Review Questions

  1. How does an annuity differ from life insurance?

  2. Describe the major characteristics of a fixed annuity.

  3. Identify the annuity settlement options that are typically found in a fixed annuity.

  4. Describe the basic characteristics of a variable annuity.

    1. a. Explain the major characteristics of an equity-indexed annuity.

    2. Explain the major characteristics of a longevity annuity.

  6. Explain the eligibility requirements for a traditional IRA.

  7. What are the annual contribution limits to an IRA?

  8. Explain the basic characteristics of a traditional IRA.

  9. Describe the major characteristics of a Roth IRA.

  10. What is an IRA rollover?

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