Annuities (Meets Suitability & Best Interest Guidelines)
Insurance Continuing Education in Michigan
- 4 credit hours
- 25-question final exam, 70% to pass
- Proctor required for the exam
- Unlimited attempts to pass
- PDF download available
Michigan insurance continuing education requires an impartial third-party proctor be present during your final exam. A suitable proctor is a person who has no financial interest in the success or failure of a licensee maintaining an insurance license. The disinterested third party must also certify the exam was closed-book and no other assistance was used to obtain a passing score on the exam.The proctor cannot be a friend, relative or in the direct line of employ of the licensee, nor anyone with a financial interest in the exam result. Make sure to return your signed proctor affidavit within 10 days of completing the course. Failure to return the signed form may forfeit your CE for this program.
Price: $16.95
If purchased today, this course must be completed by September 15, 2027 (309 Days)
Description
In this course you will be introduced to terms and concepts used in connection with annuity contracts. Each new term is defined in the text and included in the Glossary. The concepts are explained and, where appropriate, are demonstrated through the use of examples.
At the conclusion of each module, a quiz is presented to test comprehension of the material presented in the module. A response is given to each answer you select to the questions in the quiz affirming the correct choice or explaining why the choice you selected was incorrect.
This information is important for agents selling annuity contracts to customers and for advisers assessing the appropriateness of an annuity contract for a client. An understanding of the operation, advantages and disadvantages of annuities and the methods used to determine their cash value will assist the agent and adviser to better serve consumers and help ensure that annuity contracts are recommended and purchased only when they are suitable to meet client needs.
Learning Objectives: Upon completion of this basic course, the student should be able to:
- Describe a typical annuity buyer and the principal reasons individuals buy annuity contracts
- List the characteristics of annuities and the benefits of tax deferral
- Explain how variable annuities work
- Identify the cash value management tools available to a variable annuity contract owner
- List the factors to be considered in determining variable annuity suitability
- Calculate interest to be credited under various fixed annuity contracts
- Explain the operation of indexed annuities
- Describe how annuities are taxed
- Recognize the requirements imposed on the sale of variable annuities under Regulation Best Interest
PLEASE NOTE: In most cases, completion of this course in a Non-Resident state will not be eligible for insurance continuing education. You will be issued a certificate showing completion of the course to meet your Annuity Training requirement for the ability to sell, solicit and negotiate annuity products for your carriers.
Course Details
Optional Credits
If you take this course you may also choose to earn the following additional credit:
- CE for CFP® Professionals
This course is approved by ClearCert.
Final Exam
- Need Proctor?
- Yes
- Question Count
- 25
- Passing Grade
- 70%
- Attempts to Pass
- Unlimited
Rules
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.
- Michigan credits a course once per 2-year compliance period, so you may take the same course again for credit after your license has renewed.
Approval Info
- Course Number
- 97475
- Approved Title
- Annuities (Meets Suitability & Best Interest Guidelines)
- Approved Credits
- 4 credits in Annuities - Best Interest
- Provider
- InsuranceStudy
- Provider Number
- 0499
- Topics Covered
- Annuities, Annuity Best Interest
- Program Level
- Intermediate