13

Question 1

All rights such as Naming beneficiary and surrendering annuity

Answer 1

Owner of annuity

Question 2

Recs benefits or payments
Life expectancy taken into consideration

Answer 2

Annuitant

Question 3

Owner may be corporation trust or other legal entity

Answer 3

Annuity

Question 4

Annuitant must be

Answer 4

A natural person

Question 5

Annuitant and contract owner do not

Answer 5

Need to be same person but often are

Question 6

Bc annuities are based in life expectancy of annuitant annuitant must be this regardless of who owns

Answer 6

Natural person

Question 7

Recs annuity assets
(Amount paid in or cash value whichever is greater )
If annuitant dies

Answer 7

Beneficiary

Question 8

Owner pays to

Answer 8

Annuity

Question 9

Annuity pays to

Answer 9

Owner

Question 10

`accumulation period aka

Answer 10

Pay in period

Question 11

Period of time over which owner makes payments into an annuity

Answer 11

Accumulation period

Question 12

Period of time in which payments earn interest on a tax deferred basis

Answer 12

Accumulation period

Question 13

Annuity period aka

Answer 13

Annuitization period
Liquidation period
Pay out period

Question 14

Time when sum being accumulated during accumulation period converted into stream of income payments to annuitant

Answer 14

Annuity period

Question 15

May last for lifetime of annuitant or for

Answer 15

Specified period which could be infer or shorter

Question 16

The time when the annuity benefit payouts begin aka trigger for benefits

Answer 16

Annuitization date

Question 17

Owners of annuities can be individuals or entities like corporations and trusts but

Answer 17

Annuitant must be natural person whose life expectancy is taken into consideration for annuity

Question 18

Not true regarding annuitant

Answer 18

Cannot be same person as annuity owner

Question 19

Don’t have to be but annuitant and annuity owner are often same person and

Answer 19

Annuitant is the person who recs benefits or payments from annuity for whom annuity is written

Question 20

Not true of accumulation period

Answer 20

Would not occur in a deferred annuity bc this is the period of time when payments earn interest and grow tax deferred