western reserve life annuity distribution template is a western reserve life annuity distribution template sample that gives infomration on western reserve life annuity distribution template doc. When designing western reserve life annuity distribution template, it is important to consider different western reserve life annuity distribution template format such as western reserve life annuity distribution template word, western reserve life annuity distribution template pdf. You may add related information such as western reserve life agent login, transamerica premier life insurance claim forms, transamerica life insurance surrender form, tplic agreement.
the merger also did not result in any adverse tax consequences for any contract owners, and contract owners will not be charged additional fees or expenses as a result of the merger. the assets of the separate account are held in tplics name on behalf of the separate account and belong to tplic. in addition, we are the subject of multiple state insurance department inquiries and market conduct examinations with a similar focus on the handling of unreported claims and abandoned property. in addition, if you reallocate your policy value to another subaccount from the transamerica blackrock large cap value vp, you will not be charged for the transfer from that subaccount to another available subaccount if made within 30 days of the merger date. effective close of business september 30, 2009, we will not accept any premium payment that is allocated to the fixed account or the dollar cost averaging fixed account in excess of $5,000. if there is no day in a calendar year which coincides with the contract date, the contract anniversary will be the first day of the next month. we reserve the right to add portfolios of other registered investment companies as investment choices under the contract in the future. valuation periodthe period of time over which we determine the change in the value of the subaccounts in order to price accumulation units and annuity units. the contract provides a way for you to invest on a tax-deferred basis in the subaccounts of the separate account and the fixed account. you can invest your money in any of the fund portfolios by directing it to the corresponding subaccount. during the accumulation period, we deduct an annual contract charge of $30 from the annuity value on each contract anniversary and at the time of surrender. the value of the assets in each subaccount will reflect the fees and expenses paid by the underlying fund portfolios. you may only select the additional earnings rider if you are both the owner and the annuitant (except in the case of a trust or employee-sponsored plan). a faxed version or a copy of the written notice of cancellation will not be sufficient for us to pay a refund. if the additional earnings rider is attached to a contract with multiple beneficiaries, and the death benefit proceeds are payable to the beneficiaries, then each beneficiary may choose individually whether to receive any benefit under the additional earnings rider as of the death report day (and thereby terminate the rider), or continue the rider (with fees) and have any benefit under the additional earnings rider paid on that beneficiarys death. the following example is intended to help you compare the cost of investing in the contract with the cost of investing in other variable annuity contracts. an annuity is a contract between you, the owner, and an insurance company (in this case western reserve), where the insurance company promises to pay the annuitant an income in the form of annuity payments. as of the maturity date, you may make transfers among the subaccounts, but you may not make transfers from or to the fixed account; we may limit subaccount transfers to one per contract year. once you annuitize and if you have selected a fixed annuity payment option, the contract will end and we will issue a supplemental contract to describe the terms of the option you selected. we will pay the annuity in equal payments over a fixed period of 5, 10, 15 or 20 years or any other fixed period acceptable to western reserve. your check or draft must be honored in order for us to pay any associated payments and benefits due under the contract. however, you can make additional purchase payments as often as you like during the lifetime of the annuitant and prior to the maturity date. you should expect your annuity value to change from valuation period to valuation period to reflect the investment performance of the portfolios, the interest credited to your value in the fixed account, and the fees and charges we deduct. you should not expect that the investment results of the other portfolios and mutual funds will be comparable to the portfolios offered by this prospectus. we will not add, delete or substitute any shares attributable to your interest in a subaccount without notice to you and prior approval of the sec, to the extent required by applicable law. if your contract was issued in new jersey or washington, you may not transfer any of their contract value to the fixed account. if you invest in the profunds or access subaccounts, you should be aware that you may bear the costs and increased risks of frequent transfers discussed below. we reserve the right to implement, administer, and charge you for any fee or restriction, including redemption fees, imposed by any underlying fund portfolio. in addition, we may not honor transfer requests if any variable investment option that would be affected by the transfer is unable to purchase or redeem shares of its corresponding underlying fund portfolio. you may specify the dollar amount to be transferred monthly; however, you must transfer a total of $1,000 monthly ($500 for new jersey residents). telephonic partial withdrawals are not allowed in the following situations: upon