Washington- Annuity Suitability

Total Hrs / Order Price
1-5 $15.95
6-17 $24.95
18-24 $39.95
25-50 $49.95
51+ $49.95 + $2.00 per
additional hour over 50

Pricing based on total number of
hours in order.

Approved For:

  • All Licenses

Credit Hours
4

Course Type
Online

DOI Number
625632

Publisher
FastrackCE, LLC

State
Washington

State
State CE Requirements

CE Course Description

Your course was built to provide you with quality continuing education for meeting Washington state CE Annuity Suitability 4-Hour requirements. This course focuses on the specialized area of Annuities with special attention to the various types of annuities and issues specific to states in the world of accumulation through annuities.

It highlights distribution opportunities and tax consequences for withdrawals that are a fundamental component of annuity accumulation programs. It explores the types of annuities - Fixed, Variable, and Indexed - due to the many types available in the marketplace.

The parties to an annuity are reviewed along with their rights and responsibilities. It looks closely at the provisions of fixed, variable, and indexed annuities; and how they affect consumers. Taxation of qualified and non-qualified annuities is dissected and illustrated. It reviews specific qualified tax-sheltered plans. The primary uses of annuities are also examined. This annuity training course includes information on the following topics:

  • Types of annuities: Deferred and Immediate;
  • Classifications of annuities: Fixed, Variable, and Indexed annuities;
  • Parties to an annuity: Insurer, Owner, Annuitant, Beneficiary;
  • Primary uses of annuities:
  • Contract provisions and payout options;
  • How fixed, variable, and indexed annuity contract provisions affect consumers;
  • The application of income taxation of qualified and nonqualified annuities;
  • Appropriate sales practices; Including a link to WAC 284-23-390.
  • Replacement of annuities; Including a link to WAC 284-23-410, 440.
  • Disclosure requirements. Including a link to WAC 284-23-485.

Besides the goal of fulfilling your special continuing education requirements, it is our hope that you will acquire a new and/or renewed level of competency and insight into this highly critical area of people’s financial future; that of saving and accumulating dollars for use in the future through annuities.

Whether you are a newer agent or a seasoned veteran, we’re confident that you will gain new insight into this critical area for Americans as well as sharpen your saw on current info and regulations pertinent to this area of your expertise.

Required CE Hours for Renewal

  • All licenses (except resident adjusters)

    • Complete a minimum of 24 approved credit hours for that license type per each two-year license term, including three hours of ethics continuing education training.
  • Resident Adjusters

    • Complete 24** hours of CE, including 3 hours of ethics training. Must be completed during each license renewal period of two years.

      **24 hours of CE goes into effect 7/1/2022

Special Training/Education Requirements (LTC, Flood, Ethics, others)

  • Long Term Care -LTC

    • Agents wishing to sell Long Term Care are required to take a one time only 8 hour Department of Insurance certified course
    • Each license term thereafter each agent must complete a 4 hour Long Term Care Partnership CE course that is approved by the department.
  • Flood Insurance Training

    • An insurance producer who sells flood insurance may satisfy the minimum training and education requirements by completing a 3-hour course related to the National Flood Insurance Program (NFIP).

How are Hours Reported

  • We will notify the Department of Insurance electronically completed hours within one business day. The licensee will also be rquired to self-report their completed hours to WAOIC. The licensee is required to print and keep the certificate of completion in their files for three years.

License Term

  • License term is every two years on the last day of the licensed agents birth date.

Course Type approved for Continuing Education

  • Online courses
  • Independent Self-study
  • Classroom Study

Final Exam

  • Non-Monitored Open Book Exam
  • Must answer at least 70% of the questions correct to pass.

Carryover CE Hours

  • CE credits may not be carried over from one term to the next.

Repeating Courses

  • Courses can not be repeated in a three year period.

Completion Certificates

  • Certificates of completion are available as soon as a course is completed with a passing grade. Certificates should be printed and kept on file for 3 years.

Non-residents (except for LTC)

  • Nonresident agents wanting to sell LTC products will have to complete the same courses as resident agents.

State of Washington, Office of Ins. Commissioner
Agents/Brokers Division

CE information (360) 725-7146 or (800) 725-7146
Renewal information (360) 725-7144
Fax (360) 586-2019
Email: licinfo@oic.wa.gov

Mailing Address:
State of Washington, Office of Ins. Commissioner
Agents/Brokers Division
P.O. Box 40255
Olympia, WA 98504-0255