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Life and Health Insurance Producer Exam

Annuities (NM): practice questions

Our Life & Health Insurance bank has 3 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 · New Mexico

How long must records of an annuity recommendation be kept under New Mexico's best-interest rule?

  1. Five years after the insurer completes the transaction
  2. Three years after the annuity is surrendered or annuitized
  3. For the life of the annuity plus two years
  4. Ten years after the date of the consumer's application
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A. Five years after the insurer completes the transaction — 13.9.20.11(A) NMAC.

Question 2 · New Mexico

What training must a New Mexico producer complete before selling annuities?

  1. An 8-hour annuity course that must be repeated in every compliance period
  2. A one-time 4-credit annuity training course approved by OSI
  3. None, if the producer holds a life line of authority
  4. A securities license exam covering variable products
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B. A one-time 4-credit annuity training course approved by OSI — 13.9.20.10(A)(1) NMAC.

Question 3 · New Mexico

For an annuity exchange or replacement, New Mexico's care obligation requires considering whether the consumer had another exchange or replacement within what period?

  1. 90 days or less
  2. 60 months
  3. 12 months
  4. 36 consecutive months
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B. 60 months — 13.9.20.9(A)(1)(h)(iii) NMAC.

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