instructions from you, the registered representative/agent of record for your contract may also make telephonic transfers or partial withdrawals for you. we will not be responsible for transmittal problems which are not reported to us by the following business day. the mortality and expense risk charge is equal, on an annual basis, to 1.25% of the average daily net assets that you have invested in each subaccount. we deduct this charge from the fixed account and each subaccount in proportion to the amount of annuity value in each account. the value of the assets in each subaccount is reduced by the management fees and expenses paid by the portfolios. the amount of the payments we (or our affiliates) receive is based on a percentage of the assets of the particular portfolios attributable to the contract and to certain other variable annuity and insurance products that our affiliates and we issue. there are different rules as to how you will be taxed depending on how you take the money out and the type of contractqualified or nonqualified. the amount of the penalty tax is equal to 10% of the amount that is includable in income. the contract must also meet certain distribution requirements at the death of an owner in order to be treated as an annuity. in addition, distributions may be subject to state and/or municipal taxes and taxes that may be imposed by the owners country of citizenship or residence. in addition, we may be required to block a contract owners account and thereby refuse to pay any request for transfers, withdrawals, surrenders, loans, annuity payments or death benefits until instructions are received from the appropriate regulators. you are responsible for requesting and repaying loans that comply with applicable tax requirements, and other laws, such as the employee retirement income security act of 1974 (erisa). on each contract anniversary we will compare the amount of the contract loan to the amount in the loan reserve. we periodically advertise performance of the subaccounts and investment portfolios. the death benefit proceeds may be paid as a lump sum; as substantially equal payments while the contract continues in the accumulation period for a specified number of years; or as annuity payments, but in all events will be paid in accordance with any applicable federal and state laws, rules and regulations. we will pay a death benefit on the death of the surviving spouse and revise the way we calculate the death benefit so that it is based on the age of the surviving spouse. if you purchased your contract as part of a 1035 exchange or if you added the rider after you purchased the contract, rider earnings do not include any gains before the rider is added to your contract. we will deduct this fee from each subaccount and the fixed account in proportion to the amount of the annuity value in each account. we will not be liable for any payment or other action we take in accordance with the contract before we receive notice of the assignment. the assets of the separate account are held in western reserves name on behalf of the separate account and belong to western reserve. the selling firms who have selling agreements with tci and us are paid commissions for the promotion and sale of the contracts according to one or more schedules. ask your sales representative for further information about the compensation your sales representative, and the selling firm that employs your sales representative, may receive in connection with your purchase of a contract. special compensation arrangements are calculated in different ways by different selling firms and may be based on past or anticipated sales of the contracts or other criteria. you may find more information about imsa and its ethical standards at www.imsaethics.org in the consumer section or by contacting imsa at: 240-744-3030. there are no legal proceedings to which the separate account is a party or to which the assets of the separate account are subject. they should not be considered as bearing on the investment performance of the assets held in the separate account. we believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. the company is licensed in 49 states, district of columbia, puerto rico and guam. derivative instruments used in hedging transactions that meet the criteria of an effective hedge are valued and reported in a manner that is consistent with the hedged asset or liability. under gaap, realized capital gains and losses are reported in the statement of operations on a pre-tax basis in the period that the assets giving rise to the gains or losses are sold. under gaap, state taxes are included in the computation of deferred income taxes, a deferred income tax asset is recorded for the amount of gross deferred income tax assets expected to be realized in all future years, and a valuation allowance is established for deferred income tax assets not realizable. these securities meet the definition of a bond, in accordance with ssap no. if the company determines that a decline in the fair value of a common stock or a preferred stock is other-than-temporary, the company writes it down to fair value as the new cost basis and the amount of the write down is accounted for as a realized loss in the statement of operations. for dollar repurchase agreements, the company receives cash collateral in an amount at least equal to the fair value of the securities transferred by the company in the transaction as of the transaction date. derivative instruments used in replication relationships are accounted for on a basis that is consistent with the cash instrument and the replicated asset (amortized cost or fair value). assets held in trust for purchases of variable universal life and variable annuity contracts and the companys corresponding obligation to the contract owners are shown separately in the balance sheet. income