Fixed
When the surrender charge renews at the same time as the interest rate
Coterminus
This variable annuity fee helps cover the insurance cost for a lifetime of income.
M&E (Mortality & Expense)
This fixed product is the only 7-digit account which is NOT legacy
Account for Keeps
If a product offers a fixed account, the interest rate will never be less than this.
MGIR (Minimum Guaranteed Interest Rate)
Non-qualified annuities are funded with what after-tax money?
Cost Basis
Market Value Adjustment
This is the term for extra protection a client can add to an account at issue.
Rider
This fixed annuity product is the only 10-digit Legacy product.
Target Maturity
What is the acronym for an annuity which requires all deposits to be made at issue?
SPDA (Single Premium Deferred Annuity)
This value is used to calculate the amount the client must withdraw each year after age 73
Fair Market Value / Actuarial Present Value
This is the process where the client chooses a new interest rate period when the original period ends.
Renewal Change
This fee is for managing each investment portfolio and is found in the prospectus
Portfolio (Net) Operating Expense
This group of products does not allow telephone withdrawals.
Legacy
What is it called when a client exchanges the value of an annuity for a guarantee of income?
Annuitization
What type of withdrawal is always free?
RMD (Required Minimum Distribution)
Fixed account statements are sent how often?
Annually (once a year)
How often are variable annuity statements sent?
Quarterly
When are the annual fees taken for variable Legacy accounts?
3rd Friday in August
What are two other ways to say "Deposits?"
Contributions, Premiums, Purchase Payments
When money is moved from one account to another in this manner, no tax form is generated.
Direct Transfer
The number of days varies from month to month
If a caller wants to change these, transfer the caller to Tier 2
Allocations / Funds / Portfolios / Investment Options
What word indicates that a form is for Legacy products?
Host (Converted)
What is the name of the date an annuity is expected to begin paying income, if the owner doesn't begin earlier or extend the date?
Maturity
Qualified and Roth accounts must be funded by what type of money?
Wages / Earned Income