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 Withdrawal activity automatically generates a disbursement activity.

Disbursement Activity on Activity Screen

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:  Disbursement method used to send funds to client (check, wire, EFT).

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

• Withdrawal Amount:  Amount withdrawn from account and sent to client.

Note:  When a Withdrawal activity is added and the payout method is EFT, an EFT address must exist for the client receiving the disbursement or an exception will occur during processing.

Add Activity Window with Withdrawal Activity Selected