Maine- Annuities

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:

  • Annuity Training

Credit Hours
4

Course Type
Online

DOI Number
23643

Publisher
Paul Winn

State
Maine

State
State CE Requirements

CE Course Description

Annuities examines the annuity concept and explains what an annuity is and how it works. The mechanics of the accumulation and annuitization (payout) phases of an annuity are examined and sample calculations are discussed. An explanation of settlement options and their appropriate uses are covered.

The course also discusses annuity taxation. Federal income tax treatment of premature withdrawals, lump-sum distributions and periodic payments is considered. It introduces students to the various types of annuity contracts available and compares them with respect to client suitability, with particular emphasis on variable and fixed annuities. Both product types are discussed in terms of single vs. periodic premium, immediate vs. deferred, qualified vs. non-qualified, and settlement options.

Required CE Hours for Renewal in Maine

  • All Licenses

    • 24 hours of CE credits each renewal period, out of the 24 hours 3 hours must be ethics.

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 Hours are Reported

  • CE completions are submitted electronically the next business day after a passing completion is acquired.

License Term

  • The term of the license is every 2 years from the date of agents birth month and year.
  • If agents birth year is an even numbered year then the license is to be renewed every even numbered year. If agents birth year is an odd numbered year then the license is to be renewed every odd numbered year.

Course Type approved for Continuing Education

  • Online courses
  • Independent Self-study
  • Classroom Study

Final Exam

  • Final exams need not be monitored.
  • Final exams are open book.
  • A passing grade of at least 70% required to pass the course.

Carryover CE Hours

  • CE credits may NOT be carried over from one term to another.

Repeating Courses

  • Courses may NOT be taken for credit more than once in each renewal 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.

Exemptions

  • Agents who have had their license for less than a year.
  • Nonresident agents who are in good standing in their home state.

Maine Bureau of Insurance


Maine Toll Free Phone: 800-300-5000
Phone: 207-624-8475
Fax: 207-624-8599
Email: Insurance.PFR@maine.gov

Mailing Address:
Maine Bureau of Insurance
Department of Professional & Financial Regulation
Bureau of Insurance
#34 State House Station
Augusta, ME 04333-0034

Web site: Maine Bureau of Insurance