WithdrawalAttributes
objectThe Total Withdrawal Amount refers to the cumulative amount of funds withdrawn from a life insurance policy or annuity by the policyholder. This includes all withdrawals made since the policy’s inception, whether taken as partial surrenders, cash value withdrawals, or systematic distributions
Example:5000
The Free Withdrawal Amount refers to the maximum amount a policyholder can withdraw from their life insurance policy or annuity in a contract year without incurring a surrender charge. This limit is set by the insurer and is typically expressed as a percentage of the account value or premiums paid
Example:1000
The Minimum Withdrawal Amount refers to the smallest amount a policyholder can withdraw from their life insurance policy or annuity in a single transaction, as defined by the insurer. This ensures that withdrawals remain administratively efficient and align with policy rules
Example:200
The Maximum Withdrawal Amount refers to the highest amount a policyholder can withdraw from their life insurance policy or annuity in a single transaction or within a policy year, as set by the insurer. This ensures that withdrawals do not deplete the policy’s cash value too quickly or violate contract terms
Example:100
Example:10
Example:10
Example:10
Example:10
Example:10
The Withdrawal Allowed Start Date refers to the calculated date from which the policyholder is permitted to make withdrawals from the policy’s cash value or annuity funds. This date is determined based on policy terms, surrender charge periods, and regulatory restrictions
Example:10
Withdrawal
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TestValueAttributes
objectGuideline Level Premium Test Date
Example:2021-01-01
The Definition of Life Insurance (DLI) refers to the IRS-defined criteria that a life insurance policy must meet to maintain its tax-advantaged status. Policyholders must choose between two IRS-approved tests to ensure compliance: Guideline Premium Test (GPT) Cash Value Accumulation Test (CVAT) Each test has different implications on premium limits, cash value growth, and tax treatment
Example:Method A
The Guideline Single Premium (GSP) refers to the maximum single premium payment that can be made into a life insurance policy without violating the IRS`s Guideline Premium Test (GPT). It is used to ensure that the policy qualifies as life insurance and maintains its tax-advantaged status
Example:500
Guideline Annual Premium
Example:1000
Guideline Level Premium Excess Pay Amount
Example:200
Cumulative Guideline Annual Premium
Example:2500
The MEC Test Date refers to the last date on which the life insurance policy was tested to determine whether it qualifies as a Modified Endowment Contract (MEC) under IRS regulations. This date is updated whenever a new MEC test is performed, ensuring the policy remains compliant with federal tax rules
Example:2022-01-01
Modified Endowment Contract Maximum Contribution
Example:3000
Modified Endowment Contract Date
Example:2022-05-01
Modified Endowment Contract Indicator
Allowed values:YESNO
Example:YES
The 7-Pay Premium refers to the maximum allowable premium that can be paid into a life insurance policy during the first seven years without triggering Modified Endowment Contract (MEC) status. It ensures that the policy remains a tax-advantaged life insurance contract rather than an investment vehicle
Example:1500
Seven Pay Premium Start Date
Example:2023-01-01
Seven Pay Year
Example:5
The 7-Pay Test Basis refers to the total cumulative premium paid into a life insurance policy during the first seven years (the 7-pay period), as measured against the IRS 7-Pay Test limit. This amount is used to determine whether the policy qualifies as a life insurance contract or is classified as a Modified Endowment Contract (MEC).
Example:Basis A
Seven Pay Test Limit
Example:3000
The Year in Period refers to the current year within the seven-year time frame of the 7-Pay Test. It is crucial because the 7-Pay Limit increases each year, and the test is updated annually to ensure the policy remains within IRS limits
Example:2