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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 final exam. Students must score 70% or higher to pass, and may take the exam as many times as needed to pass. 

  • Course ID(s): 6000104807
  • Approved By: Commissioner of Securities and Insurance

Instructor Bio

Property & Casualty Insurance Instructor

Aaron Phelps is At Your Pace Online’s Subject Matter Expert for Property and Casualty Insurance. Prior to entering the insurance field, Aaron worked for 7 years in customer service and management before entering into the insurance field. He is a licensed insurance agent in Oregon with a Bachelor of Science degree from Oregon State University in Communication and has been working locally since 2015. Aaron specializes in individual health insurance plan options and life insurance, provides employee benefits support for his company’s group clients, and expertly handles insurance needs for personal line clients. His favorite part of his job is helping people understand how insurance policies work and alleviating their anxiety and fear over the process. In addition to his accomplished career in the insurance field, Aaron has been married for 17 years and shares 4 children with his wife. He spends his free time backpacking, traveling, and camping or simply relaxing and enjoying good food and drinks with his friends.