Can a non-spouse beneficiary continue the income on a FlexChoice contract?
No
100
How long does a beneficiary have to disclaim a payment
Later of 9 months from the DOD or the beneficiary's 21st birthda
100
If a primary per capita beneficiary dies before the client, who gets the money
The contingent beneficiary
100
To change ownership from individual to custodial, what should be verified?
Tax market
200
What is the distribution code for a claim payment or distribution on a Stretch IRA or NQ?
4
200
When can the Enhanced GWB be cancelled?
Within 90 days of the 5th contract anniversary
200
If an application was electronic, what form must be on file in order to change the agent?
PAC
200
What two claim options will never be offered to the same beneficiary?
5 yr deferral and beneficiary continuation
200
Before changing custodial owners, what should be verified?
Whether the product is proprietary
300
What tax year can be mailed directly from Taxport?
The prior year only
300
What is the joint guarantee rate on the FlexChoice Expedite when the first withdrawal is taken after age 75, and auto-annuitization occurs at age 86?
3.25
300
An annuitant change requires all except which of the following?: name and address of new annt, SS#, DOB, blood type, gender, eye color. AND...What form is required?
Blood type, eye color. ANN-PSR
300
What living benefit rider/version does not continue under spousal continuation?
Single LWG
300
Name 3 circumstances that would allow an ownership change on qualified money
Custodial, death, Line of Business change
400
Name 3 types of transactions which trigger aggregation.
Partial Withdrawal, SWP, full surrender, taxable ownership change, collateral assignment
400
What 2 things would need to be true for a SWP to automatically increase?
1) A step-up occurred, 2) The SWP was set to the rider value and not just a dollar amount
400
For an owner to give ownership of an IRA to someone else, what legal document is needed? In addition, what is our required form?
QDRO or divorce decree, and PSR-Divorce
400
If a beneficiary died before the client we would pay the beneficiary's children if these words were beside his/her name
Per Stirpes
400
If a taxable ownership change is done and later the new owner takes a distribution, on what do they pay taxes?
The earnings that accrued after the ownership change
500
If an account has gain as well as pre and post-TEFRA cost basis, in what order is money distributed?
Pre-TEFRA cost basis, Gain, Post-TEFRA cost basis (OREO)
500
What states have unique versions of the Compounded Plus Death Benefit?
None
500
Who pays the taxes when a taxable ownership change is done on a non-qualified account?
Relinquishing owner
500
The act of turning unclaimed funds over to the state
Escheatment
500
What is a collateral assignment?
Temporary, taxable ownership change to provide collateral for a lien or lump sum payment.