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Understanding Annuities Quiz

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1. What is an annuity?

2. What is the primary purpose of an annuity?

3. What are the two main types of annuities?

4. Which of the following correctly describes a deferred annuity?

5. What risks are associated with variable annuities?

6. What is the significance of the annuitization phase in an annuity contract?

7. Why might someone choose a fixed annuity over a variable annuity?

8. Which of the following is a disadvantage of annuities?

9. What is the role of a life insurance company in an annuity?

10. How does an annuitant receive payment from an income annuity?