6. An annuity can be defined as:

a. A complex branch of life insurance

b. A periodic payment that continues for a fixed period or the duration of a life

c. A mutual fund for a fixed period or the duration of a life

d. When a currency is traded on an exchange

7. Variable annuities typically provide a guaranteed death benefit:

a. True

b. False

c. True only for locked variable annuities

8. An individual annuity is nonqualified and doesnt qualify for most income tax benefits:

a. False, an individual annuity is always qualified

b. True, its considered an investment and taxed accordingly

c. False, the income tax benefits encourage individuals to invest