Security/Compliance
Until the Salesforce issue is resolved, where should all NYLSECURED emails be sent from and what label must be included in the subject line when sending a secure email?
Outlook and [NYLSECURED]
For a FA, who receives the proceeds if the primary beneficiary predeceased the owner?
The contingent beneficiary (or the owner's estate if no contingent beneficiary exists).
Name one of the recent updates made to the Beneficiary Portal.
Where in rPay can you view DTCC Participant Codes to identify the associated firm?
Under Support > Participant Code
A green Pindrop indicator appears, but only one joint owner's phone number matches in rPay. What verification is required for the other owner?
High Verification
For a FA, if the primary beneficiary dies after the owner, who receives the proceeds?
The beneficiary's estate.
For a SPIA with joint annuitants, when is a claim payable?
After the death of both annuitants
Who should be emailed when a Reg 60 or Suitability box is checked? And who should be emailed for New Business NB?
Reg 60/SST- Carrie Mangus and Stanley Yen.
NB- Yvonne Phillips, Steve Gilliam, Hung Luu, and Chandrawatee Prasad.
When updating EFT information on a SPIA or recurring payment, are you required to read the NACHA script?
Yes
If there is no beneficiary listed on a fixed policy, who gets paid?
The owner's estate.
If someone from a funeral home calls to report a death and voluntarily provides updated beneficiary contact information, can you update rPay?
Yes. Anyone may report a death, and voluntarily provided beneficiary contact information may be documented or updated in rPay. However, beneficiary information must not be confirmed unless the caller is authorized and properly verified.
Can paper applications for Fixed Annuities still be accepted?
No. Effective July 1, applications must be submitted electronically or the case will be NIGO'd.
Is a green Pindrop indicator or High Verification required to opt a policy owner out of E-Delivery?
No. Neither is required.
For a FA, if there are joint owners and the surviving owner is also the beneficiary, who gets paid?
The surviving owner.
What option is now available when a caller requests a lump-sum claim on a SPIA?
We can obtain verbal approval using the OTP call script and assign the claim to the Claims Escalated Queue instead of requiring a letter.
What is required to cancel a New Business application after funds have been received?
A signed LOI from the owner or all joint owners directing where the funds should be returned.
If Letters of Testamentary are received without a visible court seal, what can we do?
We cannot process the claim, but we can clear the EOE and provide information over the phone.
If a trust owns a fixed policy and the annuitant, trustee, or grantor dies, what should you do?
Review the contract to determine when a claim is payable.
What information cannot be released to someone acting under a Small Estate Affidavit (SEA)?
Sensitive policy or contractual information, because the affiant does not have authority to request detailed policy information.
Can an EFT request be accepted if the bank account number contains letters?
Yes, as long as the GIACT check passes.