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Annuities New

Course Description

Approval Number:
1002481.

CATEGORY:
Lif.

Course Description

As the Baby Boomer generation reaches retirement age, the issue of how to prepare and safeguard that retirement is becoming an increasingly important topic in the insurance and financial industries. Clients planning for their retirement future often turn to annuities as a source of income and funding. This course explores the function of annuities as investment instruments, the characteristics of fixed and variable annuities, and the benefits and options available with both varieties.

LEARNING OBJECTIVES:

  • Define the uses and purpose of an annuity.
  • Recognize the investment function of an annuity.
  • Discern the difference between an annuity and a retirement plan.
  • Understand the differences between fixed and variable annuities, and the characteristics that distinguish them.
  • Be familiar with settlement/payout options.
  • Identify the benefits associated with annuities.

    Topics Covered

    • Introduction
    • LESSON 1: Annuities – Fundamentals
    • LESSON 2: Fixed Annuities
    • LESSON 3: Variable Annuities

    REGULATORY REQUIREMENT:
    Please see the state/regulatory requirement from the course catalog page.

    SEAT TIME:
    This course has been approved for 3 hours.

    TESTING:
    Final Exam – You will be required to pass the final exam with a 70% in order to receive course credit.

    COURSE COMPLETION:
    Upon successful completion of this course you will be able to print your certificate online.

    ABOUT THE SUBJECT MATTER EXPERT:
    American Academy of Financial Training Inc. (AAFT), provides outstanding customized training, globally, on a broad mix of financial and banking topics. Our instructors are top practitioners in their respective fields and present information in a captivating, energized, highly interactive style. AAFT experts are also available for consulting and online course development projects. For additional information, log onto our website at www.aaft.net.
    .

  • State Requirements

    Continuing Education Hours
    Agents/producers will be required to complete 24 hours of continuing education (CE), including three hours of Ethics and two hours of legislative updates.

    Title and aircraft title producers will be required to complete 16 hours of CE, including two hours of Ethics and two hours of legislative updates.

    Customer service representatives will be required to complete 13 hours of CE, including three hours of Ethics.
    Adjusters will be required to complete 24 hours of CE, including three hours of Ethics.

    Continuing Education Compliance Date
    Same as renewal date

    License Renewal Date
    Last day of the license issuance month, biennially

    Type of Courses Accepted For CE Credit
    Independent Self-study courses
    Classroom

    Course Subject Requirements
    Flood: All producers selling flood products, must complete three hours of National Flood Insurance Program (NFIP) flood training.
    LTC/P: All producers who sell, solicit, or market long-term care policies must complete a one-time eight-hour initial training course, followed by four hours of ongoing training every two years thereafter.
    Medicare: All producers who sell, solicit, or negotiate Medicare Advantage or Medicare Private Fee for Service products and plans must complete eight hours of related training in addition to their CE requirement. The producer must also complete four hours of ongoing training every two years thereafter, which can be applied to their CE requirement.
    No more than four hours may be taken in Ethics related courses.

    Carryover Requirements
    Up to six hours may be carried over to the next compliance period.

    Course Repetition
    Credit will not be give for a course that is repeated in a 2 year period.

    Final Exam
    Final exam to be monitored by a disinterested third party, supervisor or test administrator.

    Exemptions

    • Limited insurance representatives.
    • Agents who are age 65, have at least 30 years experience, and who no longer write new business.
    • Nonresident agents on a reciprocal basis whose home state‚Äôs CE requirements are the same or greater than Oklahoma.

    For Additional Information Please Contact
    Oklahoma Insurance Department
    Licensing Division
    P.O. Box 53408
    Oklahoma City, OK
    73152-3408
    PHONE: (405)522-4626
    FAX: (405)522-3642
    http://www.oid.state.ok.us/

    PRICE:

    $15

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