Series 66 Exam Lesson 29 Annuities Quiz
This is a Series 66 Exam Lesson 29 Annuities Quiz: a free quiz for Series 66 Exam Lesson 29 Annuities Quiz which is covering the Unit Investment Trust . Try it and see how you do if you need help listen to the lesson over.
Series 66 Exam Lesson 29 Annuities Quiz
This is a Series 66 Exam Lesson 29 Annuities Quiz. Try it and see how you do if you need help listen to the lesson over.
Questions covered include
1. It is a contract wherein the buyer make payments and after some time, the insurance company will make a series of payments back to the buyer.
A. annuity contract
B. bond contract
C. option contract
D. variable contract
2. Which of the following is NOT true regarding the selling of an annuity contract?
A. The seller of an annuity contract has to have an insurance license.
B. The insurance license for selling an annuity contract is regulated at the national level.
C. The insurance license for selling an annuity contract is issued by the state.
D. All of the above are true regarding the selling of an annuity contract.
3. The earnings on the accumulated funds in an annuity grow tax-deferred.
A. True
B. False
4. Annuity contracts are sold by investment advisors.
A. True
B. False
5. Insurance company accounting is quite different from generally accepted accounting principles.
A. True
B. False
6. Which is the correct formula for a combined ratio?
A. (earned premiums – insured losses) ÷ expense of the company
B. (insured losses + expense of the company) ÷ earned premiums
C. earned premiums ÷ (insured losses + expense of the company)
D. expense of the company ÷ (earned premiums – insured losses)
7. An insurance company had an insurance losses of $10 million, expenses of $3.5 million, and an earned premium of $9 million. What is the combined ratio?
A. 29%
B. 67%
C. 150%
D. 350%
8. An insurance company is paying out more money than it earns when the combined ratio is ___.
A. a negative percentage
B. above 100%
C. below 100%
D. equal to 100%
9. Which of the following is true about a long tail business?
A. It happens when insurance premiums are collected over the years while it takes a long time before a claim arrives (e.g. medical malpractice insurance).
B. It happens when the combined ratio is greater than 100%.
C. It happens when the interest rates are low causing a higher investment income.
D. It happens when there is an investment profit that is not calculated in the combined ratio.
10. In a variable annuity, the insurance company guarantees the annuitant a specific rate of return on his investment over a certain period of time.
A. True
B. False
11. In a fixed annuity, if interest rates are low, the offer of the insurance company would be ___.
A. high
B. low
C. fixed regardless of the interest rates
D. The offer of the insurance company may vary but is independent from the interest rate.
12. In calculating how much a life annuity is going to pay an annuitant, an insurance company takes into consideration the annuitant’s ___.
(Select all that apply.)
A. age
B. financial status
C. gender
D. health
13. It is an annuity wherein a beneficiary could still receive the monthly payments even if the owner of the annuity has already died.
A. joint and last survivor annuity
B. life annuity
C. life annuity with a period certain
D. unit refund life annuity
14. Which of the following is true about joint and last survivor annuity? (Select all that apply.)
A. It would pay the annuitant until he dies.
B. It would pay the annuitant’s spouse until the spouse dies.
C. It would pay the annuitant’s children until the last child dies.
D. It would pay the annuitant’s estate until a certain period of time.
15. In a unit refund life annuity, if the annuitant and the beneficiary dies before receiving the total investment back, the annuitant’s estate gets a refund of ___.
A. half the remaining investment value of the contract
B. quarter of the remaining investment value of the contract
C. the remaining investment value of the contract
D. twice the remaining investment value of the contract
16. Which of the following is true in an annuity that pays for a specified period of time?
(Select all that apply.)
A. If the annuitant dies before the specified period of time is up, the annuity continues paying the beneficiaries.
B. If the annuitant dies before the specified period of time, the annuity does not pay the beneficiaries.
C. If the annuitant lives longer than the specified period of time, the annuity continues paying the annuitant.
D. If the annuitant lives longer than the specified period of time, the annuity stops paying the annuitant.
17. In a variable annuity, which of the following is allowed as a choice of investment?
A. large capital investment
B. small capital investment
C. utility fund investment
D. all of the above
18. The rate of return on a variable annuity product is determined by ___.
A. interest rate offers
B. the amount of premium collected
C. the combined ratio
D. the investment performance held in the annuity contract
19. With installments for a designated amount in a variable annuity, the annuitant receives a specific dollar amount until the principal expires.
