OH-Life-Agent-Series-11-44 Exam Dumps : OHIO Life Insurance Agent Series 11-44

If an annuitant dies during the accumulation period of a deferred annuity, the accumulated cash value is typically paid to the designated beneficiary. The death benefit is usually the greater of the accumulated value or the guaranteed minimum, depending on the terms of the annuity contract. This ensures that the funds contributed to the annuity are not lost and provide financial support to the beneficiary.

In a whole life insurance policy, the cash value grows on a tax-deferred basis. This means that as long as the policy remains active, the policyholder does not pay income tax on the gains within the cash value. Taxes may apply if the policy is surrendered or lapses, and the amount received exceeds the total premiums paid into the policy.

An immediate annuity is designed to start providing income payments shortly after a lump-sum premium is paid. Typically, these payments commence within 30 days to one year from the date of purchase, depending on the terms of the contract