Fixed
This is essentially the birth date of the policy
What is the Issue Date
The GLWB can grow for this long on Legacy Clear Income
10 Years
This policy type has the payments start immediately and pay only for a chosen period
What is Guaranteed Period Income Annuity
Do we currently sell AARP policies?
No - We stopped selling them in 2019 but we will continue to service them
What is needed to clear a Trustee?
Trustee Name verified by trust paperwork, Full Name of Trust, Full TIN and Full Address
True or False - Each beneficiary needs to send in their own claim forms
True
This is a tax-free exchange of an existing non-qualified annuity contract or life insurance contract for a new non-qualified contract?
1035 Exchange
This type does NOT allow owner changes
What is Qualified
True or False: The client can change the annuitant up to 8 times on Advantage?
False - They can change it up to 9 times
There is never a death claim to be paid when this option is chosen
What is Life Only
Where do go to calculate how much a client has received so far in payments?
Policy History then Export to Excel
What is the security check for and Executor of the Estate (EOE)?
What is the Decedent's Information - Name, Full Address, DOB and Last 4 of SSN
What state has the shortest dormancy period before funds are considered unclaimed?
North Dakota
You receive an address change request that is signed by an Authorized Third Party, is this something the Third Party can request and sign for?
An Authorized Third Party is not permitted to change an owner’s address.
This is the time frame during which the client has restrictions on the amount of money that they can withdraw
What is the Surrender Charge Period
*** DOUBLE JEOPARDY ***
What is the annual increase amount that is compounded and added to the Income Base?
What is 5%
This person is responsible for paying the taxes on the policy
What is the Owner
True or False - We can change benes over the phone for AARP policies?
True - Just like a FDA
This is where we verify Chase Agents Standard ID's
What is Middleware
What is Escheatment
The process of identifying customer accounts that are considered abandoned
The only GIACT code you can NEVER override?
RT04
The Free Withdrawal Amount is renewed on what type of year?
What is the Policy Year NOT the calendar year
Where do we quote to add or remove an annuitant?
GLWB Tab
** Double Jeopardy **
This Income Annuity offers a 3 month payment acceleration
What is Guaranteed Period Income Annuity
** Double Jeopardy **
Does AARP has online access to view their policy?
No - We do not have any online access for AARP policies
True or False? An Agent can extend maturity over the phone for a client?
False - Only Owner/POA's can extend maturity
** Double Jeopardy **
True or False - A spouse can elect for Spousal Continuance if its been more than 1 year since owners passing
True - There is no time limit for a spouse to continue the policy
Which are the exceptions to make a partial withdrawal request and processed over the phone?
1035 Exchanges, Transfer and Direct rollovers
** Double Jeopardy **
This type of money generally has a taxable portion and a non-taxable portion
What is Non-Qualified
This product type offer deferral credits
What is Clear Income Advantage
True or False - If a payment date is accelerated the payment amount will decrease?
True - The payment will decrease
Can AARP Income policies be surrendered?
No
*** DOUBLE JEOPARDY ***
What 3 firms change their back office codes monthly?
Fidelity, Chase and US Bank
What documents are needed for a Funeral Home Assignment
Beneficiary claims form, Funeral Home Assignment, Itemized bill from Funeral Home and copy of death certificate
** Double Jeopardy **
True or False? If the owner requests to have their RMD go out as a QCD (Qualified Charitable Distribution) the charity will receive the 1099R?
False - The owner will receive the 1099R