_{Oracle® Insurance Policy Administration 9.4.1.0 E23637_01}

Withdrawals

Withdrawals 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 can initiate a full or partial surrender of policy cash balance.

Steps to Add Withdrawal Activity

1. Open a policy.
2. Click Add Activity on the Secondary menu.
3. Select Withdrawal from the Activity drop down box.
4. Enter information for the following required fields:

• Effective Date: Date the withdrawal is effective.

• Withdrawal Type: Select the type of withdrawal from the drop down box. If Amount is chosen and the field populated, then the allocations should be Percent or Amount. If Directed Deduction is chosen, then the Allocations can be Units, Amount or PercentOfFund.

• Surrender Charge Method:Select whether the surrender charge is applied to net amount or gross amount.

• Pricing Type: Click the radio button for Forward Pricing or Last Pricing. 

• Override Surrender Charge: Check the box to override a surrender charge.

• Replace Allocation:Check the box to replace the allocation.
• Select Fund for Verification:Select a fund for verification from the drop down box.

5. Click the Allocations link and specify the funds the money is removed from.
6. Type the amount to be withdrawn in the Amount field.
7. Click OK.
8. Click the lightning bolt icon to the right of the activity on the Activity screen. This will process the activity.

Add Activity Window with Withdrawal Activity Selected

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