System Overview
These three systems will be used on a daily basis.
What is LifePro, LDS & OnBase?
A withdrawal of less than the full cash surrender value of the contract.
What is a partial withdrawal?
An annuity where the owner is a trust. This is based on the answers on the trust acknowledgement and certification form.
What is an Annuity Trust?
Contract pays according to whose death occurs first: the annuitant or the non-annuitant owner.
What is the death benefit?
The phase before the payout phase.
What is the Accumulation Phase?
We use this system to create work items to be routed to other areas for servicing. Incoming mail will also create this work and be assigned to the appropriate users for processing. We also can run reports and see current volumes.
What is LDS?
This account is tied and invested in the market and do not have a guarantee interest rate?
An annuity that you pay into incrementally over time and that you defer receiving payments until a later time.
What is a Flexible Premium Deferred Annuity?
With this death option, the death claim is withdrawn, policy number will remain the same and the annuity continues in the person's name?
What is a spousal continuation?
The amount of money that MUST be withdrawn from an employer-sponsored plan, traditional IRA, SEP, Simple IRA as well as an annuity by owners of a qualified retirement plan.
What is an RMD?
This system is used for processing death claims, RMDs and allocation changes.
What is LifePro Classic?
The account holder is able to add monies to annuity over time.
What is a flexible premium?
An insurance contract funded by a lump sum payment, with modal payments beginning within 1 year of the contract.
What is a Single Premium Immediate Annuity?
Death claim is paid to the Estate.
What is the process if there is no beneficiaries listed, or all passed away before the account holder?
By April 1st following the year account holder reaches 72.
When is the required time to begin RMD withdrwals?
This is our document management system. Mail, whether it’s electronic or paper, is uploaded into the system, attached to the appropriate policy then work items are created in LDS to route the documents to be reviewed and actioned.
What is OnBase?
This account earns a guaranteed interest rate and isn't tied to, invested in the market.
What is a Fixed Account?
Established with a single payment, and modal payments do not begin until sometime between 3,5,7 or 10 years.
What is a Single Premium Deferred Annuity?
Payout is the only option to the beneficiary at time of death claim processing.
What is a death payout for a Life Only Annuity?
After a period of dormancy, unclaimed assets are turned over to the state.
What is Escheatment?
This is our administration platform. In this program, we can process all servicing transactions, generate correspondence, and can locate a recorded history of the transactions.
What is LifePro?
The annuity will annuitize on the month following the 95th birthday, and will begin disbursing payments.
What is the maturity age?
The process of converting an annuity into a series of periodic income payments.
What is Annuitization or the Payout Phase?
This option allows for a tax-free exchanges of certain insurance products.
What is the 1035 Exchange?
Set up in the system to automatically make transferred at chosen intervals.
What is systematic transfers?