and gains and losses with respect to the assets in the separate accounts accrue to the benefit of the contract owners and, accordingly, the operations of the separate accounts are not included in the accompanying financial statements. these estimates are subject to the effects of trends in claim severity and frequency. the adoption of this revision did not impact the financial position or results of operations of the company as revisions relate to disclosures only. 86 to move one aspect of the criteria for a hedged forecasted transaction and incorporate it as criteria for a fair value hedge. the adoption of this statement resulted in the transfer of $67,503 from aggregate write-ins for other than special surplus funds to unassigned funds and updates to the companys income tax disclosures. this revision required a new disclosure for assets and liabilities for which fair value is not measured and reported in the statement of financial position but is otherwise disclosed. this statement modified the conditions required for recognizing a liability for insurance-related assessments and required additional disclosures to be made in the notes to the financial statements. the adoption of this revision is expected to be immaterial to the financial position and results of operations of the company. each month, the company performs an analysis of the information obtained from indices, third-party services, and brokers to ensure that the information is reasonable and produces a reasonable estimate of fair value. receivable from/payable to parent, subsidiaries and affiliates: the carrying amount of receivable from/payable to affiliates approximates their fair value. as indicated in note 1, real estate held for sale is measured at the lower of carrying amount or fair value less cost to sell. these impairments are not included in the calculation of restructure related losses and are accounted for as a realized loss, reducing the cost basis of the security involved. at december 31, 2013 and 2012, the company held a mortgage loan loss reserve in the avr of $759 and $482, respectively.
at december 31, 2013 and 2012, the fair value of all contracts, aggregated at a counterparty level, with a negative fair value amount to $4,100 and $1,841, respectively. the net deferred income tax asset at december 31, 2013 and 2012 and the change from the prior year are comprised of the following components: as discussed in note 1, for the years ended december 31, 2013 and 2012 the company admits deferred income tax assets pursuant to ssap no. the amount of tax contingencies calculated for the company as of december 31, 2013 and 2012 is $398 and $635, respectively. to compensate the general account for the risk taken, the separate account paid risk charges of $9,769, $10,487 and $11,446 to the general account in 2013, 2012 and 2011, respectively. under those requirements, the amount of capital and surplus maintained by a life or health insurance company is to be determined based on the various risk factors related to it. under current conditions, the company has securities with a par value of $88,267 (fair value of $88,261) that are currently tradable securities that could be sold and used to pay for the $88,184 in collateral calls that could come due under a worst-case scenario. the net amount received by the company as a result of being a party to these agreements was $51,725, $44,117, and $33,717 during 2013, 2012 and 2011, respectively. at december 31, 2013 and 2012, respectively, the company pledged assets in the amount of $18,694 and $14,125 to satisfy the requirements of futures trading accounts. at december 31, 2013 and 2012, the company had dollar repurchase agreements outstanding in the amount of $26,475 and $25,986, respectively. the company is licensed in 49 states, the district of columbia, guam and puerto rico. the preparation of financial statements of insurance companies requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. under gaap, realized capital gains and losses are reported in the statement of operations on a pre-tax basis in the period that the assets giving rise to the gains or losses are sold. these separate accounts are included in the general account for gaap due to the nature of the guaranteed return. under gaap, state taxes are included in the computation of deferred income taxes, a deferred income tax asset is recorded for the amount of gross deferred income tax assets expected to be realized in all future years, and a valuation allowance is established for deferred income tax assets not realizable. these securities meet the definition of a bond, in accordance with ssap no. if the company determines that a decline in the fair value of a common stock or a preferred stock is other-than-temporary, the company writes it down to fair value as the new cost basis and the amount of the write down is accounted for as a realized loss in the statement of operations. for a decline in the fair value of an investment in a joint venture or limited partnership which is determined to be other-than-temporary, the company writes it down to fair value as the new cost basis and the amount of the write down is accounted for as a realized loss in the statement of operations. at december 31, 2013 and 2012, the company excluded investment income due and accrued for bonds in default of $210 and $155, respectively, with respect to such practices. the posted amount is equal to the difference between the net positive fair value of the contracts and an agreed upon threshold that is based on the credit rating of the counterparty. if a swap is terminated prior to maturity, proceeds are exchanged equal to the fair value of the contract. cash is exchanged at the onset, and a single receipt or payment occurs at the maturity or termination of the contract. in the event the representative issuer defaults on its