Technology & Digital Tools Flashcards
7 cards from real RAA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Technology & Digital Tools flashcards as text
Which type of software is most commonly used by annuity advisors to model future income streams under varying interest rate scenarios?
Answer: Financial planning and illustration software
Financial planning and illustration software allows advisors to project annuity income streams under multiple interest rate and market scenarios.
An advisor uses a robo-advisor platform integrated with annuity products. What key regulatory consideration applies to client suitability determinations made by this platform?
Answer: The advisor retains responsibility for ensuring suitability even when using automated tools
Advisors remain responsible for suitability determinations regardless of whether automated or algorithmic tools assist in the process.
What does 'straight-through processing' (STP) mean in the context of annuity applications?
Answer: Automated end-to-end processing of applications without manual intervention
Straight-through processing automates the entire annuity application workflow from submission to policy issuance without manual steps.
When an annuity advisor sends a client's personal financial data via email, which security practice is most important?
Answer: Encrypting the email or using a secure client portal
Encrypting emails or using a secure portal protects sensitive client financial data from unauthorized interception.
A client wants to access their annuity account statements digitally at any time. Which solution best meets this need?
Answer: A secure online account portal with 24/7 access
Secure online portals provide clients with on-demand, 24/7 access to their annuity account information and statements.
Which feature of modern CRM systems is most valuable for annuity advisors managing large client books of business?
Answer: Automated reminders for policy anniversaries and renewal dates
Automated reminders for policy anniversaries and renewals help advisors proactively reach out to clients at critical contract milestones.
What is the primary purpose of an annuity carrier's API integration with an advisor's financial planning software?
Answer: To enable real-time product data, rates, and illustration updates within the advisor's tools
API integration allows annuity carriers to push current product data, rates, and illustrations directly into the advisor's software in real time.