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Life and Health Insurance Producer Exam

Annuities (WV): 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 · West Virginia

How long must records of consumer information and annuity recommendations be kept?

  1. Three years after the transaction
  2. Until the contract is surrendered
  3. Ten years after the transaction
  4. Five years after the transaction
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C. Ten years after the transaction — W. Va. CSR 114-11B-8.1.

Question 2 · West Virginia

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

  1. The preceding ten calendar years
  2. The preceding 12 months
  3. The preceding 60 months
  4. The preceding 24 months
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C. The preceding 60 months — W. Va. CSR 114-11B-5.1.1.j.3.

Question 3 · West Virginia

Under the annuity best interest rule, does the care obligation create a fiduciary relationship?

  1. No; it creates only a regulatory obligation
  2. Yes, in every annuity sale
  3. Yes, but only for consumers over age 65 who buy indexed products
  4. Only when a fee is charged
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A. No; it creates only a regulatory obligation — W. Va. CSR 114-11B-5.1.1.d.

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