C&D $5K: violating a final cease and desist order costs up to $5,000 per act, or up to $55,000 if willful (§790.07).

Senior 60+ = 30: a policy bought at 60 or older has at least a 30-day free look (§10127.10).

Replace 30/3: a replacement policy has a 30-day free look, and the replacing insurer notifies the existing insurer within 3 working days (§10509.6).

Twist vs. churn: twisting is a misleading replacement, usually across companies; churning is a replacement inside the same company for commissions.

Suit 5y: annuity suitability and best interest records are kept 5 years (§10509.917, §10509.9207).

SPIA 59½: a single premium immediate annuity starts paying within 1 year of purchase. Its payments are exempt from the 10% additional tax that applies to deferred annuity withdrawals before 59½ (26 U.S.C. §72(q)(2)(I)).

Seven-pay: if premiums paid in the first 7 years exceed the net level premiums needed to pay up the policy in 7 years, it becomes a MEC (26 U.S.C. §7702A).

IRA 73/25: required minimum distributions generally start at 73; a missed RMD faces a 25% excise tax, cut to 10% if corrected in time.

1035 downhill: life to life, endowment, annuity or qualified LTC is allowed; annuity to life is not (26 U.S.C. §1035).

AML 5K/30/10K: report suspicious activity of $5,000 or more to FinCEN within 30 days of detection; cash over $10,000 goes on Form 8300 (31 CFR §1025.320, §1010.330).

CE 24/2/3: 24 hours every 2 years, including 3 hours of ethics (§1749.33).

STOLI is illegal; a legitimate life or viatical settlement of a policy bought with real insurable interest is not (§10113.1(w)).