System Overview
The system where address, name and beneficiary changes can be made.
What is LifePro UI?
A withdrawal of less than the full cash surrender value of the contract.
What is a partial withdrawal?
An annuity where the owner is a trust. This is based on the answers on the trust acknowledgement and certification form.
What is an Annuity Trust?
Contract pays according to whose death occurs first: the annuitant or the non-annuitant owner.
What is the death benefit?
Healthcare, Financial or General
What is the types of POAs?
The system where we are able to route NIGO items for processing.
What is LDS?
10%
What is the penalty percentage for withdrawing prior to age 59 1/2?
An annuity that you pay into incrementally over time and that you defer receiving payments until a later time.
What is a Flexible Premium Deferred Annuity?
With this death option, the annuity can continue with the spouse.
What is a spousal continuation?
On the month following the 95th birthday of the annuitant.
What is the maturity date of annuities?
This system is used for processing death claims, RMDs and allocation changes.
What is LifePro Classic?
Funds that you have already paid taxes on.
What is Cost Basis?
An insurance contract funded by a lump sum payment, and payments will begin within 1 year of application.
What is a Single Premium Immediate Annuity?
Death claim is paid to the Estate.
What is the process if there is no beneficiaries listed, or all passed away before the account holder?
By April 1st following the year account holder reaches 72.
When is the required time to begin RMD withdrwals?
This is our document management system. Mail, whether it’s electronic or paper, is uploaded into the system, attached to the appropriate policy then work items are created in LDS to route the documents to be reviewed and actioned.
What is OnBase?
Adding an A and the end of the policy.
What is the process to identify a policy as annuitized?
Established with a single payment with monthly payments beginning within 3,5,7 or 10 years.
What is a Single Premium Deferred Annuity?
Payout is the only option to the beneficiary at time of death claim processing.
What is a death payout for a Life Only Annuity?
After a period of dormancy, unclaimed assets are turned over to the state.
What is Escheatment?
This is our administration platform. In this program, we can process all servicing transactions, generate correspondence, and can locate a recorded history of the transactions.
What is LifePro?
The annuity will automatically begin disbursing payments.
What is the maturity of an annuity?
The process of converting an annuity into a series of periodic income payments.
What is Annuitization or the Payout Phase?
This option allows for a tax-free exchange of certain insurance products.
What is the 1035 Exchange?
Set up in the system to automatically make transfers at chosen intervals.
What is systematic transfers?