Initial Premium
The LifeSys 07 screen for new business policies and the 23F screen for issued policies are useful for seeing if this has been applied.
What is the initial premium?
The initial premium draft comes back as NSF. You can accept a verbal request to draft again from these two caller types.
What is the agent or policy owner?
These are the only two caller types who can stop a double draft.
What is the policy owner and payor?
To determine if the owner can take a loan, you will need to verify that this value will still be met if a loan is taken.
What is the Minimum No Lapse Premium (MNLP)?
When partial surrenders become available to the policy owner.
What is after the first policy year?
This macro is used to set an initial premium task in LifeSys.
What is the "Ctrl +Y" macro?
This form is used for drafting premiums, bank changes, changing to monthly payments mode, etc.
What is the Pre-Authorized Check (PAC) Authorization Form?
If a policy owner chooses to stop the double draft but stay on a monthly draft, where do you send your notification email?
What is the Lead email box?
The two types of loans offered by F&G
What is fixed and variable loans?
Who are the two types of callers that can request a draft date change?
What is owners and payors?
We have written authorization to draft the initial premium but we need additional premium to issue the policy. Who can authorize this?
What is the agent or owner - depending on number of premiums?
The number of catch-up premiums that an owner, payor, agent/agent assistant, or agent upline can verbally request.
What is up to three (3) premiums?
Any time a monthly bank draft is returned as NSF, we will draft this number of premiums on the next month's regularly scheduled draft date.
What is two premiums?
When a loan payment is made, the payment is applied to the loan in this order.
What is interest, non-preferred portion, preferred portion?
What are three ways for a policy owner to request in writing a premium draft date change?
What is signed letter of instruction, Pre-Authorized Check form (PAC) for new business policies only, and NY Pre-Authorized Check form (PAC) for New York policies only?
The initial premium check comes back as NSF. You are able to run the check again but you'll need to fill out this template.
What is the Box Pull requests template?
If the policy owner selects the Initial Premium Option #1, what must happen BEFORE we will draft the initial premium?
What is Underwriting must approve the application?
If a client chooses to mail in a payment, we will NOT stop the double draft. The client must call in at least ______hours prior to the scheduled draft to make other arrangements.
What is 48 hours?
The two requirements for minimum loan payments.
What is minimum payment is $25.00 and must be sent in by the owner (can't be drafted).
A client CANNOT request an outgoing transfer/1035 exchange for an ___________ contract to a _________ contract.
What is an Annuity contract to a Life contract?
If the policyholder chooses Initial Premium Option #3, the policyholder or the agent will need to either call or submit this when it's time to draft.
What is a letter of instruction (LOI)?
The Planned Premium Change request cannot be processed if the requested premium does not meet the _______________ requirement for the policy?
What is the MNLP requirement?
This is how to explain that the PAC form does authorize double drafts.
What is "I agree that if any such debit is dishonored, the insurer has the right to debit my account the following month for the dishonored debt as well as the scheduled debit for that month."
Loan interest is charged daily and is due at the end of each policy year. If interest is NOT paid, what happens?
What is added to the loan and will bear interest at the same rate?
Partial surrenders reduce these two policy values.
What is the cash value and the face amount of the policy?