A. True
B. False
20. Which of the following is true about a combined fixed and variable annuity?
(Select all that apply.)
A. The annuitant could change the amount of payment he wants to receive monthly through the duration of the contract.
B. The annuitant might take a portion of his annuity in a lump sum and buy a fixed annuity with that money.
C. The annuitant would get a fixed return on the immediate fixed annuity.
D. The annuitant would get a variable return on the remaining portion of the variable annuity.
Series 66 Exam Lesson 29 Annuities Quiz
We hope you did well on this
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The Series 66 Exam which can lead to the candidate being licensed as an Investment Advisor Representative.
The other possible exam would be the series 65 examination.
The Series 66 exam — the NASAA Uniform Combined State Law Examination — is a North American Securities Administrators Association (NASAA) exam administered by FINRA.
The exam consists of 100 scored questions. Candidates have 150 minutes to complete the exam. In order for a candidate to pass the Series 66 Exam, he/she must correctly answer at least 73 of the 100 scored questions.
There is no prerequisite for the Series 66 examination. However, the SIE and the Series 7 examination are co-requisites to the Series 66 Examination.
What is the Series 65 Exam?
The Series 65 is another path to becoming an Investment Advisor Representative (IAR)
Sometimes called the IAR in a box
Unlike the Series 66 Exam the Series 65 exam does not have the Series 7 Requirement
The Series 65 unlike broker-dealer exams (think the Series 7 Exam) the Series 65 Exam requires no company sponsor.
When taking the Series 66 to join an RIA firm as a IAR, candidates must complete the exam within 150 minutes. A passing score is 73%, which translates to correctly answering 73 of the 100 scored questions. The NASAA, which administers the exam, does not release Series 66 pass rates. But this is a TOUGH exam, many people do not pass on the first try.
Again requisites for this exam are the SIE Exam and the Series 7 Exam Top Off
The test covers financial industry regulation, securities law, ethics, investments and economics. All these topics factor into a financial advisor’s day-to-day work. Most candidates devote considerable time to studying for the Series 65.
Different States have different requirements in become an Investment Advisor Representative (IAR) so check your states department of securities licensing to find out its requirements.
Series 66 Exam Free Audio Lesson 13
Series 66 Exam Free Audio Lesson 13 is a lesson for the Series 66 Exam which can lead to the candidate being licensed as an Investment Advisor Representative.
The Series 66 Exam consists of 100 questions. When taking the Series 66 to join an RIA firm as a IAR, candidates must complete the exam within 150 minutes. A passing score is 73%, which translates to correctly answering 73 of the 100 scored questions. The Financial Industry Regulatory Authority, which administers the exam, does not release Series 66 pass rates. But this is a TOUGH exam, many people do not pass on the first try.
The test covers financial industry regulation, securities law, ethics, investments and economics. All these topics factor into a financial advisor’s day-to-day work. Most candidates devote considerable time to studying for the Series 66.
The other possible exam path to become a IAR would be the series 65 examination.
What is the Series 65 Exam?
Unlike the Series 66 Exam the Series 65 exam does not have the Series 7 Requirement
The Series 65 unlike broker-dealer exams (think the Series 7 Exam) the Series 65 Exam requires no company sponsor.
Different States have different requirements in become an Investment Advisor Representative (IAR) so check your states department of securities licensing to find out its requirements.
Series 65 vs Series 66 Exam
The Series 65 exam is designed for those who do not have a Series 7 license. The content of both exams are similar though the Series 65 will be more heavily concentrated on Investment products and economics (like you would need to learn for the SIE and Series 7 Exam). … The Series 66 exam has a little more State law (such as what you will find in the Series 63 Exam) and some esoteric investment products.
Our audio lessons for both the Series 65 and Series 66 cover the material you would need to learn for the SIE and Series 7 exam so it may be a little more than you need for the Series 66 but we want you to be fully prepared!
The only difference between the two series of exam lessons (the 65 and 66) is that the Series 66 exam also covers the material needed for the Series 63 exam.
Our other website s for FINRA and other certification Exams include:
https://www.series7podcast.com
https://www.series7podcast.com
https://insuranceexampodcast.com
https://insuranceexampodcast.com
https://www.reexampodcast.com/
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