Best Interest Standards and Requirements 1 Hour Update FINAL EXAM (GA *****)

____ is information that is reasonably appropriate to determine whether a recommendation addresses the consumer’s financial situation, insurance, needs, and financial objectives.

The disclosure obligation requires producers to provide consumers with all the following information EXCEPT:

Which of the following producers exhibits a conflict of interest?

An insurer’s supervision system must establish and maintain all the following EXCEPT:

Producer Pamela committed a prohibited practice when she discouraged a consumer from:

Certain financial professionals are permitted to be complaint with this regulation under a safe harbor provision. Which of the following is NOT one of those financial professionals?

The required annuity training course must be approved for at least ___ of continuing education credit.

ABC Company’s annuity training course was not approved by the insurance department because it contained a chapter on which of the following topics:

Audrey obtained her life insurance producer license after the regulation went into effect. Which annuity training course may she take?

Who is responsible for ensuring that Meredith, a new producer, complies with annuity training requirements?

Appendices A, B, and C address all the following topics EXCEPT:

What is the purpose of an annuity “recommendation”?

When Xavier buys his ____ annuity, he has the option to make the purchase with a single premium or a series of premium payments made over time.

Per IRS rules, all annuities must begin making income payments before the annuity starting date. Each annuity contract stipulates a similar requirement, calling for annuitization before the contract’s _____.

Each fixed annuity promises a ____, which is a rate of interest that cannot be less than the amount or percentage stated in the contract.

Della is receiving regular monthly income payments as a living benefit from her _____.

Earnings accumulate in an annuity on a _____ basis and are not taxed until withdrawn.

If Zelda wants to purchase an annuity to take advantage of its primary purpose, she will:

In connection with an annuity transaction, producers _____ when they have satisfied specific obligations regarding care, disclosure, conflict of interest, and documentation.

Mariah has a reasonable basis to believe her recommendation effectively addresses her client’s financial situation, insurance needs, and financial objectives when viewed ____.

A consumer is interested in buying an indexed annuity, a product Producer Ernie and his insurance company do not sell. The Care Obligation specifically states Producer Ernie does NOT have to do which of the following?

When should consumer profile information be collected?

Which of the following statements BEST describes the duty a producer owes a consumer in connection with the best interest care obligation?

Producer Barros is helping a client replace an annuity. He must determine whether the consumer replaced or exchanged another annuity during _____.

Which of the following producers IS subject to the care obligation?