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Oklahoma Annuity Training Course (Meets 4hr Annuity Certification) New

Course Description

Course Approval Number :
1009006

Course Description:

This course introduces financial professionals to the rules and regulations that must be followed in order to sell annuities in the state of Oklahoma. This course will also examine annuity types and their various classifications. We will also examine rules that deal with the suitability of annuity transactions, including the standards and procedures for recommendation to consumers, making sure the insurance needs and financial objectives of the consumer are met and properly matched with the correct annuity products. The different ways annuities can be used will also be discussed, along with an overview of the taxation of annuities.

At the conclusion of this course, you will be able to.

  • Identify the parties to an annuity
  • Outline annuity contract provisions
  • Compare and contract qualified vs. non – qualified annuities
  • Name the five main types of annuities
  • Describe each type of annuity
  • List the various taxes associated with annuities
  • Describe the various uses of annuities
  • Relate how to determine suitability
  • Discuss Oklahoma Rule 17
  • Outline Oklahoma’s training requirements
  • Paraphrase standards for the disclosure documents and Buyer’s Guide
  • Interpret FINRA Rule 2330
  • Discuss the suitability prism evaluation
  • Paraphrase annuity buying tips for consumers
  • Discuss ethical considerations agents must always have in mind.

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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