December 2010 Product Update Quiz

20 Questions | By Monahan | Last updated: Mar 21, 2022 | Total Attempts: 62

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Questions and Answers

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