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Annuities 101: An Introduction

This story originally appeared on Due Individuals generally are familiar with life insurance products and the basics.  Professionals are contacted by the big life insurers with offers to buy term life or whole life products, and many employers offer employees some basic form of group life insurance.  Others have obtained burial and funeral expense coverage life policies. When it comes to the world of annuities, people often are not as familiar. In this first of a series of posts, we will explain the world of annuities. Today, Annuities 101: an introduction.     The word annuity is derived from the Latin, annus, or year, and the Latin, annuitus.  The reason for this is because annuities are investments that entitles the holder to equal annual payments.

New York Best-Interest Rule for Annuity Sales Struck Down

The ruling states that “while the consumer protection goals underlying promulgation of the amendment are laudable, as written, the amendment fails to provide sufficient concrete, practical guidance for producers to know whether their conduct, on a day-to-day basis, comports with the amendment’s corresponding requirements for making recommendations and compiling and evaluating the relevant suitability information of the consumer.” Further, the ruling states, “although the amendment provides certain examples of what a recommendation does not include (i.e., ‘general factual information to consumers, such as advertisements, marketing materials, general education information’ and ‘use of … interactive tool[s]‘… the remaining definitional language is so broad that it is difficult to discern what statements producers could potentially make that would not be reasonably interpreted by the consumer to constitute advice regarding a potential sales transaction and therefor

NICE Actimize Introduces AI-Powered SURVEIL-X Suitability To Reduce Compliance Risk For Wealth Management, Insurance Firms - Selected By Leading Global Financial Services Organizations, SURVEIL-X Suitability Is Powered By New Risk Detection

NICE Actimize Introduces AI-Powered SURVEIL-X Suitability To Reduce Compliance Risk For Wealth Management, Insurance Firms - Selected By Leading Global Financial Services Organizations, SURVEIL-X Suitability Is Powered By New Risk Detection Date 06/04/2021 Financial services organizations that provide investment advice, and which sell life insurance, annuities and other wealth products, are finding that regulators are escalating how closely they monitor advisor behaviour. To help these firms reduce compliance risk,  NICE Actimize, a NICE (Nasdaq: NICE) business, today announced the introduction of SURVEIL-X Suitability for Wealth and Insurance, a comprehensive AI-powered surveillance and suitability solution that builds on the capabilities of NICE Actimize’s industry-leading SURVEIL-X Holistic Conduct Surveillance platform.

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