Variable Annuities Exam 2024 100% Complete Solutions

joint and survivor life income {Ans: an insurance or annuity settlement option in which payments continue for as long as either of two annuitants are living}Combined Annuity {Ans: "balanced"; An annuity combining the features of the fixed and variable annuities.}Annuitant {Ans: The person that buys an annuity; may or may not be an annuity's policyowner; receives the distribution from an annuity contract}Variable death benefit {Ans: with fixed premium variable life insurance, this is an additional death benefit, which may result from the positive performance of the separate account, and which is paid to the beneficiary on the death of the insured n addition to the Minimum Guaranteed Death Benefit}flexible premium variable life {Ans: a type of life insurance, also known as variable universal life, which is characterized by flexible premiums, adjustable death benefit, and the ability of the owner to mae partial surrenders}Dual Licensure {Ans: requirement that a person who sells variable life or variable annuities must be state licensed to sell life insurance, and also federally licensed as a reg rep of an NASD member to sell variable products}