Single Premium Immediate Annuity "Gotchas"

Modified on 2013/07/30 13:52 by Ellen Categorized as Uncategorized


-          Income Start Date is not required and not controlled via PPfA (may be more of an issue with DIA).  This should be done with DateCollection on IPPO (added in 2.20)

-          MaxDelayMonths is not enforced

-          Period Certain is full years only – no clean way to collect years and months.  ACORD model does not support this even.  Could do a carrier question but is ugly and then no way to communicate it as Ebix does not use the 3350/3351 to pass Question and Answer record on the APPSUB.

-          Ebix does not support Joint only for Lives Type – Only Single Life or either Single or Joint.  This is an issue if a carrier has a rule for Joint only.  This will usually require a FeatureProduct with some conflicts requisites as a work around

-          State Withholding is a CFAC option and if needed requires a work request.  AFFIRM does not support.

-          PeriodCertain is not based on a life so technically should have a LivesType of No Life (tc=6) but ebix does not support. 

-          For Survivorship income options if the only option is not reducing ebix requires 100% to be specified (reduces to 100%).  AFFIRM supports the option of None for BenefitChangeBasedOn with no ContingentJoint specified.

-          AllowedChange only supports Percentages on the platforms.  I have seen some carriers where they may offer a dollar amount or CPI as selections. They have had to use FeatureProducts as a workaround.

-          ReturnOfPremium income option on ANW uses the true tc (23) which was not added until 2.20 – this fails schema validation.

-          Ebix and Aplifi send Payee information differently in the APPSUB if the Payee is the same as the owner.

-          Ebix and Aplifi I think also send the 3332 income option detail a little bit differently as well.  I think one uses the Actual Income Option name and the other uses the ACORD literal.

-          IPPO/ProductCode does not get passed in APPSUB

-          Fixed is really only supported.  Variable needs some work on both platforms.

-          Aplifi only allows 50 bytes for a description

-          Aplifi does not currently allow the OriginatingRole to be different than the ParticipantBasedOn so if the requirement is for the Joint Annuitant to be the Primary bene then this is not supported.  Ebix does support this on both ANW and AN4.

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Single Premium Immediate Annuity "Gotchas"