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Unit 8 - Insurance Company Products (5Qs) - Coggle Diagram
Unit 8 - Insurance Company Products (5Qs)
Variable products of insurance companies
Annuities
Fixed Annuities
Variable Annuities :check:
Separate Account :check:
Guaranteed Death Benefit :check:
Assumed Interest Rate (AIR) :check:
2 phases :check:
Qualified: pre-tax, IRAs 403bs - fully taxable at withdrawals :check:
Non-qualified: after tax
Withdrawal: LIFO :check:
Life Insurance (family protection)
Variable Life Insurance :check:
Whole, term :check:
Annuity Purchase and Settlement options
Purchasing Annuities
Bonus Annuities :check:
Settlement Options
Taxation of Variable Annuities
Annuity Accumulation and Payout stages :
Random and Lump-Sum Withdrawals , Annuitization
1035 Exchange :check:
Qualified Annuities
100% taxable
No earnings then no taxation :check:
Non-qualified Annuities
Withdrawal before Annuitization
LIFO
Earnings come out first
Regulation of insurance products
Variable Annuity : State + SEC + FINRA
FINRA rules
Members' responsability regarding deferred variable annuities
specific suitability requirements , 36 months rule
IC act of 1940: policy loans, variable life insurance contract exchange , sales charge, refund provisions
Variable contracts of an insurance company
Fixed annuities: State insurance only :check: