Individual Life and Annuities (ILA) Track Annuity Practice Questions
The free Individual Life and Annuities (ILA) Track questions that deal with annuity, with answers and explanations. The full bank and the timed practice test cover every topic the exam asks about.
Question #4
4. David purchased an annuity that provides income for the rest of his life. What type is this?
Correct answer: A
Explanation
An immediate income annuity starts paying income right away, contrasting with deferred options that begin payments later.
Question #10
10. Lisa purchased an annuity for retirement. What is the main purpose of this financial product?
Correct answer: A
Explanation
The primary purpose of an annuity is to provide a steady stream of income during retirement, making it a popular choice for those looking to secure their financial future.
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