214 FLORIDA INSURANCE LIFE AND VARIABLE ANNUITY ACTUAL EXAM UPDATED

variable annuity - there is no guarantee of the dollar amount of the payments, they fluctuate according to the value of an account vest primarly in common stocks join and survivor annuity - covers two or more lives and contiunes in force so long as any one of them survives period certain annuity - annuity imcome option that guarantees a definite minimum peroid of payments life annuity - payable during the continued life of the annuitant. No provision is made for the guaranteed return of the unused portion of the premium installment refund annuity - annuity income option that provies for the funds remaing at the annuiants death to be paid to the beneficiary in the form of continued annity payments immediate annuity - only be purchased with single payment. provides payment of annuity benefit at one payment interval from date of purchase equity indexed annuities (EIA) - fixed annuity that offers the potential for higher credited rates of return that their traditional counterparts but also guarantee the owners principal deferred annuity - provides postponment of the commencemnt of an annity until after a specified peroid or until the annuiant attains a certain age. annuiant - one to who an annuity is payable, or a person upon the contiuance of whoes life further payment depends accumulation period of an annuity - the time during which funds are being paid into the annuity payout (annuity period) - the point at which the annuity ceases to be an accumulation vehicle and beings to generate benefit payments on a regular basis. funding method of annuity - single lump-sum payment or periodic payment