Across
- 7. Total amount the contract currently holds Premium + Bonus + Interest - fees (not Surrender Charges) - withdrawals.
- 8. Individual who receives the payments upon annuitization.
- 10. Person(s) or entity named to receive the proceeds from the annuity upon the annuitant's death.
- 12. ___s are third parties that contract with insurance companies to distribute, recruit producers and market an insurance company's products.
- 15. Time that allows the customer to "look" at the plan for free up to 10-30 days depending on several factors including company, age of owner (state specific), replacement status, and tax qualification.
- 16. When a Bank or Broker Dealer agrees to gather the information required to make a suitability decision prior to submitting the application to the company, releasing the company from this obligation.
- 17. An added benefit which offers an Enhanced Death Benefit guaranteed to grow daily at a fixed compound annual rate, regardless of what happens in the markets.
- 19. Qualified account set up at a financial institution that allows an individual to save for retirement with tax-free growth or on a tax-deferred basis.
- 20. Determining if an annuity contract is appropriate in terms of the owner's willingness and ability to take on a certain level of risk.
- 21. Optional benefit that allows the owner to activate a guaranteed income stream for life while retaining access to the accumulated value.
Down
- 1. A hypothetical projection of a chosen product based on the client's age, policy funding, and past strategy performance, may be used as a marketing tool to sell and promote products.
- 2. Amount in cash a contract owner is entitled to collect upon terminating an annuity contract prior to maturity or death. Also known as Surrender Value or Cash Surrender Value.
- 3. Arrangement whereby one person agrees to hold property for the benefit of another, may be revocable or irrevocable, may be living or testamentary.
- 4. ____ ____s are financial institutions registered to allow for the sale of securities products by Financial Industry national Regulatory Authority (FINRA). FINRA registered Producers therefore can sell products with exposure to market fluctuations.
- 5. An ________ period is the time between the first premium payment and when the payout begins.
- 6. Transfer of funds from one qualified plan to another, deferring any tax consequences.
- 7. Period of time where the annuitant is receiving a series of periodic income payments.
- 9. Only a portion of the accumulated value is taxable, because some of the funds have already been taxed.
- 11. The entire value of the contract (premium and interest) is from "pre-tax" funds and therefore taxable upon distribution.
- 13. Person who sold, initiated, or "wrote" the annuity contract between the owner and the company, a required role.
- 14. A _____ annuity product which earns a set, guaranteed rate of interest while guaranteeing the principal investment
- 18. All applications or active contracts owned by this owner or the owner's spouse/domestic partner as determined by state law.
- 22. Occurs when a new policy or contract is purchased and in connection with the sale, an existing policy with the same company is surrendered, forfeited, lapsed, or otherwise terminated.