Annuity Basics
A variable annuity value will do this daily
What is Fluctuate with market performance
The death benefit that provides the premiums less withdrawals is this
What is the Return of Premium
Authorization questions for policy owner when the policy owner is successfully authorized using the Voice Pass Bio system through the IVR
Caller needs to state name, you read the policy number back to the caller
IRA stands for this
Individual Retirement Account
What is Annuity Commencement Date
The process of spreading one's investments so as to minimize the risk of any one particular investment is known as
What is Diversification
The death benefit that captures the highest monthversary or anniversary value is this
What is the step up death benefit
Authorization when the Agent successfully authorizes through the ID Authorization in the IVR
Caller states their name, the owner's name and you read the policy number
When a NQ policy is transferred into another NQ policy it is called this
1035 Exchange
FPDA is acronym for this
What is Flex Premium Deferred Annuity
Earnings in an annuity are taxed as
What is Ordinary Income
The death benefit that has both the growth feature and the step up feature is this
What is the double enhanced death benefit
Back Office caller's have this kind of authorization
What is Information Only
Qualified policies are funded with this
What is Earned Income
LIFO is acronym for this
What is Last In First Out
This is the legal document required at the time of sale of a security
What is a prospectus
This death benefit rider provides a lump sum to offset the tax burden on the beneficiary
What is the taxpayer rider
The annuitant on a policy with this type of ownership is treated as the owner
What is custodian
The first RMD is due by this date after turning age 73
What is April 1st of the year following the year you turn 73
PMI is acronym for this
What is Post Mortem Interest
Companies are required to pay a surrender or partial withdrawal within this many days after it is processed
All policies will at minimum pay this to the beneficiary
What is the policy value
The annuitant on a policy with this type of ownership needs to confirm their relationship to the policy
What is a trust owned policy
What is April 1st
CDSD is acronym for this
What is Contingent Deferred Sales Charge