GWB
The amount the client may withdraw each year is called…
ABP (Annual Benefit Payment)
Unlike the GWB and LWG, the GMAB does not have this.
Annual Benefit Payment
What happens to the LWG if a withdrawal is taken before age 59 ½?
It loses the lifetime benefit and pays only the RGWA
If the cash value reaches $0 due to market performance, this provision says we won’t cancel the contract.
No lapse guarantee
This type of product has quarterly statements.
Variable
The GWB (Ib), II and III allow cancellation when?
Within 90 days after the 5th anniversary
What happens on the 10th anniversary?
A Step Up will occur. If cash value is lower than the GAA, we’ll raise it.
At what time could a GPA be applied to the LWG I and II?
When the LWG is cancelled after the 15th anniversary
What happens if the client annuitizes or the annuity matures?
The GWB, GMAB or LWG will terminate
This type of product has no fees or income riders.
Fixed
When adding new deposits to GWA for the GWB I and Ib, we include a bonus of what percentage?
5%
When may a step-up be done for the GMAB (PGR)?
Each anniversary (form required)
The LWG will pay for the lives of the client and spouse only if what was chosen at issue?
Joint Life version
Which of these riders is not RMD Friendly?
GMAB, GWB III
This type of product often has coterminous interest and surrender periods.
Fixed
Which version of the GWB allows annual reset?
GWB (Ib) issued after 7/16/2007
What can a spouse NOT do after continuing a contract with GMAB?
Cancel the rider
Name two things that could raise the LWG value.
Deposits, Auto-reset, Compounding
If a rider fee is taken annually, on which value is it based?
The rider value
This type of product might have a Market Value Adjustment for early withdrawals.
Fixed
An automatic reset on the GWB might cause what to be reduced?
ABP (Annual Benefit Payment)
The GMAB (PGR) fee is taken in what manner?
Daily from the variable funds
When does compounding stop for the LWG II?
10th anniversary or 2nd withdrawal
What does a step-up do?
It raises the rider value to equal the anniversary cash value
This type of product has an M&E.
Variable