Hawaii Amended and Restated Principal Underwriting Agreement is a legally binding document that outlines the terms and conditions pertaining to the issuance of variable annuity contracts and life insurance. This agreement serves as a crucial agreement between the insurance company and the underwriters involved in the distribution and marketing of these financial products in Hawaii. Keywords: Hawaii, Amended and Restated Principal Underwriting Agreement, issuance, variable annuity contracts, life insurance. There may be different types of Hawaii Amended and Restated Principal Underwriting Agreements that are specifically tailored for various scenarios or products. Some potential variants or types of agreements related to the issuance of variable annuity contracts and life insurance in Hawaii could include: 1. Hawaii Amended and Restated Principal Underwriting Agreement for Variable Annuity Contracts: This agreement specifically focuses on the terms and conditions associated with the underwriting and issuance of variable annuity contracts in Hawaii. It may contain provisions related to risk assessment, underwriting process, compensation structures, compliance with state regulations, and marketing requirements unique to variable annuity products. 2. Hawaii Amended and Restated Principal Underwriting Agreement for Life Insurance: This type of agreement addresses the underwriting and issuance of various types of life insurance policies in Hawaii. It encompasses provisions related to risk assessment, policy issuance guidelines, commissions, compliance with state regulations, and marketing obligations specific to life insurance products. 3. Hawaii Amended and Restated Principal Underwriting Agreement for Variable Universal Life Insurance: This agreement is specifically designed for the underwriting and issuance of variable universal life insurance policies in Hawaii. Variable universal life insurance combines the flexibility of variable policies with the death benefit protection of traditional life insurance, and this agreement would outline specific details regarding underwriting, policy terms, variable investment options, and other pertinent provisions. 4. Hawaii Amended and Restated Principal Underwriting Agreement for Group Variable Annuity Contracts: This type of agreement focuses specifically on the underwriting and issuance of variable annuity contracts offered within a group setting, such as through an employer-sponsored retirement plan or other collective investment arrangements in Hawaii. It may include provisions related to underwriting criteria, compensation arrangements, compliance with state regulations, administrative responsibilities, and communication with plan participants. These are hypothetical examples of potential types or variants of Hawaii Amended and Restated Principal Underwriting Agreements, highlighting the specific focus areas within the realm of variable annuity contracts and life insurance. It is important to note that the exact nature, structure, and types of these agreements may vary based on the specific requirements, regulations, and offerings of the insurance company and the state of Hawaii.
Hawaii Amended and Restated Principal Underwriting Agreement regarding Issuance of variable annuity contracts and life insurance
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FAQ
Nevertheless, the payments are guaranteed no matter how long the annuitant lives. However, if the annuity is still in the accumulation phase at the time of the annuitant's death, meaning that the payments have not begun, many plans provide an annuity death benefit to the beneficiary.
Most variable annuities provide a guaranteed death benefit, which means that if the contract has not already been annuitized, the insurance company will make a payment to the named beneficiary upon the death of either the owner or annuitant, depending on the contract.
Death Benefit Most contracts provide, if you die before the annuity payments start, the contract value will be paid to your beneficiary. Some contracts provide the death benefit will be the total premiums paid if that amount is greater than the value of the contract at death.
FINRA Rule 2330 (Members' Responsibilities Regarding Deferred Variable Annuities) establishes sales practice standards regarding recommended purchases and exchanges of deferred variable annuities, including requiring a reasonable belief that the customer has been informed of the various features of annuities (such as ...
Rule 2330 requires a registered principal to review and determine whether to approve a customer's application for a deferred variable annuity before sending the application to the issuing insurance company.
A guaranteed death benefit is a benefit term that guarantees that the beneficiary, as named in the contract, will receive a death benefit if the annuitant dies before the annuity begins paying benefits.
Form N-4 is to be used by separate accounts that are unit investment trusts that offer variable annuity contracts to register under the Investment Company Act of 1940 and to offer their securities under the Securities Act of 1933.
A common feature of variable annuities is the death benefit. If you die, a person you select as a beneficiary (such as your spouse or child) will receive the greater of: (i) all the money in your account, or (ii) some guaranteed minimum (such as all purchase payments minus prior withdrawals).