What's that Word?
What's the Dif?
What Do I Get?
What Do I Do?
Where's it Found?
100
The date that a deferred annuity is expected to automatically annuitize
Maturity Date
100
Name 2 differences between SWP and Annuitization
1. SWP may be stopped/started/changed at any time 2. SWP runs out when the money does 3. Annuitization payments on NQ are part split cost basis/gain
100
Do our living benefit riders allow variable annuitization?
No
100
Name one thing that must be confirmed every time on every fund transfer, including those on Variable payout accounts?
The effective date of the transaction and the client's approval for the specific transaction
100
Beneficiary List
RGJ1
200
What do you call the calculation used to split payments into part cost basis and part gain?
Exclusion Ratio
200
Name 3 different Payout guarantee types
1. Life or Joint Life Only 2. Period Certain 3. Life or Joint with a Period 4. Life or Joint with Cash Refund 5. Joint Decreasing upon First Death
200
How do we know what fund options are available on a variable annuitization?
Check the fund transfer form or performance sheet for the product that was annuitized.
200
After Annuitization, name 2 things that can NOT be changed
1. Payment amount 2. Payment date 3. Guarantee
200
EFT Information
RIG2 for future information or RPG2 for existing payments
300
What does EVRPS call the guarantee type?
Benefit Descriptor
300
Name 4 differences between the LIG and GIB
1. GIB must choose commencement date at issue and may only change it up to 5 years on either side. 2. GIB must choose income option and frequency at issue and may not change them. 3. GIB must choose Cash Out Option at issue if the client wants the freedom to surrender the account. 4. GIB statements are annual, LIG are quarterly 5. GIB has Free Look provisions on subsequent deposits 6. LIG does not allow Joint Owners 7. GIB allows a partial annuitization with a full to follow. 8. LIG gives 3% interest on pre-commencement death claims.
300
Name 2 beneficiaries who may take a lump sum on a Payout contract that has a period guarantee?
1. Estate 2. Trust 3. Charity 4. State or other organization
300
If a broker or assistant calls on a payout contract with no agent listed, and no special MPCG rules apply, what can we do?
Conference the client or send an Agent Change or Third Party Authorization form
300
Tax withholding percentage or W-9 information
RIG1
400
Which payout product belongs to MPCG and is a variable immediate annuity?
PPIA
400
FlexChoice, LWG and GWB will automatically annuitize if the cash runs out and there is still a guaranteed Benefit Base. Name something that makes this different from a GMIB annuitization?
1.GMIB may be annuitized before the cash runs out, but annuitizing a contract with FlexChoice, LWG or GWB before the cash is depleted will terminate the rider. 2.GMIB has a deadline for annuitizing
400
Why might a 1099-R NOT be generated for a payout contract?
When a beneficiary continues payments on a NQ payout, we begin paying 100% cost basis until it is used up. For payout products, no 1099-R is generated if there is nothing taxable.
400
If a client wants to specify the method by which his beneficiaries will receive income when the client passes away, we will accept this form.
Controlled Payout
400
Payee address and SS# (very useful for beneficiary payments)
RIG1
500
MPCG agents are allowed to get information on one MPCG account if the agent is listed on another MPCG account for that client. What is this rule called?
Householding
500
What is the difference between doing a Fund Transfer to Fixed on a Deferred Annuity and on a Payout Annuity?
On a Payout Annuity, money may not be returned to the market once it is in the Fixed account.
500
Margie uses the GIB Cash Out option and Maynard uses the LIG Commutation. What does Margie get? What does Maynard get?
Margie gets the amount of premium she deposited. Maynard gets the commuted value of the future income he's not going to use.
500
What do I do if I get a call on a payout contract in a group tax market?
Handle it. Payout calls come to one phone line, and they generally operate in the same manner (pay a guaranteed amount for a guaranteed time) once annuitization occurs.
500
LIG Purchase Payments
PHI1
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