Practice Quiz

FINRA Series 7

Category - Series 7

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An “accumulation unit” of a variable annuity is used to determine which of the following?
  1. the value of the annuitant’s contract before annuity payments begin
  2. the amount of annuity payments to be paid to the owner
  3. the amount to be passed to the annuitant’s beneficiary
  4. the amount returned to the annuitant upon redemption of the account
Explanation
Answer: A - the value of the annuitant’s contract before annuity payments begin. Accumulation units determine contract value. Payout are determined by annuity units.
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