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VA Buzz Words
VA Guarantees
VA Companies
Why VAs?
Bernicke VAs
100
The acronym GWB stands for
What is Guaranteed Withdrawal Balance
100
This is the guarantee that agrees to pay the contract holder a certain amount per year.
What is income guarantee
100
The standard surrender period on a Jackson National variable annuity
What is 7 Years
100
A prospect has mentioned on numerous occassions they would feel more comfortable if a portion of their portfolio had guaranteed income. What may be a solution for this client?
What is a variable annuity
200
This is the period of time that assesses a penalty if a contract holder were to cash out their policy.
What is surrender period
200
The option related to Jackson National that allows 5% annual income rather than 4.75%
What is Income Upgrade
200
This company has the LifeGuard Freedom Flex DB product
What is Jackson National
200
This is the document drafted to justify establishing, amending, closing, additional contribuitions, etc. to a variable annuity.
What is Material Facts
300
Related to Jackson National, the following Acronym stands for what? GAWA
What is Guaranteed Annual Withdrawal Amount
300
When we have unique circumstances such as terminally ill clients, we may recommend adding an enhanced __________ guarantee
What is Death Benefit
300
Len has an AXA contract that he wants to annutize. What will Len be loosing in return.
What is DB guarantees
300
These are the negatives associated with variable annuties (name 2)
What is illiquidity in a down market, expensive, potential surrender periods.
300
This is the individual who reviews all of the VA paperwork before approval.
Who is Karlyn
400
The name of the investments that flucuate with the market within a variable annuity
What is sub-accounts
400
Bob Frapples has a Jackson National variable annuity with an Guaranteed Withdrawal Balance(GWB) that earns the higher of 6% simple interest or market value growth on his contract anniversary while he doesn't take income. If his current GWB is $100,000 and this contract anniversary his market value is at $105,500, what will his new GWB move up to and is it a market step-up or guaranteed step-up?
What is $106,000- Guaranteed Step-Up (100,000*1.06 vs. Market-Value of $105,500)
400
Variable annuities managed through Bernicke & Associates are part of which side of the business.
What is Direct Business/Triad
500
The process of converting an annuity investment into a series of periodic income payments.
What is annuitization
500
This is the Jackson National product frequently used that set allows for 5% annual withdrawals at age 65 and has a guaranteed death benefit
What is LifeGuard Freedom Flex DB w/ Income Upgrade
500
For some clients in unique circumstances such as terminal illness a VA may be benecifical due to this feature.
What is a death benefit with guaranteed growth.
500
Name 3 of the existing VAs that Benicke Clients may still have in their portfolio
What is JNL, Lincoln, AXA, Ohio, Hartford, John Hancock, Prudential, MetLife