All Things New Business
This form is also known as the amendment form and must be signed before settling the policy.
What is Form 251?
These are the two billing modes currently offered by Equitable Life.
What are monthly pre-authorized payment and annual direct billing?
This platform allows advisors to manage contract delivery and track signing status.
What is EquiNet (Contract Delivery)?
This form must be completed to request a refund for overlapping premiums when replacing an inforce policy.
What is Form 1609?
This field in Ingenium shows whether commission has been released or reversed.
What is History Summary – Net Commission?
This payment method is available for monthly PAD payments and is triggered once all settling requirements are completed.
What is Payment at Time of Settle?
These two billing modes are no longer offered to new policies but are still honored for existing ones.
What are quarterly and semi-annual billing?
This is the maximum time signers have to complete the eDelivery process.
What is 45 calendar days?
Refunds for overlapping premiums are only issued if the overlap exceeds this number of calendar days.
What is 14 calendar days?
Commission is paid via this method and must meet a minimum of $5.00.
What is EFT (Electronic Funds Transfer)?
This column shows when the requirement was last marked as satisfied.
What is Final Disposition?
This form must be submitted with a VOID cheque or bank letter for monthly PAD setup.
What is Form 378 (Pre-authorized Debit)?
This document is required to be signed if there are missed questions or underwriting forms.
What is Form 251?
This is the timeframe within which Form 1609 must be submitted after the new policy is issued.
What is 30 days?
This placeholder code is used when an advisor’s contracting is not yet finalized.
What is an unallotted code (starts with 77)?
This form confirms the client’s banking information for monthly PAD payments.
What is Form 378?
This payment option is available for annual premiums of $2,500 or more and requires a signed authorization each year.
What is Annual PAD?
This action resets the 45-day signing window if the contract is reissued.
What is resending the eDelivery package?
If Form 1609 is received before the new policy is issued, this team must be notified once the case is settled.
What is the Life Admin team (via New Business)?
This system should be used instead of Ingenium to confirm actual commission paid for large cases.
What is FASAT (Activity Processed)?
This form is required for business policies and must include the Business Information Number for issue.
What is Form 594?
This payment method is only considered for inforce annual premiums over $20,000 when all other options are exhausted.
What is Wire Transfer or EFT?
This must be done if a signer declines the eDelivery package.
What is review the decline reason and reinitiate or close the case?
CSRs are instructed not to provide this when discussing internal replacements.
What are refund amounts?
If an advisor has a chargeback, new commissions are paid to this party until the debt is cleared.
What is the MGA?