Wyoming Amended and Restated Principal Underwriting Agreement is a legal document outlining the terms and conditions for the issuance of variable annuity contracts and life insurance in the state of Wyoming. This agreement serves as a crucial framework for insurance companies and underwriters in their operations and regulatory compliance. Under this agreement, insurance companies are authorized to issue variable annuity contracts and life insurance policies within the boundaries of Wyoming, subject to compliance with state laws, regulations, and licensing requirements. It stipulates the roles, responsibilities, and rights of both the insurance company and the underwriter in the issuance and underwriting process. Key provisions within the Wyoming Amended and Restated Principal Underwriting Agreement may include the following: 1. Scope and Purpose: Clearly defines the purpose, scope, and objectives of the agreement, emphasizing the offering of variable annuity contracts and life insurance policies in Wyoming. 2. Licensing and Regulatory Compliance: Outlines the necessary licenses and permits required for the insurance company and underwriter to operate in Wyoming, ensuring adherence to state regulations, codes, and statutes. 3. Underwriting Guidelines: Specifies the underwriting policies and guidelines to be followed by the insurance company and underwriter. This covers aspects such as risk assessment, policy issuance, premium determination, and suitability requirements. 4. Compensation and Fees: Establishes the compensation structure, commission rates, and fee arrangements between the insurance company and the underwriter. It may also address payment terms, renewal commissions, and bonus incentives. 5. Marketing and Advertising: Provides guidelines for marketing and advertising activities relating to variable annuity contracts and life insurance policies in compliance with state regulations and fair practices. 6. Dispute Resolution: Details the procedures for resolving any disputes or disagreements that may arise during the term of the agreement, outlining the process of mediation, arbitration, or litigation if necessary. Types of Wyoming Amended and Restated Principal Underwriting Agreements regarding the issuance of variable annuity contracts and life insurance may include: 1. Individual Variable Annuity Agreement: Pertains to agreements between an individual policyholder and an insurance company for the issuance of a variable annuity contract. 2. Group Variable Annuity Agreement: Relates to agreements entered into by an employer or organization on behalf of a group of individuals for the issuance of variable annuity contracts as part of an employee benefit program or retirement plan. 3. Individual Life Insurance Agreement: Covers agreements between an individual policyholder and an insurance company for the issuance of life insurance policies, typically involving death benefit protection or investment features. 4. Group Life Insurance Agreement: Addresses agreements made by an employer or organization on behalf of a group of individuals, providing life insurance coverage as an employee benefit or as part of a group policy. It is important to note that the specific terms and provisions may vary between different Wyoming Amended and Restated Principal Underwriting Agreements, as they are tailored to the unique needs and requirements of the involved parties and the regulatory landscape of the state.
Wyoming Amended and Restated Principal Underwriting Agreement regarding Issuance of variable annuity contracts and life insurance
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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.
The option for variable annuitization must be specified by the policyholder during a particular phase of a contract, which is known as the annuitization phase. During the annuitization phase, the policyholder can swap the accumulated value of their annuity in exchange for a steady stream of regular income payments.
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.
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 ...
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.
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).
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.