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In 2020, the NAIC updated its Model Regulation for annuity transactions, which mandates insurance producers offering annuities to their customers to take a suitability and best interest training. This course meets the NAIC’s education requirement. 

In this course, students will be guided through Best Interest Obligations. First, we will cover appropriate sales practices for determining an annuity product’s suitability for a customer. This includes taking into account customer information such as their age, financial status, intentions, and overall investment strategy. 

Next, we will go over the disclosure requirements for annuity transactions, with emphasis on two key elements: The NAIC’s Buyer’s Guide for different types of annuities and the disclosure document. Disclosure is vital for ensuring that customers have been given all the information they need to make an informed decision when purchasing an annuity, making this lesson very important for producers. 

We will finish the course with a lesson on annuity replacements. We will discover some of the reasons customers might have to initiate an annuity exchange, look at the Model Regulation’s Appendix A for replacement form requirements, and learn about an insurer’s responsibilities regarding annuity replacement. 

This course includes a 10-question final exam. Students must score 70% or higher to pass, and may take the exam as many times as needed to pass. 

  • Approved By: Department of Insurance and Financial Services

Instructor Bio

Life & Health Insurance Instructor

Life and Health Insurance Instructor Joel Daniels is an experienced business professional in the insurance industry, with an established track record of leadership, development, account management, relationship building, and brand integrity. In his insurance business, Joel works tirelessly with his allies and strategic partners to impact communities by providing access to affordable and usable health and wellness benefits options. Here at At Your Pace Online, Joel is a highly engaging instructor. He presents insurance continuing education to licensees so that they can grow in their knowledge of the trade with confidence, benefitting their own business growth as well as the overall well-being of their clients.