Products
What does an Annuity contract provide the client?
A promise to pay a specific rate for a specific period of time.
True or False: Each beneficiary needs to send in their own claim packet?
True
What all is needed to clear a Trustee?
Trustee name verified by trust paperwork, Full name of the trust, full TIN and complete address
This case/application type means that we are going to receive money from another company to fund the policy with NYL?
What is a TOA without money
When does the Return of Premium Benefit take effect?
After the 2nd anniversary date for ages 0-85 & immediately for clients aged 86 – 90
When a Fixed Annuity has a set rate for the full duration of the policy life, this is referred to as what?
Rate for Term
This is a stipulation that should a beneficiary predecease the policy owner, the beneficiary’s portion of the inheritance goes to his/her children?
Per Stirpes
True or False: High Verification is needed for an agent to update a client’s address?
False – We do not do HV for Agents
True or False: crossing out a name on an application does not require it to be initialed
False - significant cross-outs require the owner to initial the changes.
True of False: the Living Needs Benefit Rider (LNBR) waives surrender charges for partial withdrawals and systematic payments?
False – it only applies to Partial or One-time Withdrawals
The Free Withdrawal Amount renews at what time of the year?
Anniversary Date or Issue Date
What is a Letter of Testamentary?
Court issued documents that grants legal authority to act as executor/executrix of a will and estate.
True or False – If an Owner cannot answer any Out-of-Wallet questions, we cannot provide them with any policy details?
False – we can give them basic information, but we cannot process any non-financial or financial transactions.
How many days does the client have to get us the money for their App w/o Money
What documentation is required for the terminal disability rider to be accepted?
A letter from the primary physician stating the policyowner has a life expectancy of 12 months or less.
This is the minimum amount a client can have in their account.
This is a form that gives the policyowner the ability to choose how the beneficiary(s) will receive their death benefit?
Predetermined Death Benefit Form
If no back-office code is provided, what information do we need to clear security with a back-office representative?
The policy owner’s name, current or original writing agent’s name and the last 4 of their SSN.
For a Regulation 60 application, the existing carrier has how many days to send NYL the calculations?
What is 20 Calendar Days
True or False: The client can add additional funds to their Fixed Annuity after its been issued?
False: They cannot add additional funds to their Fixed Account.
True or False: an IRA has a Cost Basis?
False – Only Non-Qualified policies have a cost basis
What documents are needed for a Funeral Home Assignment?
Beneficiary(ies) claim form(s), Funeral Home Assignment, Itemized bill from the funeral home and a copy of the Death Certificate.
True or false: if a password is on a policy, we still have to ask an Out of Wallet question?
False – the password replaces the out of wallet question.
What is 60 calendar days