TRANSACTION AUTHORITY
*** SPECIAL 500 ADDITIONAL Points****
This role is NOT allowed to add or change EFT on most policies unless it is their own in special cases
Who is an Authorized Third Party (ATP) / AOR only adding from a previous NYL TPD policy?
This is required before ANY contract changes can be made on a joint policy
What is agreement from both owners?
This color PinDrop always requires full High Verification for all parties
What is red or yellow PinDrop?
This script must be read verbatim when setting up or changing EFT
What is the NACHA script?
This policy type allows owners and POA to perform most OTP transactions
What are Individual Owned Policies?
This group is allowed to add or change EFT and requires a NACHA script to be read verbatim
Who are Owners or POA?
Joint owners calling individually have this level of access unless updating their own info
What is inquiry-only access?
When MFA equals this value, shortened security steps can be used
What is MFA = 1?
*** Special DOUBLE POINTS****
This script must be read when other that 0 or standard Fed T/W is requested if the form is not on file
What is the W4R script?
This policy requires trustees to act and limits most direct changes
What are Trust Owned Policies?
These policies require ALL financial transactions to be submitted in writing, with a Merrill Lynch exception
What are Custodian Owned Policies?
This is required when adding or changing a beneficiary on a joint policy
What is both owners being on the line together?
Even when MFA equals 1, this must still be verified if present
What is the policy password?
This type of disclosure must be read depending on the product involved
What are product-specific disclosures?
This policy type allows only primary owner (or POA) to make tax withholding changes
What are Joint Owned Policies?
This type of transaction always requires transaction authorization and reading of W4R and NACHA scripts
What is a Partial Withdrawal/PPW, Surrenders by EFT and updating Federal T/W?
This verification is NOT required when both owners are on the line and the phone is validated under both profiles with a green PinDrop
What is High Verification (HV)?
***SPECIAL DOUBLE THE POINTS ****
This situation requires full verification even if MFA equals 1
What is MFA = 1 with RED PinDrop?
This change cannot be completed over the phone and requires written submission
What is an advisor change?
*** SPECIAL DOUBLE POINTS***
This policy type requires authorized signors and what ppwk is required.
What are Corporate Owned Policies, Corporate Resolution?
This role can perform certain financial transactions only if they have transaction authority granted
Who is an ATP with transaction authority?
***SPECIAL DOUBLE POINTS***
If the phone number is not listed for either owner, this must be completed by both parties
What is High Verification (HV) for both owners?
These restrictions prevent withdrawals if address or EFT was updated within this timeframe
What is 30 days?
These annuity changes are NOT allowed over the phone for payees
What are payee changes on income annuities?
This policy type limits almost all changes and often requires annuitant-specific updates only
What are Factoring Company Policies?