Background
This is a legally binding agreement between two or more parties where they agree to an exchange
What is a Contract
This is the date when a Fixed Annuity is set to automatically annuitize based upon the contract parameters/state law
What is the Annuity Commencement Date
This feature allows a policy owner to make a one-time withdrawal or surrender from the policy and have the fees waived provided they have the necessary paperwork on file.
Living Needs Benefit Rider (LNBR)
** Double Jeopardy **
This type of money generally has a taxable portion and a non-taxable portion
What is Non-Qualified
Only reps with a Series 6 License will be able to assist with these policies?
What is 59 Variable Policies
This is a person(s) who will receive the proceeds of the annuity (if any) after the death of the owner/annuitant
Who is a Beneficiaries
Who can issue annuities
What is an Insurance Company
This is essentially the birth date of the policy
What is the Issue Date
What is a Surrender Charge
What is a penalty that the client would pay if they took out more money than they are allowed during the Surrender Charge Period
Change of Ownership is allowed on this type
What is Non-Qualified
** Double Jeopardy **
These policies begin with a 756 or 757 or 758?
What is GLIA or GFIA policies/Income policies
This is generally the licensed representative at the bank or broker deal who sold the annuity to the client
Who is the Financial Advisor
A promise to pay a specific rate for a specific period of time.
This happens every year exactly on the Issue Date
What is the Policy Anniversary
** Double Jeopardy **
This is the number of years that the client will receive an introductory rate
What is the Initial Guarantee Period (IGP)
Generally this is Pre-Tax Money
What is Qualified
Our Fixed Policies begin with these numbers
What is 52 or 53 or 77
This person controls the policy
Who is the Owner/Custodian/Trustee
This is a deposit of money that the client gives the Insurance Company to fund their annuity
What is Premium
This is the time frame during which the client has restrictions on the amount of money that they can withdraw
What is the Surrender Charge Period or CDSC Period
What is a Renewal Rate
What is after the Initial Guarantee Period (IGP) has ended the client will receive a new rate
This type does NOT allow owner changes
What is Qualified
R00 is what type of policy
What is AARP
** Double Jeopardy **
This person only receives a death benefit if ALL Primary Beneficiaries pre-decease the owner
Who is the Contingent Beneficiary
** Double Jeopardy **
When a Fixed Annuity has a set rate for the full duration of the policy life, this is referred to as what?
What "Rate for Term"
The Free Withdrawal Amount renews at what time of the year?
What is the Policy Year NOT the calendar year, Anniversary Date, or Issue Date
This feature, which must be added at the time of the application and cannot be canceled has 2 options for an owner to choose from that could benefit them in a favorable interest rate environment and has a maximum of (100Bps)
What is the Interest Opportunity Rider (IOR)
True or False - An IRA has a Cost Basis
False - Only Non-Qualified has a cost basis
These policy numbers are for Settlement Accounts or Annuitized Policies
What is 544
This is a living human(s) whose life triggers a claim to happen on a trust owned policy?
Who is the Annuitant/Grantor