| The only category |
|---|
|
What is replacement ?
When a new life insurance contract is issued while an existing contract will be partially or fully surrendered, transferred, rolled over, 1035 exchanged, conversions, recharacterization, lapsed, forfeited, assigned to the replacing insurer or terminated.
|
|
What is the types of products are considered replacements?
Life or Life rider to life or lifer rider,
life or life rider to annuity, annuity to annuity annuity to insurance or insurance rider |
|
What is the area helps determine what replacement paperwork is needed?
NAIC States link
|
|
What is what happens if the state insurance department finds we aren’t compliant with the replacement regulations?
If a state insurance department finds that replacement regulations have not been complied with, penalties can be imposed, such as monetary fines, to the financial professional, Thrivent, or both
|
|
What is the three types of replacement transactions
• A Thrivent contract replacing another company’s contract (external).
• A Thrivent contract replacing an existing Thrivent contract (internal). • Another company’s contract replacing a Thrivent contract. |
Support Us on Ko-fi