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Life and Health Insurance Producer Exam

Annuities (AZ): practice questions

Our Life & Health Insurance bank has 4 questions on this topic. Here are 3 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Arizona

If the annuity buyer's guide and disclosure document are not given at or before the application, what free look must the applicant receive?

  1. Not less than ten days, with any surrender charge still applied
  2. No free look; the insurer must instead cancel the application
  3. Not less than fifteen days to return the contract without penalty
  4. Not less than thirty days, with interest at the legal rate added to the refund
Show the answer

C. Not less than fifteen days to return the contract without penalty — A.R.S. 20-1242.02(F).

Question 2 · Arizona

When recommending an annuity exchange, a producer must consider whether the consumer has had another exchange or replacement within what preceding period?

  1. Ninety days
  2. Twelve months
  3. Sixty months
  4. Ten years
Show the answer

C. Sixty months — A.R.S. 20-1243.03(B)(7)(c).

Question 3 · Arizona

Under Arizona's annuity best interest rule, a producer has acted in the consumer's best interest by satisfying which obligations?

  1. Loyalty, solvency, diversification and annual account monitoring
  2. Care, disclosure, conflict of interest and documentation
  3. Suitability, illustration, delivery and policy service
  4. Licensing, appointment, bonding and premium accounting
Show the answer

B. Care, disclosure, conflict of interest and documentation — A.R.S. 20-1243.03(A).

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