AFFIRM Entity Roles

Overview

Listed below are the AFFIRM entity roles.

Entity Roles

Role Comments Annuitant: Designates a Participant as the primary annuitant of the contract. The Annuitant is always a person. Every annuity must have one and only one Individual identified with the Annuitant role. If there is more than one annuitant, the second annuitant is called the Joint Annuitant. The same Participant may not be identified as both the Annuitant and Joint Annuitant.

Beneficiary: Designates a Participant as a primary beneficiary to the contract. One or multiple Participants may be identified with this role, and may be either a person or an entity. AFFIRM assumes every annuity must have one or more primary beneficiaries. The rules of the product control the maximum number of Beneficiaries that may be named. The same Participant may not be identified as both a Beneficiary and a Contingent Beneficiary.

Contingent Annuitant: Designates a Participant as a contingent annuitant of the contract. The contingent annuitant is a person who will becomes the primary annuitant should the primary annuitant die, and the contract owner and annuitant are two different persons. The same Participant may not be identified as both the Annuitant and contingent Annuitant.

Contingent Beneficiary: Designates a Participant as a contingent beneficiary. The contingent beneficiary may be either a person or entity. The rules of the product control whether contingent beneficiaries may be identified, and the maximum number of Contingent Beneficiaries that may be named on the new annuity. The same Participant may not be identified as both a Beneficiary and a Contingent Beneficiary.

Contingent Owner: Designates a Participant as the contingent owner of the contract. The contingent owner may be either a person or entity. This role will be available in the Role drop-down list box if the product allows for a Contingent Owner, considering the information entered on the Product page. The same Participant may not be identified as both the Owner and Contingent Owner.

Joint Annuitant: Designates a Participant as the second annuitant of the contract. The Joint Annuitant is always a person. This role will be available in the Individual section of the page if the product rules allow this role. The same Participant may not be identified as both the Annuitant and Joint Annuitant.

Joint Owner: Designates a Participant as the second owner of the contract. This role will be available in the Role drop-down list box if the product allows for a Joint Owner, considering the information entered on the Product page. For example, Joint Owners are commonly allowed only on Non-Qualified accounts owned by a person. The same Participant may not be identified as both the Owner and Joint Owner.

Owner: Designates a Participant as the primary owner of the contract. One individual or entity must be identified with the Owner role; the type of Participant that must be identified is controlled by the Owner Type field on the Order Info tab. If there is more than one owner, the second owner is called the Joint Owner. The same Participant may not be identified as both the Owner and Joint Owner.

Payee: Designates an individual or entity as a Payee of a Systematic Withdrawal service feature. If the Payee is the Owner or Joint Owner, the individual or organization does not require the Payee Role.

Custodian: Designates a Participant as an individual Custodian of the annuity. This role type is used on UGMA/UTMA accounts if configured in the PPfA, and identifies the adult or entity that will manage the account for the child until they reach the age of maturity.

Role Comments Power of Attorney: Designates a Participant as a/the Power of Attorney of the annuity asset. Note that the Power of Attorney role does NOT indicate a Power of Attorney responsibility over a person. This role may be used if it is enabled by the Carrier’s product.

Trustee: Designates a Participant as a/the Trustee of a Trust. This role may be used if it is enabled by the Carrier’s product.