Description
This course offers information about annuities and appropriate sales practices, replacement, and disclosure requirements to comply with the NAIC BEST INTEREST STANDARDS OF CONDUCT in Iowa, Wisconsin, and Minnesota (MN 72A.2033). This course includes the required compliance on the following topics–the types of annuities and various classifications of annuities; identification of the parties to an annuity; how fixed, variable, and indexed annuity contract provisions affect consumers; the application of income taxation of qualified and nonqualified annuities; the primary uses of annuities; the appropriate standard of conduct, sales practices, replacement, and disclosure requirements; and the recognition of indicators that a prospective insured may lack the short-term memory or judgment to knowingly purchase an insurance product. Insurance agents from any state or Canadian province can gain Minnesota validation for required Best Interest Standards for annuity sales and Long-Term Care partnerships. Read this notice for more information on Minnesota’s requirement: https://mn.gov/commerce/licensing/list/insurance/annuity-best-interest.jsp
