1.
On a deferred annuity policy, the period of time where the value is growing through a combination of premium payments and/or interest earnings.
2.
be "appointed" to sell a specific company's products
3.
the person whose age is used to determine the amount of annuity income
4.
The person who ultimately is to benefit from an investment held in someone else’s name
5.
A legal binding agreement between two or more parties
6.
Payment from the annuitant/owner to establish value into an annuity contract
7.
portion (including all or none) of a policy owner's account balance that has already been taxed
8.
The amount defined in the contract as the benefit payable to the beneficiary upon death
9.
the property of a deceased individual
10.
A portion of a variable annuity that pays a stated rate of interest and guarantees the principal
11.
The assets of the company available for the payment of obligations arising from the normal course of business
12.
Paperwork is received is clean, all NIGO items are resolved. Case is ready to process or issue
13.
The date on which the current interest rate expires, and a new rate becomes effective
14.
Refers to the monthly anniversary of the "day" of issue for a Policy
15.
a legal term specifying that proceeds are to be distributed to a beneficiary's descendants in the event they are not living at the time the death claim becomes payable
16.
The person or party who owns an individual policy; often, this person is also the annuitant or person whose life is insured
17.
The basic amount of investment, exclusive of earnings
18.
Meaning "tax qualified"; designating a plan or policy in which contributions received preferential tax treatment and used "before tax" dollars
19.
this account is where the assets held for the benefit of Variable Annuity contract holders that are not available to the insurance company for meeting obligations arising from the normal course of business
20.
an agreement under which a trustee (or trustees) holds and administers property for the benefit of another or others
21.
The interest rate used to determine the first variable income payment for annuitization
22.
The process of beginning to take periodic annuity payments from a previously deferred annuity contract
23.
the transfer of all or part of the rights to an annuity contract to another party or institution. Payout Annuity contracts cannot be assigned
24.
A method for calculating interest whereby the contract owner earns interest on principal plus interest on interest
25.
a __________ statement is a document sent any time variable annuity activity affects the number of units held in the contract
26.
An automatic payment method whereby the policy owner provides an account number, and authorizes the insurer to transmit periodic payments to this account.
27.
Used to determine what percentage of annuity payments (from an immediate or supplemental annuity contract) have already been taxed and can thus be "excluded" from reportable income
28.
Tax Equity and Fiscal Responsibility Act, effective August 14, 1982. TEFRA redefined the accounting treatment of non-qualified deferred annuities
29.
The direct movement of IRA funds between two different issuers or custodians
