Form DFS-H1-1981 "Disclosure and Comparison of Annuity Contracts" - Florida

What Is Form DFS-H1-1981?

This is a legal form that was released by the Florida Department of Financial Services - a government authority operating within Florida. As of today, no separate filing guidelines for the form are provided by the issuing department.

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Download Form DFS-H1-1981 "Disclosure and Comparison of Annuity Contracts" - Florida

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DEPARTMENT OF FINANCIAL SERVICES
Division of Agent & Agency Services - Bureau of Investigation
DISCLOSURE AND COMPARISON OF ANNUITY CONTRACTS
E
A
C
P
A
C
XISTING
NNUITY
ONTRACT
ROPOSED
NNUITY
ONTRACT
Annuitant(s)
Annuitant(s):
Insurer
Insurer:
Contract #
Application #:
EXISTING
ANNUITY CONTRACT
REPLACEMENT ANNUITY
Mo
Day
Yr
Contract Issue Date
Mo
Day
Yr
(Est)
Generic Contract Type
Marketing Name
Initial Premium
N/A
Source of Initial Premium
Yes
No
Yes
No
Qualified Contract?
Annuity Maturity Date
Death Benefit Amount
Change of Annuitant
Yes
No
Yes
No
upon Death Available?
Surrender Charge Period in Years
%
%
First Year Surrender Charge Percentage Rate
Surrender Charge Schedule for Remaining
Years
Yes
No
Yes
No
Free Withdrawals Available?
%
%
Annual Free Withdrawal Percentage Rate
Potential tax penalty for surrender/sale/
exchange/annuitization (Describe)
Investment/Insurance components (Describe)
Waiver of Surrender Charge Benefit or Similar
Yes
No
Yes
No
Benefit?
Riders, Features/Cost (Describe)
Loss of Benefits or Enhancements if existing
contract exchanged? (Describe)
DFS-H1-1981
Page 1 of 5
Rule 69B-162.011, F.A.C.
Effective 10/21/2014
DEPARTMENT OF FINANCIAL SERVICES
Division of Agent & Agency Services - Bureau of Investigation
DISCLOSURE AND COMPARISON OF ANNUITY CONTRACTS
E
A
C
P
A
C
XISTING
NNUITY
ONTRACT
ROPOSED
NNUITY
ONTRACT
Annuitant(s)
Annuitant(s):
Insurer
Insurer:
Contract #
Application #:
EXISTING
ANNUITY CONTRACT
REPLACEMENT ANNUITY
Mo
Day
Yr
Contract Issue Date
Mo
Day
Yr
(Est)
Generic Contract Type
Marketing Name
Initial Premium
N/A
Source of Initial Premium
Yes
No
Yes
No
Qualified Contract?
Annuity Maturity Date
Death Benefit Amount
Change of Annuitant
Yes
No
Yes
No
upon Death Available?
Surrender Charge Period in Years
%
%
First Year Surrender Charge Percentage Rate
Surrender Charge Schedule for Remaining
Years
Yes
No
Yes
No
Free Withdrawals Available?
%
%
Annual Free Withdrawal Percentage Rate
Potential tax penalty for surrender/sale/
exchange/annuitization (Describe)
Investment/Insurance components (Describe)
Waiver of Surrender Charge Benefit or Similar
Yes
No
Yes
No
Benefit?
Riders, Features/Cost (Describe)
Loss of Benefits or Enhancements if existing
contract exchanged? (Describe)
DFS-H1-1981
Page 1 of 5
Rule 69B-162.011, F.A.C.
Effective 10/21/2014
EXISTING
ANNUITY CONTRACT
REPLACEMENT ANNUITY
Living Benefits (Describe)
%
%
Minimum Guaranteed Interest Rate
Limitations on interest returns (Describe)
/
/
Interest Rate Cap / Term
/
/
Participation Rate / Term
/
/
Indexing Method / Term
Other Fees (Describe)
Initial Bonus Percentage or Amount
Yes
No
Yes
No
Potential Loss of Bonus if Exchanged?
Limits and Exclusions for Bonuses
that may be payable (Describe)
Comments and continuation from above:
Owner’s Signature
Date Signed
DFS-H1-1981
Page 2 of 5
Adopted in Rule 69B-162.011, F.A.C.
Effective 10/21/2014
DISCLOSURE OF SURRENDER CHARGES IF
EXISTING ANNUITY IS REPLACED OR EXCHANGED
EXISTING ANNUITY CONTRACT NO.
Annuity Total Value
$
Annuity Surrender Value
$
Surrender Charges Applicable at exchange
$
_____ ~ this is the estimated
amount that will be deducted from the existing annuity’s total value if surrendered,
replaced, or exchanged, with an anticipated surrender date of
/
/
.
Have you surrendered or exchanged an annuity contract in the last 36 months? If
yes, provide details:  Yes  No
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
ACKNOWLEDGEMENTS AND SIGNATURES
I acknowledge that I have provided the Applicant with a completed and signed copy of this form.
Agent’s Name (please print)
Florida License No.
Agent’s Signature
Date Signed
N
: N
A
OTE
O QUESTIONS OR RESPONSE AREAS ARE TO BE LEFT BLANK WHEN OFFERED TO THE
NNUITANT
/
A
. I
,
AND
OR
PPLICANT FOR SIGNATURE
F ANY INFORMATION REQUESTED IS UNAVAILABLE
NOT APPLICABLE OR
,
.
UNKNOWN
THE INSURANCE AGENT OR INSURER MUST INDICATE THAT
T
O
HE
WNER MAY SUBSTITUTE THEIR INITIALS FOR SIGNATURES ON ALL FORM PAGES WITH THE EXCEPTION OF
,
.
THE SIGNATURES BELOW
WHICH ARE REQUIRED
APPLICANT: DO NOT SIGN THIS FORM IF:
1. ANY ITEM HAS BEEN LEFT BLANK;
