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

Aflexible premium deferred annuity (FPDA)allows the annuitant to makevarying premium paymentsover time. The annuity starts paying out at a future date, making it suitable for retirement savings.

"Flexible premium deferred annuities permit payments of varying amounts over time before annuitization, offering flexibility for savers."

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.

Agents have a fiduciary responsibility to act promptly in matters involving client funds. Failure to refund premiums or other monies in a timely manner is considered misconduct and may result in administrative actions, including suspension or revocation of the agent's license by the state insurance department.