Withdrawals

Withdrawals, or partial surrenders, are removals of a portion of the original cash balance of an insurance policy or annuity. The distribution may result in a fee and a reduction in the value of the policy or annuity.  A Withdraw activity automatically generates a disbursement activity.

The following fields for a withdrawal activity are required:

• Effective Date:  Date the withdrawal is effective.

• Disburse To:  Client who will receive the funds.

• Payout Method:  Mode used to send funds to client.

• Disburse to Address:  Address where funds will be sent.

• Withdrawal Amount:  Amount withdrawn from account and sent to client.

Note:  When you add a withdrawal activity, you must have an EFT address for the client receiving the Disbursement or you will receive an exception.

IMPORTANT:  When you add a withdrawal activity, do not click the Allocations tab.  You need to add the activity and then go to the Activity screen and click the Activity Details icon next to the withdrawal activity.  When the window opens, you can click the Allocations link and make any adjustments.  You can then save the changes and process the withdrawal activity.