What is the form for certain qualified or 403b loans
100
$50,000
What is the maximum loan per policy
100
20% withholding
What is the mandatory wihholding on 403bs payouts.
200
Interest only
What is an annuization option that pays out payout interest rates.
200
Meets RMD requirements
What is full annuitization, except SWI, SWC, or SWB
200
$1000
What is the minimum loan amount.
200
One
What is how many loans a policy can have at a time
200
Letter of acceptance
What is the form signed by the other company that confirms the tax plan and ownership of the contract money is moving to
300
The 3 choices at the end of interest only payout.
What is lump sum of the AV, renew interest payments, or choose another payout option.
300
Flexble annuity option rider J
What is annuitizing after one year and before year 6 for 10-30 years. The AV is less any bonus or interest earned on the bonus.
300
IRAs, ROTHS, Keoghs, SEPs, Converted ROTHS
What is tax types that cannot have a loan
300
It is taxable the year it is taken
What is a non-qualified loan
300
LIFO
What is how the IRS taxes single payments, repetitive withdrawals out of an annuity.
400
The default for the number of payments for a 10 year annual payment plan for the MasterDex 10
What is 11
400
Flexible annuity Option K
What is payments after 1 year of deferrral for periods less than 10 years for higher ages based on a table on the endorsement. Payments begun prior to the 5th year are based on AV less bonus and interest earned on bonus. Payments begun after the 5 year are on full AV
400
How a loan works on interest (non index) products
What is 7.4% advanced interest, and crediting back 6% on the outstanding loan balance for a net of 2%
400
Default
What is a loan on a 403b that falls 6 months behind in payments. The loan becomes taxable.
400
Confirm address
What is one of steps that must be done to meet the QA standards
500
Systematic Withdrawal Benefit
What is not an annuitzation option, pays out a percent of the AV annually and must take Systematic Withdrawal of Interest/Credits with it.
500
Periodic withholding
What is a method of tax withholding simialr to withholdings from wages. It is determined based on allowances and marital status. It is used for periodic payments
500
How a loan works on an index product
What is 8% advanced interest rate and the AV continues to earn as allocated as if the loan was never taken. The net is the difference between the loan rate and the earnings rate.
500
How cost basis is measured
What is the difference between the AV and the original premium.
500
An ID3 contracts surrender value is always correct in this system