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What license do I need to sell annuities in Florida?
The Florida 2-14 Life and Variable Annuities Agent license allows an individual to transact contracts for life insurance, fixed-dollar annuity contracts, or some variable annuity contracts offered by the same insurer. This license has a 40-hour pre-qualification course requirement.
What do I need to sell annuities in California?
Licensees who solicit individuals for annuities sales must complete 8-hour California-specific annuities course. After completing this training, producers must complete 4 hours of training on California annuities every license renewal period thereafter.
What license or licenses are required to sell variable annuities quizlet?
What license or licenses are required to sell variable annuities? Both Life insurance and securities licenses.
Can you sell annuities?
Can I Sell My Annuity? Yes, you can sell your annuity payments for cash. In the event your financial needs change and an annuity is no longer meeting your needs, you can sell your current or future payments for a lump sum of cash. Annuities can be sold in portions or in an entirety.
What is a 240 license in Florida?
Health Agent (2-40) License.
What is a 440 license in Florida?
The Florida 4-40 Customer Representative License allows an individual to transact insurance in an office as a salaried employee of a General Lines Agent or agency.
What is a 220 license in Florida?
The Florida 2-20 Property and Casualty Agent License, or "General Lines Agent License," allows an individual, after being appointed by the Insurance Company, to transact any of the following kinds of insurance: property, casualty, surety, health, marine, and miscellaneous lines.
What is a 215 insurance license in Florida?
The Florida 2-15 Life, Health and Variable Annuities Agent license allows an individual to transact contracts for Life Insurance, fixed-dollar annuity contracts, or variable annuity contracts offered by the same insurer. This license also allows the individual to transact Health Insurance.
What is required to sell variable annuities?
What are the licensing requirements to sell Variable Annuities? Applicant must be registered with the Financial Industry Regulatory Authority (FINRA). Applicant must have successfully completed the Securities Industry Essentials (SIE) exam; and either the FINRA Series 6 or 7 examinations.
Are variable annuities registered with the SEC?
While all annuities are regulated by state insurance commissioners, variable annuities are also regulated at the federal level by the U.S. Securities and Exchange Commission (SEC) and FINRA.
Who are variable annuities registered with?
Variable annuities are both insurance and investments. Insurance is regulated by the states, and investments are regulated by the federal government. The players are the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority, and the 50 state insurance departments.
Which product requires a securities license?
Series 6: If you want to sell mutual funds, variable annuities, and other investment packages, you'll need this license. Administered by FINRA and known as the limited-investment securities license, the Series 6 license enables you to sell what are known as packaged investment products.
Can annuities be cashed out?
An annuity can be cashed out at any time before annuitizing the contract. A surrender charge can be applied if the annuity is cashed out before the deferred annuity's term has been met. Generally, the annuity can be cashed out without a penalty after the term has been completed.
What is the best way to cash out an annuity?
The most clear-cut way to withdraw money from an annuity without penalty is to wait until the surrender period expires. If your contract includes a free withdrawal provision, take only what's allowed each year, usually 10%.
What does it mean to sell annuity?
When you buy an annuity contract, you pay money to a life insurance company now. In exchange, you receive periodic payments in the future. Selling your annuity means giving up the ability to receive a stream of payments from your insurer in the future. You are exchanging those future payments for a chunk of cash now.
Is there a penalty to cash out an annuity?
The insurer issuing the annuity charges surrenders fees if funds are withdrawn during the annuity's accumulation phase. The IRS charges a 10% early withdrawal penalty if the annuity-holder is under the age of 59½.