Get Your North American New Business Issued Faster!

...AND Get Your Commission Faster, Too!

In order to help you get your new business issued faster and get your paychecks sooner, North American Company has outlined the top five errors made on new business application. Outlined below are the most common mistakes and how to avoid making them yourself: 

#1: Replacement Sections on the Fixed Annuity Application — 11292Z

On page three of the application, your client must complete the replacement section. On page four of the application, the replacement information section must be completed by the agent. Most importantly—the replacement information on page three and four must match!

#2: Authorization to Transfer Funds Section — 6780Z

To avoid a delay in receiving funds for the new business, please complete sections 4, 5, and 6 correctly.

• Section 4—please mark the funding type in which the funds are coded at the current institution (please obtain this information from the institution which currently holds the funds).
• Section 5—please denote if the transfer should occur immediately or on a specified date (if the funds should transfer on a specific date, please note the date).
• Section 6—please mark the correct selection below depending on the type of funds your client will be transferring:

Type of Funds		When Transferring
1035 Exchange		a non-qualified annuity or life insurance from another institution to MNL
Transfer		funds with the same tax status from another institution to MNL. Example: IRA to IRA or Roth to Roth
TSA/403(b) to TSA		funds which are currently in a TSA plan to a TSA/403(b) plan with MNL.
Direct Rollover		funds of unlike tax status, other than the tax status transfers outlined in the remaining section 6 of the transfer form Example: SEP IRA to IRA
TSA to IRA		funds which are SEP to IRA IMPORTANT: Qualifying event must be marked
401k to IRA		funds which are 401k to IRA IMPORTANT: Qualifying event must be marked
457 to IRA		funds which are 457 to IRA IMPORTANT: Qualifying event must be marked
401A to IRA		funds which are 401A to IRA IMPORTANT: Qualifying event must be marked
Pension Plan to IRA		funds which are Pension Plan to IRA IMPORTANT: Qualifying event must be marked
Liquidation to Non- Qualified Account		funds which are liquidation to Non- Qualified Account IMPORTANT: Qualifying event must be marked

#3: Deferred Annuity Suitability Form — 14211Z

This form is designed to ensure the annuity product your client purchased fits into their portfolio. You must provide the clients' Household Net Worth Assets, both liquid and non-liquid. This form must be filled out entirely and the assets must be calculated correctly. If the total, for either liquid or non-liquid assets, equals zero, please put 0 in the space provided.

#4: Replacement of Life Insurance or Annuities Form — 6779Z

You must sign and date this form twice! This form is required whenever you are replacing a life or annuity policy. It is also a requirement that your client lives in a NAIC state and owns life and/or annuity products.

#5: Annuity Product Disclosure Form

Any policy with multiple surrender charges or guarantee periods require the clients' initials and they must elect their chosen option AND decline the remaining options available for the product.

If you have further questions about North American products or would like to learn more, please call the First Annuity & Insurance Marketing team at (888) 758-7305.