December 2010 Product Update Quiz
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- 1.What is the effective date of the changes to the Sun Income Riser living benefit and the additions of the Sun Income Maximizer and Sun Income Maximizer Plus living benefits?
- A.
December 10, 2010
- B.
December 13, 2010
- C.
January 1, 2011
- 2.Effective December 13, 2010, what will be the new name of the Sun Income Riser living benefit?
- A.
Sun Income Riser 2
- B.
Sun Income Riser III
- C.
Sun Income Riser for Life
- 3.Effective December 13, 2010, what will be the maximum fee for the Sun Income Riser III living benefit?
- A.
1.10% (single life) or 1.30% (joint life)
- B.
1.25% (single life) or 1.45% (joint life)
- C.
1.75% (single life) or 1.95% (joint life)
- 4.Effective December 13, 2010, when will Sun Life be able to change the fee on the Sun Income Riser living benefit?
- A.
On any contract quarter at SLF’s discretion
- B.
On any contract anniversary at SLF’s discretion
- C.
On any calendar quarter at SLF’s discretion
- 5.Effective December 13, 2010, what will happen to the Sun Income Riser living benefit in New York?
- A.
The rider remains the current Sun Income Riser
- B.
The rider becomes Sun Income Riser III, including all changes
- C.
The rider will be discontinued and neither Sun Income Riser or Sun Income Riser III will be offered
- 6.What is the deferral bonus percentage for the Sun Income Maximizer living benefit?
- A.
5%
- B.
7%
- C.
8%
- 7.How long is the bonus period for the Sun Income Maximizer living benefit?
- A.
10 Years
- B.
10 years with a 10 year extension at each step up
- C.
The bonus continues for the life of the contract
- 8.When does the 200% Benefit Enhancement Feature occur on the Sun Income Maximizer living benefit?
- A.
10th contract anniversary
- B.
10th contract anniversary or contract anniversary after the client reaches age 70, whichever is later
- C.
10th contract anniversary or contract anniversary after the client reaches age 70, whichever is sooner
- 9.Which of the following is NOT true of a One-time Access Withdrawal taken using the One-time Access Withdrawal Feature on the Sun Income Maximizer living benefit?
- A.
8% bonus is credited for the year in which this withdrawal occurs
- B.
Does NOT end the bonus period or 200% benefit enhancement feature
- C.
Does NOT lock in withdrawal age tier
- 10.What is the maximum premium payment per contract year on or after the first Account Anniversary with the Sun Income Maximizer living benefit?
- A.
$50,000 (or IRA limit for qualified accounts)
- B.
$100,000 (or IRA limit for qualified accounts)
- C.
There is no limit
- 11.What are the withdrawal tiers on the Sun Income Maximizer living benefit?
- A.
4% at age 59-69, 5% at age 70-79, 6% at age 80 +
- B.
4% at age 59-64, 5% at age 65-79, 6% at age 80 +
- C.
3% at age 59-64, 4% at age 65-79, 5% at age 80 +
- 12.What differences apply to Sun Income Maximizer living benefit in New York?
- A.
Only Single Life benefits are allowed in New York
- B.
The deferral bonus percentage is 7%
- C.
The Sun Income Maximizer living benefit is not available in New York
- 13.Which of the following is NOT a designated fund available with the Sun Income Maximizer living benefit?
- A.
SC Ibbotson Conservative Fund
- B.
PIMCO Global Multi-Asset Portfolio
- C.
MFS Global Tactical Allocation Portfolio
- 14.Effective December 13, 2010, what will the fee for the Sun Income Maximizer Plus living benefit be?
- A.
1.10% (single life) or 1.30% (joint life)
- B.
1.25% (single life) or 1.45% (joint life)
- C.
1.75% (single life) or 1.95% (joint life)
- 15.What is the Plus Factor percentage for the Sun Income Maximizer Plus living benefit?
- A.
2.5%
- B.
3%
- C.
5%
- 16.Which of the following is true of the Plus Factor for the Sun Income Maximizer Plus living benefit?
- A.
It is added to the benefit base each contract anniversary after the client begins lifetime withdrawals
- B.
It is added to the withdrawal each contract anniversary after the client begins lifetime
- C.
It is added to the death benefit each contract anniversary after the client begins lifetime
- 17.Which of the following is true of the Plus Factor calculation for the Sun Income Maximizer Plus living benefit?
- A.
It is compounded quarterly
- B.
It is compounded annually
- C.
It does not compound
- 18.What are the withdrawal tiers on the Sun Income Maximizer Plus living benefit?
- A.
3% at age 59-64, 4% at age 65-79, 5% at age 80 +
- B.
4% at age 59-64, 5% at age 65-79, 6% at age 80 +
- C.
3% at age 59-69, 4% at age 70-79, 5% at age 80 +
- 19.What is the deferral bonus percentage for the Sun Income Maximizer Plus living benefit?
- A.
5%
- B.
7%
- C.
8%
- 20.Which of the following is true of the deferral bonus calculation for the Sun Income Maximizer Plus living benefit?
- A.
It compounds quarterly
- B.
It compounds annually
- C.
It is a simple interest calculation
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