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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 led through the NAIC Model Regulation updates, with emphasis on the best interest obligations for producers. Since annuities are a largely misunderstood (and previously mis-marketed) product, producers have an obligation to understand their clients’ situations, plans, and needs in order to help guide them to make the right purchase decisions. 

Students will learn about the different types of annuities and settlement options, and how each party to an annuity is impacted by the policy contract. We will look at suitability in depth, and see the advantages and disadvantages of various annuity types and contract provisions. Students will learn appropriate sales practices for determining the suitability of an annuity product, and learn about the nuances of annuity replacement. 

Other topics covered in this course include:

  • Variable vs. fixed annuities
  • When a beneficiary may be included in a contract
  • Death benefits
  • Interest rate options 
  • Early surrender charges 
  • Contract riders and when they may be appropriate
  • Taxation of annuities (including how to apply the exclusion ratio)
  • The difference between qualified and non-qualified annuities
  • Less common uses for annuities, including charitable donation and avoiding probate
  • How to consider a customer’s profile to make a suitable product recommendation
  • Disclosure requirements for both producers and customers 
  • Replacing annuities 
  • Recordkeeping requirements 
  • Unfair marketing practices
  • And so much more! 

At the end of the course, there will be a final exam that must be passed with 70% or better. The exam may be taken as many times as needed to pass. 

  • Approved By: Virginia SCC - Bureau of Insurance

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.