexed annuities to senior
consumers | d. | all of the above |
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64.
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Florida’s Senior Suitability law defines a senior consumer as one:
a. | age 60 and older | b. | age 65 and older | c. | age 70 and
older | d. | age 75 and older |
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65.
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Under Florida’s Senior Suitabilty law, a recommendation is defined
as:
a. | any advice the agent provides on annuities to senior consumers | b. | an annuity
transaction that follows the advice of an agent | c. | any sale, exchange, replacement, or transfer of
an annuity | d. | none of the above |
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66.
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Florida’s Senior Suitability law requires agents to make recommendations
based on:
a. | what the agent believes is in the best interests of the client | b. | an objective
standard | c. | reasonable efforts to ascertain the client’s investment objectives, financial
situation and needs | d. | the prudent man
rule |
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67.
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If a client refuses to give the agent the information required by
Florida’s Senior Suitability law, the agent:
a. | may not make any recommendations to that client | b. | must have the client
sign a form noting that fact before making any recommendation to that client | c. | will totally
absolved from any duty to make suitable recommendations to that client | d. | must notify the
Department of Financial Services prior to making any recommendations to that
client |
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68.
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If a senior customer holds other annuities, a Florida life agent must ascertain
which of the following?
a. | the type of contracts | b. | applicable surrender
charges | c. | the asset allocation within variable contracts | d. | all of the
above |
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69.
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Florida law requires agents who recommend an annuity transaction to senior
consumers to complete a written questionnaire. The agent must:
a. | file the questionnaire with the Department of Financial Services | b. | submit that
questionnaire to his or her supervisor for approval | c. | submit that questionnaire to the annuity
company within 10 days of the application | d. | all of the
above |
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70.
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Florida law requires that completed copies of the suitability questionnaire be
retained by:
a. | the agent | b. | the issuing company | c. | third party
marketers | d. | all of the above |
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71.
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Which of the following items do not need be retained as part of the Senior
Suitability law?
a. | applications | b. | customer questionnaires | c. | Buyers’
Guides | d. | contract illustrations |
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72.
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If the Office of Insurance Regulation finds that an unsuitable recommendation
has harmed a senior consumer, the Office has the power to:
a. | revoke the agent’s license | b. | cancel the contract and order a refund of the
investment | c. | pursue criminal prosecution | d. | all of the
above |
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73.
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As a result of the FINRA exception to Florida’s Annuity Suitability law,
this state law effectively applies to the sale or exchange of:
a. | all types of annuities to all annuity purchasers in the state | b. | all types of
annuities to senior consumers in the state | c. | fixed and indexed annuities to all annuity
purchasers in the state | d. | fixed and indexed annuities to senior consumers
in the state |
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74.
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In Florida, Contract Summaries and Buyer’s Guides must be given to
purchasers of
a. | fixed annuities | b. | indexed annuities | c. | variable
annuities | d. | all of the above |
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75.
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Regarding Florida’s Free Look law, purchasers have the right to a refund
of their premiums within:
a. | 10 days for the purchase of fixed and indexed annuities | b. | 10 days for the
purchase of fixed, indexed and variable annuities | c. | 14 days for the purchase of fixed and indexed
annuities | d. | 14 days for the purchase of fixed, indexed and variable
annuities |
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76.
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An agent misleads a client into surrendering her whole life insurance policy
with Acme Insurance, and recommends that she purchase an immediate annuity from Acme with the cash
value. The agent then sells the client an Acme flexible premium, deferred annuity -- using part
of the immediate annuity payments to pay the premium on the deferred annuity. This is an
example of
a. | twisting | b. | direct churning | c. | indirect
churning | d. | stripping |
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77.
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Which of the following disclosures by an agent to a senior consumer would most
likely be prohibited under Florida law?
a. | I am a Certified Senior Financial Advisor | b. | I hold a designation
as a Certified Financial Planner. | c. | I hold a Series 6 license by FINRA to sell
variable annuities and mutual funds | d. | all of the above
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78.
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FINRA requires that registered representatives make a written determination of
the suitability of his or her recommendations. That written determination is then given to
the:
a. | representative’s supervisor | b. | client | c. | annuity
company | d. | all of the above |
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79.
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When comparing Florida’s Senior Suitability law and FINRA’s Annuity
Suitability rule:
a. | Florida law imposes a subjective standard, FINRA imposes an objective
standard | b. | Florida law imposes an objective standard, FINRA imposes a subjective
standard | c. | both Florida law and FINRA impose objective standards | d. | both Florida law ans
FINRA impose subjective standards |
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80.
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Which of the following require an agent or registered representative to
ascertain whether the client has exchanged other annuity contracts in the 36 months prior to a
recommended annnuity transaction?
a. | FINRA’s Rule 2821 | b. | Florida’s Senior Suitability
Law | c. | both a and b | d. | neither a nor b |
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81.
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A client currently owns a variable annuity contract that is invested in a
balanced growth stock separate account. The client’s advisor recommends that the client
switch to a more volatile small cap account. Which of the following requires an agent or
registered representative to determine, in writing, reallocation of investments within a variable
annuity ?
a. | FINRA’s Rule 2821 | b. | Florida’s Senior Suitability
Law | c. | both a and b | d. | neither a nor b |
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82.
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Which of the following recommendations does NOT require a written determination
of suitability under either FINRA or state law?
a. | Anita recommends that her 55-year old client exchanges a deferred variable annuity
for another variable contract issued by a different company | b. | Bernard recommends
that his 55-year old client purchase an equity indexed annuity | c. | Christina recommends
that her 70-year old client purchase a variable annuity | d. | Dante recommends
that his 72-year old client exchange an equity indexed annuity for a fixed contract issued by the
same company |
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83.
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Under Florida law, when recommending an annuity transaction to a senior
consumer, a copy of the completed questionnaire must be:
a. | submitted to the issuing company with the application | b. | submitted to the
issuing company within 7 days | c. | submitted to the issuing company within 10
days | d. | none of the above |
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84.
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Which of the following are responsible to assure an agent’s compliance
with Florida’s Senior Suitability law?
a. | the agent | b. | the agency the agent works
for | c. | the company the agent submits applications to | d. | all of the
above |
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85.
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Under state law, documents related to annuity recommendations for senior
consumers must be retained for:
a. | 1 year | b. | 2 years | c. | 3
years | d. | 5 years |
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