Alaska Agreement Replacing Joint Interest with Annuity

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Multi-State
Control #:
US-1340753BG
Format:
Word; 
Rich Text
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Description

An annuity is a life insurance company contract that pays periodic income benefits for a specific period of time or over the course of the annuitant's lifetime. These payments can be made annually, quarterly or monthly.
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FAQ

Replacing a life insurance policy means you're buying a new life insurance policy and plan on terminating your current policy or letting it expire. Replacing life insurance policies isn't unheard of.

The purpose of this regulation is to set forth minimum standards and guidelines to assure a full and truthful disclosure to the public of all material and relevant information in the advertising of life insurance policies and annuity contracts.

A replacement occurs when a new policy or contract is purchased and, in connection with the sale, you discontinue making premium payments on the existing policy or contract, or an existing policy or contract is surrendered, forfeited, assigned to the replacing insurer, or otherwise terminated or used in a financed

"To assure full disclosure to the public of all material and relevant information". One purpose of the Rules Governing Advertisement of Life Insurance and Annuities is to assure full disclosure to the public of all material and relevant information.

The purpose of this regulation is: (1) To regulate the activities of insurers and producers with respect to the replacement of existing life insurance and annuities. (b) Reduce the opportunity for misrepresentation and incomplete disclosure.

If a replacement is involved in a transaction, the replacing insurer shall: (1) Verify that the required forms are received and are in compliance with this chapter; (2) Notify any other existing insurer that may be affected by the proposed replacement within 5 business days after: (a) Receipt of a completed application

An annuity is a long-term investment that is issued by an insurance company and is designed to help protect you from the risk of outliving your income. Through annuitization, your purchase payments (what you contribute) are converted into periodic payments that can last for life.

For example, life with 10-year certain and continuous means that you will be paid for as long as you live. However, if you die in year three, your beneficiaries will receive seven more years of payments. If you live past 10 years, then there will be nothing left for your beneficiaries when you die.

What is the main purpose of the regulation on life insurance policy illustrations? To help the public make educated decisions about buying life insurance.

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Alaska Agreement Replacing Joint Interest with Annuity