debt obligation referenced in the contract, a payment equal to the notional of the contract will be made by the company and recognized as a capital loss. assets held in trust for purchases of variable annuity contracts and the companys corresponding obligation to the contract owners are shown separately in the balance sheets. the reserves are equal to the greater of the cash surrender value and the legally computed reserve. these estimates are subject to the effects of trends in claim severity and frequency. the company did not reinsurance premiums, commissions, expense reimbursements and reserves related to reinsured business are accounted for on bases consistent with those used in accounting for the original policies and the terms of the reinsurance contracts. the adoption of this revision did not impact the financial position or results of operations of the company as revisions relate to disclosures only. 86 to move one aspect of the criteria for a hedged forecasted transaction and incorporate it as criteria for a fair value hedge. the adoption of this statement resulted in the transfer of $121,120 from aggregate write-ins for other than special surplus funds to unassigned funds and updates to the companys income tax disclosures. this revision required a new disclosure for assets and liabilities for which fair value is not measured and reported in the statement of financial position but is otherwise disclosed. 32, a preferred stock is defined as any class or series of shares the holders of which have any preference, either as to the payment of dividends or distribution of assets on liquidation, over the holder of common stock [as defined in ssap no. the adoption of this revision is expected to be immaterial to the financial position and results of operations of the company. the fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. each month, the company performs an analysis of the information obtained from indices, third-party services and brokers to ensure that the information is reasonable and produces a reasonable estimate of fair value. separate account assets and annuity liabilities: the fair value of separate account assets are based on quoted market prices when available. as of december 31, 2013 and 2012, the company has several properties that are held for sale. the fair value measurements are classified in level 3 as the external appraisals utilize inputs and adjustments for the specific attributes of these properties that are not market observable. the company evaluated the near-term prospects of the issuers in relation to the severity and duration of the unrealized loss and does not consider those investments to be impaired as of december 31, 2013. at december 31, 2013, the companys asset-backed securities (abs) subprime mortgages portfolio had investments in an unrealized loss position which had a fair value of $382,043 and a carrying value of $418,865, resulting in a gross unrealized loss of $36,822. these impairments are not included in the calculation of restructure related losses and are accounted for as a realized loss, reducing the cost basis of the security involved. the company held an allowance for credit losses on mortgage loans in the amount of $247 and $499 at december 31, 2013 and 2012, respectively. during 2011, the company recorded an impairment of $1,982 for its investment in ridge capital fund i, l.p. the impairment was taken because the decline in fair value of the fund was deemed to be other than temporary and a recovery in value from the remaining underlying investments in the fund was not anticipated. at december 31, 2013 and 2012, the fair value of all derivative contracts, aggregated at a counterparty level, with a positive fair value amounted to $370,542 and $585,525, respectively. the company received reinsurance recoveries in the amount of $405,026, $450,571 and $455,081 during 2013, 2012 and 2011, respectively. as a result of these transactions, the net impact to the company was a pre-tax loss of $20,567 which was included in the statement of operations, and a net of tax gain of $15,885 which was credited directly to unassigned surplus. the amount of tax contingencies calculated for the company as of december 31, 2013 and 2012 is $194 and $198, respectively. certain separate and variable accounts held by the company represent funds for which the benefit is determined by the performance and/or fair value of the investments held in the separate account. the assets and the liabilities of these are carried at fair value. the company established policy reserves of $50,445 and $42,640 to cover these deficiencies at december 31, 2013 and 2012, respectively. under those requirements, the amount of capital and surplus maintained by a life or health insurance company is to be determined based on the various risk factors related to it. under current conditions, the company has securities with a par value of $322,254 (fair value of $322,142) that are currently tradable securities that could be sold and used to pay for the $322,169 in collateral calls that could come due under a worst-case scenario. at december 31, 2013 and 2012, the company reported a net amount of $30,774 and $32,590 due to parent, subsidiary and affiliated companies, respectively. accordingly, the company held aggregate reserves for policies and contracts related to these policies of $161,384 and $156,981 at december 31, 2013 and 2012, respectively. a portion of the cash collateral received by the company has been reposted as collateral to other counterparties. the guarantees made by the company are specific to each structured settlement contract and vary in date and duration of the obligation. as of december 31, 2013 and 2012, the companys reserves related to this matter were $45,219 and $10,297, respectively. in the course of the companys asset management, securities are sold and