2. Secure Savings Knowledge Check

The Secure Savings & Secure Savings Elite are what type of Annuities?

What does MYGA stand for?

Multi Year Gifted Annuity

Many Year Guaranteed Annuity

My Young Grandmother's Annuity

Multi Year Guaranteed Annuity

What are some of the advantages to purchasing a Secure Savings MYGA?

Fill in the blanks: MYGA Interest is ____________ and _____________ daily.

Select the correct graphic for issue age range on the Secure Savings Series.

Option 1

Option 2

Option 3

The minimum and maximum premiums for a Secure Savings MYGA are $_______ and $_______.

Which income options are available for BOTH Secure Savings AND Secure Savings Elite?

The death benefit on both Secure Savings Elite & Secure Savings is based on cash value.

True

False

Select all that are CORRECT about the Penalty Free Withdrawal Rider

May be taken from month 1+ or within the 1st policy year

May be purchased on Secure Savings Elite

May be taken from month 13+ or beginning the 2nd policy year

5%of the account value (AV)

Select the CORRECT statement about the Accumulated Interest Rider

Select all that are CORRECT about the Required Minimum Distribution Rider.

Only available Qualified Funded accounts

There is a penalty if it is MORE than the Penalty Free Withdrawal amount

Must be purchased on all accounts

May be taken in the 1st policy year (after day 30)

Mulitiple riders may be used on the Secure Savings Elite product penalty free, if purchased first & used at the same time

True

False

All of the following Death Benefit options can be chosen for BOTH Secure Savings and Secure Savings Elite EXCEPT for:

What is the name of the penalty fee applied to an account if you cancel before the guarantee period or withdraw an amount that exceeds the free withdrawal amount?

Select all that are TRUE regarding Market Value Adjustments

Automatically applied upon any excess withdrawal

Applies during the 30-day free-look period

May increase or decrease surrender charges

Is part of the overall account value

What is SILAC's minimum guaranteed interest upon renewal for our MYGA products

.50%

What are the requirements to qualify for Spousal Continuation

Must be legally married spouses

Must be joint owner

Must be sole primary beneficiary

Must be sole contingent beneficiary

If the Owner doesn't inform SILAC if they want to renew their contract at the end of the Guaranteed Period, what will SILAC automatically do?

Keep the money, go to Vegas

Renew their contract

Annuitize for Period Certain 20 years

Payout lumpsum

The penalty fees on MYGA will decrease each year but will reset upon renewal of the contract back to their original fee %'s.

True

False

2. Secure Savings Knowledge Check

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