Knowledge Articles
What is Resolution Services?
This should not be changed when only updating information for a beneficiary already on file.
What is the effective date?
For an address or beneficiary update over the phone, a yellow or red pin drop would require not only standard security but also this heightened version of security before making a change.
What is High Verification (HV)?
STANDARD SECURITY VERIFICATION: When this is added to a policy, it is a requirement for security and can also be used to replace the out of wallet question.
What is a password?
Under normal circumstances, NYL will not wire funds under this dollar amount unless an exception is made under rare circumstances.
What is $500,000?
This is currently the ONLY thing that can be updated or changed online on a trust-owned policy.
What is enrollment/unenrollment from eDelivery?
This resource should be checked any time we receive a call or request from a wholesaler.
What is the Internal Wholesaler Channel Map & Phone List Knowledge article?
The term for the guaranteed minimum interest rate that goes into effect AFTER the contract period expires.
What is the Secondary GMIR?
DEATH CLAIMS: If the money belongs to the beneficiaries and only reduces the claim amount, this is not considered one of these.
What is a true overpayment?
These 3 GIACT error codes can be overridden on a fixed or VA policy with a green pindrop ANI indicator.
What is ND00, ND02 and RT00?
When handling a decedent's estate, the authority to access policy information and manage estate assets depends on the legal documentation provided; these are the two most common forms of estate documentation.
What is Small Estate Affidavit (SEA) and Letters of Testamentary (LOT)?
Once live, this AI-powered tool will become the primary resource for getting answers quickly and consistently, replacing most of the day-to-day reliance on group chat for questions.
What is Agentforce?
Even when a caller reports a death, CSRs must not disclose this information unless the caller is an authorized party and properly verified.
What are beneficiary names, beneficiary details, or policy information?
JOINT-OWNED POLICIES: This is what needs to be added when processing any kind of withdrawal on a policy that has more than one owner, to ensure that the payment is addressed to all policy owners.
What is a special payee?
This must be read not only when adding or changing EFT/bank account information, but also any time a change in tax withholding would cause an impact to the net payment amount being sent via ACH.
What is the NACHA script?
The likelihood of this benefit having any meaning to a policy would be if the policy was with NYL for upwards of 20 years, and rates were historically low the entire time.
What is the non-forfeiture value?
The most up-to-date list of participants for this disbursement method, along with their participant code, can be found in rPay.
What is DTCC?
Based on leadership direction and to align with Fidelity's requirements, New York Life will use this date to determine the applicable rate for a free-look, rather than the date the LOI was received.
What is the Letter of Intent (LOI) signature date?
DEATH CLAIMS: On Life Income policies, these are the two scenarios where a lump sum authorization letter is not required to process a lump sum death claim.
What is when a policy is custodially owned or when the script is read over the phone?
This is where a call should be transferred if an advisor, advisor's assistant or back office representative calls in with questions about how to get appointed with NYL and they DO NOT work for Fidelity.
What is the Sales Desk?
When non-qualified deferred annuities issued by the same company in the same calendar year to the same policyholder are treated as one annuity contract, those policies are known to be part of this for tax purposes.
What is Tax Aggregation?
Connecticut currently suspended it's mandatory state withholding requirement through December 2027; NYL should not automatically withhold CT state taxes unless we receive this form.
What is a CT-W4P?
If a caller voluntarily provides contact information for a named beneficiary, representatives should take this action.
What is document or update the beneficiary information in rPay, as applicable?
REG 60: This document, once sent by us to the agent, can only be signed and dated and cannot be otherwise altered in any way.
What is the disclosure statement?
We need these 4 parts of a trust document in order to process a death claim where a trust is a beneficiary if no trust document is already on file.
What is the title page, signature page, trustee designation page and any trust amendments?