Annuities
A married couple wants annuity income to continue while either of them lives. Which option fits?
Answer and explanation
Answer: D. A joint and survivor annuity continues paying while either annuitant lives, which is what continuing income for the survivor requires. A joint life option stops at the first death, separate contracts each stop at their own annuitant's death, and an annuity certain runs for a term rather than for life.Source: PSI — New York DFS Insurance Candidate Information Bulletin — Outline, single life versus multiple life
More annuities questions
- An annuity owner dies during the accumulation period. What ordinarily happens?
- During which annuity phase does the contract value grow before scheduled income payments begin?
- How are accumulation units converted in a variable annuity when the contract owner chooses to annuitize?
- How does a fixed indexed annuity credit interest?
- In an annuity contract, whose life measures the income payments?
- The index referenced by a fixed indexed annuity falls sharply in a year. What ordinarily happens to the contract value?
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