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LH Chapter 28 FL Manual

Quiz by Brian Morton

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7 questions
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  • Q1
    Which of the following statements regarding variable contracts are TRUE?
    The company cannot guarantee a specific interest yield from investments
    Product and unit values fluctuate
    Investment results principally derive from stock portfolios
    All of the statements are true
    60s
  • Q2
    After retirement starts, which of the following is TRUE?
    The dollar amount of monthly payments stays the same
    The value is adjusted to accommodate cost-of-living changes
    The value of each annuity unit stays the same
    The number of annuity unit stays the same
    30s
  • Q3
    Which of the following statements is(are) TRUE?
    The common stock and other assets of a separate account are under the supervision of the Securities and Exchange Commission (SEC)
    Insurers selling VA are subject to regulation by the state Office of Insurance Regulation (OIR)
    All of the statements are true
    Variable annuities and variable life insurance policies are considered investments
    30s
  • Q4
    An application for a variable annuity must show which of the following on the first page?
    Agent’s name
    All of the statements are true
    Name of the insurer
    Agent’s insurance license identification number
    30s
  • Q5
    Are investment gains in the separate account (and variable annuity and variable life accumulation values) subject to current income taxation?
    Yes, but only to the extent of the gain
    No, they are not currently taxable
    Yes, but taxable gains may be offset by losses
    Yes, but the gain is paid by the insurer
    30s
  • Q6
    Before proposing any variable product the agent must provide the prospect with the
    Consumer buyer’s guide
    Outline of coverage
    Prospectus
    Table of guaranteed values
    30s
  • Q7
    A variable contracts agent must notify the Department of Financial Services within 30 days of any of the following changes EXCEPT
    The agent’s insurer
    The agent’s mailing address
    The agent’s name
    The agent’s residence address
    30s

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