Acronyms & Initialisms
This premium is commissionable.
What is CTP?
Under this rider, the policy will not lapse even when the AV<0, provided the accumulation with interest of premiums paid less withdrawals and policy debt equals or exceeds the accumulation with interest of MGPs.
What is DBPR?
An annuity is considered this if it is funded with money that has already been taxed?
What is non-qualified?
This mainframe screen contains a hodge-podge of sorts of information to help users view the most common characteristics about a policy.
What is the SUPR and/or SS1?
The three non-guaranteed index growth scenarios on annuity illustrations?
What are the High10, Low10, Recent10?
This annuity feature allows premiums meeting a minimum threshold to be transferred to a special account that automatically transfers 1/12 of this amount each month to the policy's allocated funds.
What is DCA?
Also known as traditional insurance, it provides permanent death benefit protection for the life of the insured.
What is whole life insurance?
What is the RMD?
Vantage uses this transaction code for dump-in premiums as opposed to flex/recurring premiums.
What is MA?
A set of illustrated values using the most conservative basis in the calculations of its projected values.
What is the guaranteed pass?
The cash accumulation component of a policy at the end of a policy, after the deduction of any applicable policy charges, surrender charges, withdrawals, outstanding policy loans, and interest.
What is CSV?
Is equal to the Face Amount plus the Accumulated Value.
What is DBO B?
The period of time before the date you elect, in writing, to exercise withdrawals under GLIR?
What is the accumulation period?
This mainframe screen allows the user from a menu of options to request a valuation of a policy's funds.
What is VALM?
Termination of an insurance policy due to insufficient Accumulated Value and/or Cash Surrender Value.
What is lapse?
Allows for the pre-payment of a portion of the insured's Death Benefit if the insured experiences a qualifying event covered under the rider.
What is an ABR?
This rider increases the total amount of Death Benefit protection on the policy without greatly increasing the cost.
What is APB?
The rate earned on the benefit calculation base.
What is a rollup rate?
If a policy's GLIR status is 'M' they have elected this option.
UI screens available for super users that help with debugging and validating illustration results.
What are quick views?
This FlexLife rider has different initialisms depending on the company code.
What is GIO and GIR?
For a level Death Benefit Option, this is the gap between the policy's CSV and the Death Benefit.
What is corridor?
This applies to amounts withdrawn in excess of any Free Withdrawal Amount, even if the applicable Withdrawal Charge Percentage is zero, for 10 years. It may be negative or positive. If interest rates have risen, it will likely decrease the
amount you receive due to a withdrawal. If interest rates have fallen, the MVA will likely increase the amount you receive due to a withdrawal. IT does not impact the Death Benefit.
What is MVA?
This screen allows you to see how much of the max annual GWP has been taken in a given payout year, and how much excess has been taken (if any).
What is RBPI?
Spreadsheet fed to Foresight containing rates.
What is the SSIS file?