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Final Exam: California Life, Accident, and Health Insurance 2025 Questions and Answers What distinguishes a deferred annuity from an immediate annuity? - --CORRECT ANSWER--The time at which benefit payments start Cindy buys a 10-year certain annuity with an installment refund. After receiving monthly payments for 5 years, Cindy dies. How many remaining payments will the insurer make to her beneficiary? - --CORRECT ANSWER--60 payments What is a common reason people purchase an annuity? - --CORRECT ANSWER-To protect against the risk of outliving their financial resources What kind of annuity pays income to two annuitants until their deaths? - -CORRECT ANSWER--Joint and survivor annuity What is a joint and survivor annuity? - --CORRECT ANSWER--Provides payments the annuity to two people. If either person dies, the same income payments continue to the survivor for life. When the surviving annuitant dies, no further payments are made to anyone. ....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1