DTCC Processing
DTCC stands for
Depository Trust & Clearing Corporation
Person(s) or entity named to receive the proceeds from the annuity upon the annuitant's death* May be one or more than one individual, a Trust, Pension Plan, or Corporation* Designated by the owner, and can be changed at any time
Beneficiary
What are the first 3 Steps to deciding if application can be worked on Docupace?
*Signed
*Dated
*Indexed
To manually key in an application, what confirmation number HAS to be entered?
Vendor Confirmation Number will HAVE to be entered
What is Income Rider
Optional benefit that allows the owner to activate a guaranteed income stream for life while retaining access to the accumulated value
Producer Signature - The producer can sign before the owner if the signatures are within....
5 business days of each other for ALL forms.
*This applies to both paper and electronic applications.
What to do if a contract will need to be terminated and it is in Unsubmitted Status?
An email will need to be sent to NB Processing with a request to cancel.
What is it called if the household contracts exceed over 2 million?
Large Case
All requirements must be professional and should not include....
unknown acronyms and/or inappropriate language/tone.
What is Non-Qualified:
Only a portion of the accumulated value is taxable, because some of the funds have already been taxed.*Only the interest is taxed
How to Identify a DTCC Application was submitted on order entry platform:
Form Name will be “DTCC Application”
*Paper applications has EBIX Confirmation Number stamp on top right of the first page of the paper app
What to do if a Death Benefit Rider form requirement opened up unexpectedly?
Send to Elevated Review to have it satisfied.
If the processor reruns rules and the requirement is not cleared, they need to do what?
reach out to ASNB.
What must be Clicked, to add the requirement?
Submit
What is 1035 Exchange
A tax free transfer of an existing annuity or life insurance policy. It allows the policy holder to trade in an old policy for a new one without additional taxes.
The DTCC App is considered the,...
source of truth
How long cam an application prolong before it is considered abandoned?
6 months
If "Failed to Contact Third Party" requirement has opened....
Resubmit to Rules.
If there are duplicate open requirements
Satisfy the duplicates.
* When adding a new manual requirement, multiple copies can generate. If we haven't met the requirements, be sure to leave one open.
What is Roth IRA
A retirement account where the client pays taxes on the money they contribute, however all future withdrawals from the account are tax free (
All clients, premium amount, allocations, plan type, cover letters/paperwork must be exactly the same, to determine what?
A Duplicate Contract
What to do if a contract needs to be reopened,
email NewBusinessProcessing@athene.com
If a NB Processor identifies a Compliance Hold on any of the client’s contract(s), the NB Processor will do what, to report that the client has a hold and/or Restriction on file.
Add Request Work Item
What to do if a Manual Requirement is not able to be satisfied in Appian?
Send to Elevated Review to have it satisfied.
What is a 403(b) plan
A tax-advantaged retirement savings plan designed for employees of certain organizations, primarily...