Annuities

 Deferred and Immediate Annuities

FIMMAS uses the same modules to process annuity products that are used to process other life and health products. Some of the data elements required in the database may be different for different products, but they all use the same rate table structure, reserve factor tables, reporting capabilities, and processing logic for application entry, underwriting, billing, contract administration, etc. The advantages to you are simplified training, reduced maintenance, a consistent user interface across product lines, and streamlined support for customers with multiple products.

Please refer to individual functional topics listed at right for information about FIMMAS functions for New Business, Underwriting, Billing, Policy Administration, and other topics related to annuity processing.

Click on Repetitive Payments Processing for detailed information about FIMMAS handling of annuity payment streams.

Annuity Reports  

All of the flexible reporting capabilities of FIMMAS are available for annuity processing. The list below shows some of the ways users can select and sort information for particular annuity reports.

 

Report
Description
Annuities by status
User can select by status: pending, payment in progress, suspended, or closed. User can sort by state, annuity type, line of business (e.g., qualified, non-qualified, supplemental, etc.)
Annuity payments
User can select by total payments to date or by total payments for a specified time period (day, week, month, quarter, etc.). User can sort by insured, payee, state, annuity type, line of business, and payment range.
Annuity payee detail
User can select a single payee or multiple payees.
1099 detail
User can select a single payee or multiple payees.
Reinsured annuity payments
User can select reinsured annuities by status: payment in progress or suspended. User can sort by reinsurer, state, annuity type, line of business, payment amount.