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[DOC File]NAIC BLANKS (E) WORKING GROUP
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Column 2 – Type of Guaranteed Benefit . For purposes of this supplement, a Guaranteed Death Benefit is defined in accordance with the term “Guaranteed Minimum Death Benefit” in VM-21, and a Guaranteed Living Benefit (GLB) is defined in accordance with the term “Variable Annuity Guaranteed Living Benefits” in VM-01. “Type” shall include a summary description of the type of benefit ...
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[DOCX File]Payout Annuity recommendation fully implemented ...
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Payout Annuity recommendation fully implemented – guaranteed option selected by client. Hello , Include the insurer and some basic details on what the client purchased. Additional information is available in the contract and is referenced elsewhere in this letter. Payout Annuity . SunFlex Retirement Income
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[DOC File]annuity disclosure
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(15) Illustrations based on non-guaranteed credited interest and non-guaranteed annuity income rates shall contain equally prominent comparisons to guaranteed credited interest and guaranteed annuity income rates, caps or spreads for fixed indexed annuities; (16) The annuity income rate illustrated shall not be greater than the current annuity income rate unless the contract guarantees are in ...
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[DOC File]Annuity Myths: Things Everybody Knows About Annuities
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If the planning goal is to produce the highest income for life, the variable annuity may well outperform the fund portfolio, even in the absence of a guaranteed living benefit and even when income is taken via partial withdrawals, provided that the combined accumulation and income periods are greater than about 40 years. The longer the accumulation period and/or the income period, the better ...
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[DOC File]Annuities – An Actuarial Briefing Document
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An annuity provides regular income payments from an insurance company in return for a single up front payment. This allows the pensioner to continue to enjoy a guaranteed income from their accumulated pension savings without the risk of running out of capital in old age. An income drawdown plan comprises an investment fund from which pension payments are drawn. This provides greater ...
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[DOCX File]VM-21: Requirements for Principle-Based Reserves for ...
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Current VAGLBs include Guaranteed Minimum Accumulation Benefits, Guaranteed Minimum Income Benefits, Guaranteed Minimum Withdrawal Benefits, Guaranteed Lifetime Withdrawal Benefits and Guaranteed Payout Annuity Floors. These requirements will be applied to future variations on these designs and to new guarantee designs.
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[DOCX File]VM-01: Definitions for Terms in Requirements
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The term “guaranteed payout annuity floor” (GPAF) means a provision in an immediate annuity contract that guarantees that one or more of a series of periodic payments under the annuity will not be less than a specified minimum amount that could be greater than the amount that would otherwise to available in the absence of such benefit. The term “industry basic table” means an NAIC ...
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[DOCX File]VM-01: Definitions for Terms in Requirements
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The term “guaranteed payout annuity floor” (GPAF) means a provision in an immediate annuity contract that guarantees that one or more of a series of periodic payments under the annuity will not be less than a specified minimum amount that could be greater than the amount that would otherwise to available in the absence of such benefit. The term “industry basic table” means an NAIC ...
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Life Insurers: Individual Fixed and/or Variable Deferred ...
2020-10-06 · An expense loading is not applied to the guaranteed annuity purchase rates for all annuity payout options other than the lump sum option. For contracts without cash surrender benefits, the present value of any paid-up annuity benefit prior to maturity (i.e. not later than the anniversary of the contract next following the annuitant’s seventieth birthday or the tenth anniversary if later ...
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[DOCX File]VM-21: Requirements for Principle-Based Reserves for ...
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The contract is treated as if surrendered at an amount equal to the statutory reserve that would be required at such time for a fixed payout annuity benefit equivalent to the guaranteed benefit amount (e.g. GMIB or GMWB benefit payments.
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Annuity guaranteed payout