TransactionExchange
objectExchange ID is a unique identifier assigned to a policy or transaction involved in an exchange or rollover process. It is used to track, reference, and reconcile activities related to the replacement, transfer, or conversion of funds or policies between contracts, products, or carriers.
Example:EX0000001
The original policy number involved in an exchange or replacement transaction.
Example:EX0000001
Description of the type of exchange such as External 1035, Internal 1035, etc
Allowed values:DEFAULTEXTERNAL1035INTERNAL1035EXTERNALDIRECTTRANSFERINTERNALDIRECTTRANSFEREXTERNALROLLOVERQUALIFIEDINTERNALROLLOVERQUALIFIEDEXTERNALROTHROLLOVERINTERNALROTHROLLOVEREXTERNALROTHDIRECTTRANSFERINTERNALROTHDIRECTTRANSFERBENEFITPROCEEDSCASHCONTRIBUTIONSEXTERNAL1035PARTIALINTERNAL1035PARTIALBIRTHORADOPTIONREPAYMENTINTERNALDIRECTTRANSFERREPLACEMENTEXTERNALDIRECTTRANSFERREPLACEMENTCLIENTINITIATEDTRANSFERCONVERSION
The date on which 1035 Exchange occurs
Example:2023-01-01
Allowed values:LIFEANNUITYMUTUALFUNDCERTIFICATEOFDEPOSITBROKERAGEOTHER
Amount received in 1035 Exchange
Example:161.81698
Qualification type of original policy being exchanged
Allowed values:INDIVIDUALRETIREMENTACCOUNTREGULARINDIVIDUALRETIREMENTACCOUNTSPOUSALINDIVIDUALRETIREMENTACCOUNTROLLOVERROTHINDIVIDUALRETIREMENTACCOUNTCUSTODIALINDIVIDUALRETIREMENTACCOUNTCUSTODIALROTHINDIVIDUALRETIREMENTACCOUNTCUSTODIALROLLOVERINDIVIDUALRETIREMENTACCOUNTQUALIFIEDNONQUALIFIEDSIMPLIFIEDEMPLOYEEPENSIONINDIVIDUALRETIREMENTACCOUNTINHERITEDINDIVIDUALRETIREMENTACCOUNTINHERITEDROTHINDIVIDUALRETIREMENTACCOUNTNONQUALIFIEDSTRETCHINDIVIDUALRETIREMENTACCOUNTSIMPLEQ403BQ401KQ401AQ457BPENSIONPLANCONVERTEDINDIVIDUALRETIREMENTACCOUNTROTH403BCUSTODIALINDIVIDUALRETIREMENTACCOUNTSIMPLIFIEDEMPLOYEEPENSIONKEOGH10CORPORATEPENSIONGROUPTAXSHELTEREDANNUITYPROFITSHARINGTARGETBENEFITCORPORATEDEFERREDCOMPENSATION404EDUCATIONALINDIVIDUALRETIREMENTACCOUNTQN457BCONVERTEDSPOUSALCUSTODIALUNIFORMGIFTSORTRANSFERSTOMINORACT
Original cost basis of the policy being exchanged - previous Policy
Example:161.81698
Indicates if the original policy being exchanged is classified as MEC
Allowed values:true
The amount of any outstanding loan against the original policy that will be rolled over into the new policy during the 1035 exchange
Example:161.81698
TransactionChargeType
stringAllowed values:COSTOFINSURANCEEXPENSECHARGEUNITEXPENSECHARGERIDERCHARGESURRENDERCHARGEWITHDRAWALCHARGEPAYMENTCHARGECOVERAGECHARGECOVERAGECREDITPREMIUMTAXMARKETVALUEADJUSTMENT
ChargeWaiverIndicator
stringAllowed values:YesNo
TransactionCharge
objectAllowed values:COSTOFINSURANCEEXPENSECHARGEUNITEXPENSECHARGERIDERCHARGESURRENDERCHARGEWITHDRAWALCHARGEPAYMENTCHARGECOVERAGECHARGECOVERAGECREDITPREMIUMTAXMARKETVALUEADJUSTMENT
Allowed values:YesNo
The reason why a charge was waived (e.g., Promotional Waiver, Policy Exception)
Example:100
The identifier of the specific coverage associated with the charge
Example:Base_Coverage
The amount of the charge applied for this transaction
Example:100
The rate (%) utilized for calculation of charge
Example:100
CoverageBenefit
objectCoverage ID is a unique system-generated identifier assigned to a specific coverage component within an insurance or annuity policy. It is used to track and differentiate each distinct benefit, rider, or coverage layer under a single contract, especially when performing or recording transactions
Net Benefit Amount refers to the actual amount payable to a beneficiary or policyholder after all applicable deductions have been applied to the gross or base benefit amount. It represents the final disbursed value for a given coverage benefit, such as a claim payout, death benefit, or living benefit
Gross Benefit Amount refers to the total contractual benefit payable under a specific coverage or rider before any deductions are applied. It represents the original, full value of the benefit promised by the insurance policy (e.g., death benefit, living benefit, or rider payout).