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29 Cards in this Set
- Front
- Back
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What cycle does this rider run on?
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Rider year
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Is the RIC rider RMD friendly?
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Yes
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Can a spouse continue at annuitant's death?
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If joint option is chosen
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When can the RIC 1.2 be upgraded?
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30 days following each rider anniversary
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When can the RIC be terminated?
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30 days following each rider anniversary
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What is the purpose of the RIC riders?
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To provide a level of cash withdrawals regardless of market performance
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Which versions of the RIC are still being sold?
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RIC 1.4, 1.6
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What screen can teh WB be found on?
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VALM Z
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How does the WB grow?
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On each rider anniversary, the WB will automatically step up to the greatest of 1) current WB; 2) policy value on rider anniversary; 3) Highest monthly policy value; 4) current WB immediately prior to anniversary with 5% growth
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When do step ups occur?
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Rider anniversary
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Is this rider RMD friendly?
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Yes
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How much does the income enhancement increase the payments when confined to a qualifying facility?
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100% (double)
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How does the doubling benefit work on the RIC 2008/2009?
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If no withdrawals are taken in first 10 rider years or anniversary following age 67 (whichever is later), the WB on that rider anniversary will be the greater of the current WB or premiums applied in first 90 days of rider date, multiplied by 2.
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How does the Designated Allocation method work on the RIC 1.2?
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Choice of any combination of designated investments. Fees are based policy value in each fund group (A, B, C).
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How does the Open Allocation method work on the RIC 1.2?
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Choice of any investement option available with the annuity. Subject to OAM transfers into a "safe" subaccount.
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Which subaccount is used as the OAM fund?
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ProFunds Ultra Bear
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How much of a client's portfolio can be moved into the OAM fund at one time?
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Up to 20%
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How much of a client's total portfolio can be held in the OAM fund?
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30%
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Can a client transfer out of the OAM fund?
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Only by changing to designated investment method
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How can the investment method change be accepted?
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Over the phone or in writing.
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Where do you change the investment method?
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NOW-Fund Exchange screen
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When are rider fees deducted?
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Quarterly based on rider anniversary
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What is the maximum percentage the fees can increase by?
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.75%
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What firms sell the RIC 1.4?
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Smith Barney, Merrill Lynch, and Bank of America
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Which version of the RIC has the OAM feature?
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RIC 1.2
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What product was the RIC 1.5 sold on?
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DWS Personal Pension
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What investment options are available on the RIC 1.5?
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Must be invested in an asset allocation model (Conservative, Moderate, Moderate Growth)
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What are the differences between the RIC 1.2 and 1.6?
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No OAM, income enhancement increased payment by 50%, higher fees on 1.6
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How is the income percentage determined on the RIC riders?
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Age at time of first withdrawal starting at age 59
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