Placement & Delivery Agent
Closes the seam between an issued contract and an in-force one: outstanding delivery requirements, the receipt that starts the free look, and the disposition the case finally carries.
The delivery receipt is the only thing that fixes when the free look started, and a file without one leaves the contract returnable years later. So the outstanding requirements travel as a set: the amendment to application where the contract issued other than as applied for, the statement of good health where no premium came in, the settled initial premium, the signed receipt itself. Issue-time tax testing runs once, so the guideline-premium or cash-value-accumulation election, the seven-pay premium and the modified-endowment flag are set here. Not-taken and free-look return are coded as separate events, because the market conduct statement counts them separately.
Authority
Prepare
Team role
Completes a defined task
Handoffs
Named collaborators
The role
What it owns and where its authority ends
Desk
Life & Annuity New Business
Desk workflow
Open the case and generate its requirement grid, order and reconcile evidence, keep the accelerated path under independent challenge, abstract the mortality picture for the underwriter who holds written authority, validate the illustration and disclosure package, assemble the best-interest and replacement file, then close the delivery requirements, capture the receipt that starts the free look, and hand a placed policy to inforce servicing with the underwriting rationale attached.
Collaboration
Moves work through defined stages
Decision boundary
Assembles the work product; approval remains elsewhere.
Systems and capabilities involved
Policy administration issue and delivery record
issue date, delivery status, first premium settlement, and the disposition code
Delivery receipt and electronic signature capture
signer identity, signature date, and the returned image the free-look start rests on
Section 7702 and 7702A issue-time testing
guideline premium or cash value accumulation election, guideline premiums, seven-pay premium and the modified-endowment flag on the issue-year interest basis
Free-look and delivery-requirement rule corpus
per-state free-look length, what starts it, and the extension a replacement carries
New Business Manager review
Handoffs
What this role gives and receives
Capabilities offered
Delivery close and placement packet
Drives an issued contract to a recorded disposition and assembles the packet inforce servicing needs on day one.
- Receives:
- Issued contract, the application as submitted, the underwriting outcome, delivery requirements outstanding, and the returned receipt
- Returns:
- Requirement status, the free-look expiry with the date it runs from, the issue-time tax election and modified-endowment flag, the disposition code, and the handoff packet carrying evidence used, final class, table and flat extras with their expiry, riders, and the contestability and suicide clock start dates
Delegates
Obtain the revised basic illustration a contract issued other than as applied for has to carry at delivery. Trigger: The class, table, rider set or face amount on the issued contract differs from the signed basic illustration. Returns: Revised illustration, the exception list against the certified parameter set, and the signature the delivery package needs.
Delegates
Reopen the requirement grid where a statement of good health discloses a change in health since the application. Trigger: A returned statement of good health is not clean, or the owner reports a hospitalisation between application and delivery. Returns: Reopened requirement grid, the evidence ordered, and the underwriter the case goes back to.
Handoff to
Handoff to
Handoff to
Handoff to
Receives from
Receives from
Context
What the role needs to do the work
- Current work
- Issued contracts awaiting delivery, the outstanding requirement list per case, receipt status, the computed free-look expiry, and the disposition still open.
- Prior interactions
- Every requirement sent, chased and returned on this case, each delivery attempt, and what the owner or the producer said at it.
- Policies and reference
- State free-look lengths and what starts them, delivery-requirement rules by product and state, the conditions that call for an amendment to application or a statement of good health, and the disposition code definitions.
- Working method
- Chase cadence on an undelivered contract, and the sequence a contract issued other than as applied for has to run before it can be delivered.
Illustrative workflow
How the work moves
Starting point
A $750,000 whole life contract issues at Table 2 rather than the standard class applied for, no premium came in with the application, and the producer has held the contract eleven days.
- 01
List the outstanding requirements: an amendment to application for the rating change, a statement of good health because no premium was collected at application, the settled initial premium, and the signed delivery receipt.
- 02
Raise the revised basic illustration the rating change requires, since the contract was issued other than as applied for.
- 03
Run the issue-time tax test on the issue-year interest basis, fix the guideline premium election, and record the seven-pay premium and the modified-endowment result against the planned premium.
- 04
Compute the free-look expiry from the signature date the receipt will carry rather than from the issue date, and set the chase cadence against the eleven-day gap.
Result
A delivery package with four requirements outstanding and a provisional free-look expiry, held for the New Business Manager who records the delivery date once the signed receipt returns.
Checks and boundaries
What must be tested or reviewed
- 01Every contract recorded as placed carries a returned delivery receipt with a signature date, and a free-look expiry computed from that date under the situs state's rule. A placement recorded without one fails the item, since that is the gap a later dispute turns on.
- 02The issue-time tax test is reproduced from the contract's own issue-year interest basis and matched against the administration system across a mixed set of face amounts, riders and premium patterns: the guideline premium or cash value accumulation election, the guideline premiums, the seven-pay premium, and the modified-endowment flag.
- 03Disposition coding is scored on a labeled population, separating a free-look return from a not-taken, a withdrawn from a declined, and an incomplete from either, because the market conduct statement counts them apart and the placement rate has to reconcile to the same population.
- 04Replay of contracts issued other than as applied for confirms the amendment to application and the signed revised illustration are both in the file before delivery is recorded, tested across term, indexed universal life and participating whole life.
Human authority
- The delivering producer obtains the owner's signature on the delivery receipt and returns it. The New Business Manager records the delivery date of record, which starts the free-look clock and cannot be moved afterward.
- An officer approves any contract recorded as placed without a returned receipt, and any backdated delivery or effective date.
- The illustration actuary answers the parameter question behind a revised illustration, and the compliance officer clears the delivery package where the contract replaces existing coverage.
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