2. WITHOUT CAREFULLY REVIEWING THE INFORMATION RECORDED; OR
3. IF ANY OF THE INFORMATION RECORDED IS NOT TRUE AND CORRECT TO THE
BEST OF YOUR KNOWLEDGE.
Owner’s Name
(please print)
Owner’s Signature
Date Signed
DFS-H1-1981
Page 3 of 5
Adopted in Rule 69B-162.011, F.A.C.
Effective 10/21/2014
E
T
XPLANATION OF
ERMS
“Generic Contract Type” is the generic name of the annuity contract form as approved by the
Florida Office of Insurance Regulation. Examples of generic annuity contract names are
Flexible Premium Equity Indexed Annuity (FPEIDA), Single Premium Immediate Annuity
(SPIA), Flexible Premium Variable Deferred Annuity (FPVDA), and Single Premium
Deferred Annuity (SPDA).
“Marketing Name” is the name adopted by the insurer to identify the contract form.
“Qualified Contract” means a product used to fund any type of pension plan approved by the
Internal Revenue Service.
“Annuity Maturity Date” is the final date of termination of the contract at which time the
proceeds of the contract must be paid out.
“Surrender Charge” is the amount deducted from annuity contract values upon surrender
of an annuity, or for withdrawals exceeding any free withdrawal provision of the
contract, regardless how this charge is titled in the policy, e.g., deferred sales charge.
“Surrender Charge Period” is the number of annuity contract years a surrender charge may
be applicable.
“Initial Surrender Charge Percentage Rate” is the original percentage rate that is deducted
from annuity values at the inception of the existing annuity contract, or that will be deducted
from the recommended replacement contract at its inception if purchased.
“Surrender Charge Percentage Schedule for Remaining Years” the percentage rate that
would be deducted from the existing annuity contract if surrendered, or for any withdrawals
exceeding the “free withdrawal” limit.
”Minimum Guaranteed Interest Rate” is the minimum interest rate payable under the
annuity contract as guaranteed by the insurer in the annuity contract.
“Initial Bonus Percentage or Amount” is a bonus paid by the insurer, generally, at
inception of the annuity contract, and may be expressed as a percentage of the initial
premium or other amount, or a dollar amount, and must be stated in the annuity contract.
“Potential Loss of Bonus if Exchanged” refers to whether any bonus would be lost if the
annuity contract was exchanged or terminated for any reason.
“Interest Rate Cap” this is the maximum rate of interest the annuity will earn.
Owner’s Signature
Date Signed
DFS-H1-1981
Page 4 of 5
Adopted in Rule 69B-162.011, F.A.C.
Effective 10/21/2014
E
T
XPLANATION OF
ERMS
(
)
CONTINUED
“Participation Rate” the participation rate decides how much of the increase in the index will
be used to calculate index –linked interest.
“Indexing Method” means the approach used to measure the amount of change, if any, in the
index and includes annual reset (ratcheting), high-water mark and point-to-point. The index
term is the period over which index-linked interest is calculated. “Market Value Adjustment”
is the increase or decrease in the surrender value of the contract that is adjusted to reflect
market fluctuations.
“Administrative Fees or Margins” are charges that amount to the difference between the
percentage gain in the index and the actual amount credited to the annuity contract.
“Asset Fees” are the fees the insurer charges that are a percentage of the value of the
annuity contract.
“Death Benefit Amount” is the net amount that would be paid to the annuitant’s designated
beneficiary or beneficiaries of an existing annuity, or the death benefit that the proposed
replacement policy would pay as of the contract issue date.
“Free Withdrawals” are the withdrawals that may be taken from an annuity’s values that are
not subject to surrender or other charges and are a provision of the annuity contract.
“Annual Free Withdrawal Percentage Rate” is the percentage of available funds that may
be withdrawn from an annuity contract, generally on an annual basis and is stated in the
annuity contract.
“Change of Annuitant upon Death” is a provision that allows another person to become
the annuitant upon the death of the original annuitant allowing the contract to remain in
force.
“Waiver of Surrender Charge Benefit or Similar Benefit or Provision” is a benefit that is
built into individual annuity contracts or added by rider, endorsement or amendment. The
benefits are triggered by a qualifying event associated with either the annuitant or owner,
as specified in the contract.
Owner’s Signature
Date Signed
DFS-H1-1981
Page 5 of 5
Adopted in Rule 69B-162.011, F.A.C.
Effective 10/21/2014