ANNUITY TRAINING

Prepared by Michael Lustig

Contributing Editor: Denise Iona

Distributed by:

CAL-STATE EXAMS, INC / C.E. CREDITS

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Contents

CHAPTER ONE: THE HISTORICAL DEVELOPMENT OF ANNUITY CONTRACTS

THE EVOLUTION OF ANNUITY PRODUCTS AND PRACTICES

ANNUITY PRODUCTS - ANNUITY PRODUCTS AND PRACTICES—LEGISLATION - ANNUITY PRODUCTS AND PRACTICES—IMPACT ON CONSUMERS - MARKET OVERVIEW

WRITTEN ASSIGNMENT 1

CHAPTER TWO: ANNUITY TYPES AND CLASSIFICATIONS

ANNUITIES AS INVESTMENTS

ANNUITY CONTRACT PHASES - THE PROCESS OF ANNUITIZATION

ANNUITY TYPE ACCORDING TO PREMIUMS PAID

IMMEDIATE ANNUITIES - DEFERRED ANNUITIES

ANNUITY TYPE ACCORDING TO PAYOUT

IMMEDIATE ANNUITIES—SINGLE PREMIUM - DEFERRED ANNUITIES—SINGLE PREMIUM - DEFERRED ANNUITIES—FIXED PREMIUMS - DEFERRED ANNUITIES—FLEXIBLE PREMIUMS

ANNUITY TYPE ACCORDING TO INVESTMENT OPTIONS

FIXED ANNUITIES - VARIABLE ANNUITIES - EQUITY INDEXED ANNUITIES

WRITTEN ASSIGNMENT 2

CHAPTER THREE: THE PARTIES TO AN ANNUITY

PARTIES TO THE CONTRACT

THE RIGHTS AND OBLIGATIONS OF THE CONTRACT OWNER

ENTITIES ELIGIBLE FOR OWNERSHIP - RIGHTS AND OBLIGATIONS OF THE CONTRACT OWNER - OWNER DRIVEN VS. ANNUITANT DRIVEN CONTRACTS

THE RIGHTS AND OBLIGATIONS OF THE ANNUITANT

THE RIGHTS AND OBLIGATIONS OF THE INSURANCE COMPANY

SPECIAL CONSIDERATIONS FOR SENIOR INVESTORS - OBLIGATIONS ASSOCIATED WITH QUALIFIED AND NONQUALIFIED ANNUITIES - INSURER RATING SERVICES - INSURER ADVERTISING RESPONSIBILITIES

THE RIGHTS AND OBLIGATIONS OF INSURANCE PRODUCERS

LIQUIDATION DISCLOSURE - DISPLAYING LICENSE NUMBERS - REPLACEMENT - FREE LOOK

THE RIGHTS AND OPTIONS AVAILABLE TO BENEFICIARIES

A SURVIVING SPOUSE AS BENEFICIARY - BENEFICIARY OTHER THAN A SURVIVING SPOUSE

WRITTEN ASSIGNMENT 3

CHAPTER FOUR: ANNUITY CONTRACT PROVISIONS

CONTRACT PROVISIONS AFFECTING CONSUMERS

INTEREST RATES AND COMPENSATION - ISSUE AGES - MAXIMUM AGES FOR BENEFITS TO BEGIN - CRISIS WAIVERS - SETTLEMENT OPTIONS - SURRENDER CHARGES - POLICY ADMINISTRATION CHARGES AND FEES - WITHDRAWAL PRIVILEGE OPTIONS - ANNUITIZATION OPTIONS