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Series 6

Unit 2 QQ2.K Purchasing Annuities

QuestionAnswer
Conditional Deferred Sales Loads
Single Premium Deferred Annuity Purchased with a lump sum, but payment of benefits is delayed until a later date selected by the annuitant.
Periodic Payment Deferred Annuity Allows investment over time. Benefit payment for this type of annuity are always deferred until a later date selected by the annuitant.
Immediate Annuity Purchased with a lump sum, and the payout of benefits usually commences within 60 days.
Bonus Annuities Benefits include enhancement of the buyer's prem, with the ins co. contributing an additional 3-5% to the premium pymt. The cost for this includes higher fees and expenses includings an ext of 8-9 yrs. 10-15% of premiums or all earnings can be withdrawn.
Accumulation Stage The period during which contribution are made to an annuity account.
Annuity Phase Payout phase of annuity account.
Accumulation Unit/ Annuity Unit An accounting measure used to determine an annuitant's porportionate interst in the insurer's separate account duing an annuity's accumulation (deposit) stage.
Annuitize To change an annuity contract from the accumulation (pay-in) stage to the distribution (payout) stage.
Assumed Interest Rate (AIR) The rate that a variable annuity separate account must earn to keep annuity apyments level. If the account earns more thant he AIR, the next apyment will increase; if it earns less, the next payment will decrease.
Created by: ericjrolon