reacquired within 30 days of the sale date to enhance the companys yield on its investment portfolio. the separate account is registered with the securities and exchange commission as a unit investment trust pursuant to provisions of the investment company act of 1940. the separate account consists of multiple investment subaccounts. charges for administrative and mortality and expense risk are an expense of the subaccount. this sai is not a prospectus and should be read only in conjunction with the prospectus for the contract and with the prospectuses for the funds. the exercise of these rights may be subject to the consent of any assignee or irrevocable beneficiary; and of an owners spouse in a community or marital property state. in the event of any such substitution or change, we may make such changes in the contracts and other annuity contracts as may be necessary or appropriate to reflect such substitution or change. thirty days prior to the maturity date, we will mail to the owner a notice and a form upon which the owner can select allocation options for the annuity proceeds as of the maturity date. death benefit proceeds which are not paid to or for the benefit of a natural person must be distributed within five years of the date of the annuitant/deceased owners death. the assignment of a contract will be treated as a distribution of the annuity value for federal tax purposes. we assume no liability for any payments made or actions taken before a change is accepted and shall not be responsible for the validity or effect of any assignment. if any owner is not a natural person, then for purposes of these distribution requirements, the primary annuitant shall be treated as an owner and any death or change of such primary annuitant shall be treated as the death of the owner. for this purpose, the assignment, pledge, or agreement to assign or pledge any portion of the contract value, and in the case of a qualified contract, any portion of an interest in the plan, generally will be treated as a distribution. if you are attempting to satisfy minimum required distribution rules through partial surrenders, the value of any enhanced death benefit or other optional rider may need to be included in calculating the amount required to be distributed. a rollover from or conversion of an ira to a roth ira may be subject to tax and other special rules may apply to the rollover or conversion and to distributions attributable thereto. the death benefit could be characterized as an incidental benefit, the amount of which is limited in a pension or profit-sharing plan. allocations of a purchase payment directed to a subaccount are credited in the form of accumulation units. the value of a variable annuity unit in each subaccount was established at $10.00 on the date operations began for that subaccount. we calculate cumulative total returns according to the following formula: in addition, we may present historic performance data for the portfolios since their inception reduced by some or all of the fees and charges under the contract. such data may or may not assume a complete surrender of the contract at the end of the period. tci is registered as a broker-dealer with the securities and exchange commission under the securities exchange act of 1934 and is a member of finra. statements contained in the prospectus and this sai concerning the content of the contracts and other legal instruments are intended to be summaries. they should not be considered as bearing on the investment performance of the assets held in the separate account. in connection with that offering, the registrant is relying on rule 6c-7 under the investment company act of 1940 and is complying with, or shall comply with, paragraphs (a) (d) of that rule.
fill western reserve life annuity distribution form, download blank or editable online. sign, fax and printable from pc, (former depositor, western reserve life assurance co. of ohio) transamerica premier life insurance company (“tplic” or the “company”) is amending the other information – distribution of the contracts for information concerning benefit options, and guaranteed lifetime payout options. variable annuities issued by: transamerica life insurance company, cedar company, cedar rapids, ia, and western reserve life annuitant: sally sample., western reserve life agent login, western reserve life agent login, transamerica premier life insurance claim forms, transamerica life insurance surrender form, tplic agreement.
for life & annuity customer service. monday-friday this material was prepared for general distribution. it is being create a protected income stream that’s guaranteed for life. ones will have the opportunity to receive a larger payout from their variable annuity. transamerica secure retirement index ii annuity variable annuities offered by: western reserve life assurance co. of ohio. a. flexible *distributions such as loans and withdrawals will reduce the cash value and death benefit and loans will be , transamerica pre insurance, webhelp transamerica, webhelp transamerica, transamerica annuity address, transamerica claims address
A western reserve life annuity distribution template Word can contain formatting, styles, boilerplate text, headers and footers, as well as autotext entries. It is important to define the document styles beforehand in the sample document as styles define the appearance of Word text elements throughout your document. You may design other styles and format such as western reserve life annuity distribution template pdf, western reserve life annuity distribution template powerpoint, western reserve life annuity distribution template form. When designing western reserve life annuity distribution template, you may add related content, transamerica pre insurance, webhelp transamerica, transamerica annuity address, transamerica claims address.