Individual Retirement Accounts - MI

Insurance Continuing Education in Michigan

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$14.95

5 credit hours

If purchased today, this course must be completed by:
July 31, 2021 (36 Days)

The Michigan Department of Insurance has waived their normal proctor requirement, until further notice. A proctor is no longer required. You will instead need to electronically sign an Affidavit of Personal Responsibility, and that affidavit will be completed online as part of your final exam.
Description

In this course we will review some of the fundamental concepts and some of the complex coverage details about annuities, variable annuities and several insurance-like investment products called “contracts.” In addition, we will also provide answers for the most common questions you may encounter from your clients about these products. We will cover the important terms and definitions related to annuities and annuity suitability—which are sometimes slightly different than the terms and definitions used by insurance policies. We will also consider the various optional benefits, modifications and additions that are commonly desired by annuitants and their beneficiaries. We will also cover how annuities are underwritten, the advantages and disadvantages of group contracts and tax treatment of the various types of annuities. You will read some interesting and important case studies to bring this topic to life. We detail the most recent issues that have come up in the real world of providing these products to consumers. Finally, an appendix to this text includes annotated and simplified excerpts of the relevant portions of your state’s Insurance Code dealing with annuities and investment contracts.

Learning Objectives:

  •     Understand fundamental concepts of annuities, variable annuities, and similar investment products.
  •     Be able to answer common questions from clients about annuity products.
  •     Know the differences between terms and definitions of annuities vs common insurance policies.
  •     Learn how annuities are underwritten

Exam Details

Need Proctor?No
Question Count:25
Passing Grade:70%
Attempts to Pass:Unlimited
Note: If you choose to request additional credit types while taking this course, the number of exam questions and proctor rules may change to meet those credits' requirements.

Course Details

Course Number:82297
Approved Title:Individual Retirement Accounts
Provider:InsuranceStudy.com
Provider Number:0499
Topics Covered:Financial Planning, Life
Approved Credits
5 credits in Life
Program Level:Intermediate

Rules for Michigan Insurance Continuing Education

  • This state allows for course material to be downloaded. Please note that not all courses will have content that is suitable or available for downloading.
  • Exam is closed book.
  • The state of Michigan charges an additional fee of $1.00 per credit hour.