Insurance Licensing Virginia Life, Annuities, and Health Insurance Examination Series 11-01 Virginia-Life-Annuities-and-Health-Insurance Question # 80 Topic 9 Discussion
Insurance Licensing Virginia Life, Annuities, and Health Insurance Examination Series 11-01 Virginia-Life-Annuities-and-Health-Insurance Question # 80 Topic 9 Discussion
An individual purchased a life annuity ten-years certain with benefits paid monthly. What would the beneficiary receive if the annuitant died one day after receiving the 119th monthly benefit payment?
A 10-year certain annuity guarantees payments for 120 months. If the annuitant dies after receiving 119 payments, only one more payment remains for the beneficiary. Exact extract: “Life with 10-year certain annuities guarantee at least 120 payments; if the annuitant dies before that period, remaining payments go to the beneficiary.” After 120 months, no benefits continue.
[References: Virginia Annuities Study Guide — Annuity Settlement Options., , , , ]
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