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What topics must be covered by an annuity training course?
Annuity training (new 4-credit course) shall cover all topics 1 to 6, shall not present any marketing information or provide training on sales techniques, or provide specific information about a particular insurer's products. Additional topics may be offered in conjunction with and in addition to the topics in Public Act 266.
The 1-credit course must include instruction on appropriate standard of conduct, sales practices, replacement, and disclosure requirements under Chapter 41 of the Code.
- 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 income taxation of qualified and nonqualified annuities.
- The primary uses of annuities.
- Appropriate standard of conduct, sales practices, and replacement and disclosure requirements.