HNWFN refresher - Client Changes

1.

1 point

What owner/address/beneficiary change restriction applies to all HNWFN policies, regardless of which country the insured is a citizen of?

If the owner is an irrevocable trust, the owner must also be the beneficiary.

Policy must be owned by an entity or individual, other than the insured, residing in the US.

Owner must have US address for the life of the policy.

Owner cannot be a revocable trust.

2.

1 point

In addition to the US billing address requirement, additional restrictions apply to owner/address/beneficiary changes when the insured is a citizen of which countries? (Check all that apply)

Japan

China

Switzerland

Canada

Brazil

India

Argentina

3.

1 point

If the existing owner, address, or beneficiary arrangement violates the new HNWFN guidelines, will the change request automatically be declared NIGO?

No. Client Changes will only review the proposed change, and will not compare the existing arrangements to the HNWFN owner/address/beneficiary change guidelines.

Yes. Existing owner and address information must adhere to the new guidelines.

4.

1 point

If the "HNWFN Exception" is not listed in CSW, how should associates proceed?

Contact your TL or SME to research the policy.

Process the change request following normal processing guidelines.

Follow the new HNWFN guidelines to determine if request is IGO/NIGO.

5.

1 point

Scenario#1. A beneficiary change request form was received, and the proposed beneficiary provided an address in China. The insured is a citizen of Argentina. Per the HNWFN guidelines, is this request IGO or NIGO?

IGO. Only the owner is required to provide a US billing address.

NIGO. A US billing address is needed for all roles on the policy.

6.

1 point

Scenario#2: A beneficiary change request form was received, and the proposed beneficiary is a revocable trust. The insured is a citizen of India. Per the HNWFN guidelines, is this request IGO or NIGO?

IGO. Revocable trust ownership is allowed, except when the insured is a citizen of Argentina, Brazil, Japan or Switzerland.

NIGO. Revocable Trust ownership is not allowed, regardless of which country the insured is a citizen of.

7.

1 point

Scenario#3: A beneficiary change request form was received, and the proposed beneficiary is a revocable trust. The insured is a citizen of Brazil. Per the HNWFN guidelines, is this request IGO or NIGO?

IGO. Revocable trust ownership is allowed, regardless of which country the insured is a citizen of.

NIGO. Revocable Trust ownership is not allowed when the insured is a citizen of Argentina, Brazil, Japan or Switzerland.

8.

1 point

Scenario#4: An ownership change request was received, and the proposed owner provided an address in China. The insured is a citizen of the Philippines. Per the HNWFN guidelines, is this request IGO or NIGO?

IGO. The insured is not a citizen of one of the four countries with additional restrictions.

NIGO. A US billing address is required for the owner, regardless of which country the insured is a citizen of.

9.

1 point

Scenario#5: An Address change request was received, and the proposed address for the owner is located in Argentina. Why must this request be marked NIGO?

A US billing address is required for the owner for the life of the policy.

Address change requests are not allowed when the insured is a citizen of Argentina, Brazil, Japan, or Switzerland.

10.

1 point

Scenario#6: An ownership change request was received, and the proposed owner is the insured on the policy. The insured is a citizen of Switzerland. Per the HNWFN guidelines, is this request IGO or NIGO?

IGO. The Insured is allowed to own the policy.

NIGO. When the insured ins a citizen of Argentina, Brazil, Japan or Switzerland, the policy must be owned by an individual or entity, other than the insured.