Paul J. Winn - CA 4-Hour Annuity Training: Fixed, Variable, and Index Annuity Contract Provisions

Overview

As initially conceived, an annuity is simply a financial product that, through annual payments to an annuitant, systematically liquidates a principal sum—an amount of capital, in other words—over the annuitant’s lifetime. Although the traditional meaning of an annuity refers only to its payout feature, modern annuities are designed to offer annuity contract owners the opportunity to accumulate the capital that will be paid out as well as the traditional payout feature for which it is named.

This course was developed to provide four hours of annuity training, which must be completed every two years by California resident and nonresident life agents who sell annuity products. It offers an overview of the issue of annuity suitability and the requirements that apply to the recommendation and sale of these products. The course then provides a thorough explanation of the provisions, features, benefits, and limitations of all types of annuities: fixed, index, and variable.

Learning Objectives

Upon completion of this course, students will be able to:

  • understand the producer's legal and ethical obligations with regard to the suitability of annuity product recommendations
  • define the types of information that must be obtained from the consumer to make suitable annuity product purchase recommendations
  • identify the product features and circumstances necessary to determine if an annuity product would be suitable or unsuitable for a consumer
  • identify the regulatory requirements that serve to protect the senior consumer during the purchase and exchange of annuity products
  • be able to identify violations of suitability standards
  • know and understand the penalties California imposes for violations of applicable laws

Designed For

Licensed California life and annuity producers
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