Series 65 Practice 2
Series 65 Variable Annuity Quiz
Test your knowledge about variable annuities and related financial concepts with our Series 65 Practice Quiz. This interactive quiz includes questions on various topics to help you prepare for your certification and enhance your understanding of investment products.
Whether you are a student or a professional looking to refresh your skills, this quiz covers essential areas:
- Variable Annuities
- Investment Advisers
- Life Insurance Policies
- Tax Implications
The AIR for a variable annuity is 3.5%. Last month, your client received a check for $1,000 based on actual performance of 6%. If the actual performance is 5% next month, your client
Will receive slightly less than $1,000
Will receive $1,000
Will receive more than $1,000
AIR will be increased
Annuities may be purchased in all the following ways except
Single premium immediate
Single premium deferred
Periodic deferred
Periodic immediate
The major difference between variable annuities and mutual funds involves
Tax deferral
Investment objectives
Bonds vs. stock
EPS
An annuitant requiring the largest possible monthly check should choose
Life only (straight life)
Periodic immediate
Period certain
Joint and last survivor
Your 60-year-old client contributed $10,000 to a non-qualified variable annuity many years ago. Now that the account is worth $40,000, the client takes a lump sum withdrawal of $35,000. If his ordinary income rate is 28%, he will pay
No taxes until age 65
No taxes
$8,400 in taxes
$9,800 in taxes
All of the following life insurance policies are funded with scheduled premiums except
VLI
VUL
Term
Whole Life
The AIR for a variable life policy is 4%. If the separate account grows at an annualized rate of 3% next month
Cash value will increase
Cash value will decrease
Death benefit will increase
Death benefit will decrease
The maximum sales load for variable insurance policies is
8.5%
9%
10%
As stipulated in the prospectus
All of the following build cash value except
Traditional whole life
Universal whole life
Variable universal life
Term life
All of the following offer tax deferral except
Variable annuity
Variable life
Open-end fund
Universal life
Which of the following are taxable to the beneficiary?
Portion of death benefit payable to the wife of a deceased annuitant representing cost basis
Portion of death benefit payable to the wife of a deceased annuitant representing earnings from the separate account
portion of death benefit payable to the beneficiary representing premiums paid on whole life policy
Portion of death benefit payable to the beneficiary representing excess over premiums paid on whole life policy
Which of the following investment advisers would not have to register in the state?
Adviser with no office in the state who advises 7 high net-worth individuals who are residents of the state
Adviser with an office in the state who advises 5 non-institutional clients who are residents of the state
Adviser with an office in the state who advises 11 pension funds located in the state
Adviser with no office in the state who advises 11 pension funds located in the state
Which of the following persons are excluded from the definition of “investment adviser”?
Certified financial planners
Sports agents
Banks
Broker-dealers
All of the following are investment adviser representatives except
Individual hired by an IA to help determine recommendations to clients
Individual hired by an IA to sell the advisory services
Individual hired by an IA to do filing and clerical work
Individual who supervises a staff of solicitors for the firm
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