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Effective 10/1/2013 the State of Florida will require a suitability form and (if applicable) a Florida replacement-comparison form for ALL annuity applicants in Florida. Since 2009, these two forms had been used only for applicants age 65 and older; now they are required for all ages. You may begin using these forms immediately.
The Annuity Suitability Questionnaire is required with every application completed in Florida. Although the consumer may choose to opt-out of certain suitability questions on the Florida form, the agent is required to complete the three questions on page 3 of the form.
The Disclosure & Comparison of Annuity Contracts is required to be completed in its entirety in situations of annuity contract replacement.
Extended Free-Look Period
Along with the form changes, Florida has extended the free-look period for all annuity contracts. All contracts issued 10/1/2013 and after will have a 21-day free-look period.
Lincoln Launches e-Ticket System
Lincoln Financial Group launched a new e-ticket system for its hybrid life insurance policies to shorten the application process.
The solution helps ensure “in good order” case processing, enabling Lincoln to process applications quickly and efficiently with less follow up, giving producers more time to focus on further growing their businesses.
Lincoln’s new e-ticket solution for hybrid life insurance policies leverages AFFIRM technology from Aplifi, a technology and service provider to the life and annuity industry. AFFIRM automatically generates all required state and product forms, allows for a flexible workflow to support customer-specific processes, and provides advisors with the ability to quickly upload their illustrations. In addition, it validates an agent's license and appointment with Lincoln, provides status updates, and allows clients to provide e-signatures.
Ward Group has named Forethought Life Insurance Company to the 2013 Ward’s 50 list of top performing life and health insurers. This is Forethought’s fourth consecutive year to be named to the list by Ward Group, an Aon Hewitt company and the leading provider of benchmarking and best practice services for insurance companies.
“Earning Ward’s 50 designation is an honor we take great pride in. It objectively validates that we are responsibly managing our business for profitability and growth, reinforcing our ability to keep the promises we make through our products,” said John Graf, Chairman, President and CEO of Forethought Financial Group, Inc.
Forethought Life Insurance Company, a subsidiary of Forethought Financial Group, Inc., sells innovative annuity and life insurance products to help senior Americans overcome key financial challenges. The company’s 2013 Ward’s 50 designation comes as Forethought continues to successfully execute on a growth strategy, particularly in the annuity marketplace, with expanded product lines and distribution.
In naming the recipients annually, Ward Group adheres to an objective methodology based on financial and performance metrics analyzing nearly 800 companies over five consecutive years. The 2013 award recognizes performance for the period from 2008 through 2012.
Insurance companies are evaluated and must pass minimum thresholds of assets and return levels, among other metrics, to be considered for the Ward’s 50 designation. Each company must also pass primary safety and consistency tests, including:
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