The North Carolina Amended and Restated Principal Underwriting Agreement regarding the issuance of variable annuity contracts and life insurance is a comprehensive document that outlines the terms and conditions between the underwriter and the insurance company. This agreement governs the process of offering and selling variable annuity contracts and life insurance products in the state of North Carolina. This agreement is specifically designed to protect the interests of both the underwriter and the insurance company while ensuring compliance with the relevant laws and regulations. It outlines the responsibilities and obligations of each party involved in the issuance and sale of these financial products, with an emphasis on consumer protection. Keywords: North Carolina, Amended and Restated Principal Underwriting Agreement, variable annuity contracts, life insurance, issuance, underwriter, insurance company, terms and conditions, selling, compliance, laws, regulations, responsibilities, obligations, consumer protection. Different types of North Carolina Amended and Restated Principal Underwriting Agreements regarding the issuance of variable annuity contracts and life insurance may include: 1. Individual Variable Annuity Underwriting Agreement: This agreement focuses on the underwriting process of individual variable annuities. It highlights the specific terms and conditions for the issuance and sale of individual variable annuity contracts in North Carolina. 2. Group Variable Annuity Underwriting Agreement: This type of agreement pertains to the underwriting process of group variable annuities. It establishes the guidelines and procedures for offering and selling group variable annuity contracts, typically to employers or organizations for the benefit of their employees or members. 3. Universal Life Insurance Underwriting Agreement: This agreement specifically addresses the underwriting of universal life insurance policies in North Carolina. It outlines the terms and conditions unique to this type of life insurance product, including premium payments, policy terms, death benefits, and cash value accumulation. 4. Whole Life Insurance Underwriting Agreement: Whole life insurance policies have distinct characteristics, and this agreement focuses on the underwriting process specific to this type of insurance product. It covers essential aspects such as premium payments, policy dividends, and the guaranteed death benefit provided by whole life insurance. 5. Term Life Insurance Underwriting Agreement: Term life insurance offers temporary coverage for a specific period. This agreement outlines the terms and conditions associated with the underwriting of term life insurance policies in North Carolina, including the policy duration, premium payments, and death benefits. Each of these agreements serves a specific purpose within the broader scope of underwriting variable annuity contracts and life insurance in North Carolina. Combining comprehensive legal language, risk assessments, and consumer protection guidelines, these agreements provide a framework for a fair and transparent issuance process while safeguarding the interests of all parties involved.
North Carolina Amended and Restated Principal Underwriting Agreement regarding Issuance of variable annuity contracts and life insurance
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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 ...
If an insurance agent offers products that are considered securities?such as variable annuity contracts or variable life insurance policies?the agent must also be licensed as a registered financial professional and comply with FINRA rules.
While all annuities are regulated by state insurance commissioners, variable annuities and RILAs are securities and therefore are also regulated by the SEC and FINRA. Annuities are often products investors consider when they plan for retirement.
Deferred variable annuities are hybrid investments containing securities and insurance features. Their sales are regulated both by FINRA and the Securities and Exchange Commission (SEC).
However, these products are subject to market risk, which entails the potential loss of principal. Financial professional need two types of licenses to sell variable annuities: State insurance license. Series 6 or Series 7 license from FINRA (specifically for variable annuities)
A fixed annuity's value will not decline due to market losses?it's consistent and stable. On the other hand, variable annuity values will fluctuate with the performance of the subaccounts you elect as the markets rise and fall.
Initial investment protection ? Oftentimes, the issuing company will guarantee you can access your initial investment, regardless of how poorly your investment selections perform. Death benefit ? If you die before you start receiving payments, your beneficiary will receive a payout from the annuity company.
A principal must treat all transactions as if they have been recommended for purposes of review and can approve the transaction only if it is suitable based on the factors that a registered representative must consider when making a recommendation.