Correspondence
Sent out 60 days before the policy anniversary date alerting a policy owner of their ability to purchase a permanent policy
What is "Term Anniversary Letter"
Owner
What is " Name , DOB, Last 4 of the SSN and AOR."
Type of dividend that earns 4%interest while in the policy
What is "Accumulated Dividends"
You would find the majority of notes and documentation here
What is "AWD"
Created when loan is requested on a Traditional or Universal policy
What is "FIXWITHDRAWAL"
Sent 25 days before the due date
What is "Billing Notice"
Servicing Adviser
What is "Adviser Code or last 4 digits of the SSN".
Allows Penn to automatically take premium payments from a clients checking account Available on 1st the 8th the 15th or 22nd of each month
What is "Penncheck"
Newer online tool that will eventually replace Account Access Center
What is "Insight"
Created when a policy owner requests to surrender their policy.
What is "SURRFORM"
Form used to facilitate changes on Traditional Policies
What is "576A- Policy Change Application:
Trust Owned
What is "Complete Tax ID& Address of Record."
Over funding of a whole life policy will cause it to be characterized as this
What is "Modified Endowment Contract" MEC
Used to verify a policy owner or adviser and provides the Death Benefit
What is "CFE"
Created when cost basis is needed for Traditional policies
What is "GAINCALC"
Sent once per year, it is meant to show the performance of the policy 1 year at a time.
What is "Annual Statement"
Collateral Assignee
What is "Name & Address of Assignee and last 4 of SSN of the owner"
Allows the policy owner to contribute funds in addition to the premium into a Traditional Whole life policy subject to an annual limit
What is: "Paid Up Additions Rider"
You go here to create a Concise Policy Summary
What is: Account Access Center"
Created when reinstatement requirements are needed on a Traditional Life Policy.
What is: "TradReinstat"
Used for in force policies to show the affect of a material change to the policy
What is "Illustration"
Power of Attorney, Guardian or Conservator
What is " Name , DOB, Last 4 of the SSN and AOR."
Allows the owner to contribute funds to their policy that will pay the premium and can run from 2 to 10 years
What is "Premium Deposit Fund" or PDF
Tool used by the advisers and the Home Office to create Illustrations on some of our products
What is "Life Solutions Illustrator"
Created for internal movement of money i.e. funds from one policy being used to pay for another policy
What is "Credit Processing"