Florida 2-15 Life, Health and Variable Annuity AgentFlorida Laws and Regulations Specific to Life Insurance and AnnuitiesMedium
A Florida licensed agent is explaining the features of a variable annuity to a prospective client. The client asks about the minimum age for a minor to be designated as an annuitant on a variable annuity contract. According to Florida law, what is the minimum age?
- A15 years old
- B18 years old
- CThere is no minimum age; a minor can be designated as an annuitant.
- D10 years old
Show answer & explanationAnswer & explanation
Correct answer: C. There is no minimum age; a minor can be designated as an annuitant.
Florida law does not specify a minimum age for a minor to be designated as an annuitant on a variable annuity contract. While a minor cannot legally execute the contract, they can be named as the annuitant, with a guardian typically managing the account.
Why the other options are wrong
- A. This is incorrect; Florida law does not set a minimum age for an annuitant.
- B. This is the age of majority, but not a minimum age for an annuitant.
- D. This is incorrect; Florida law does not set a minimum age for an annuitant.
Minor as Annuitant (Florida)
In Florida, there is no minimum age requirement for a minor to be designated as an annuitant on a variable annuity contract, though a legal guardian would need to manage the contract.
- No minimum age specified by Florida law
- Minor can be named annuitant
- Guardian typically manages the contract
Memory trick: Annuitant Age: A 'baby' can be named, but an adult 'signs' for the money.