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Lincoln Financial Announces New Procedures

Updated Rate Lock Procedures – Effective February 1, 2010

01-21-2010

Once an application is submitted to Lincoln via paper or electronic order entry, the manner by which the application is funded will drive the rate lock terms. For each item below, the appropriate section of the ACORD 951 1035 Exchange / Rollover / Transfer Form is indicated:
1. Funding requested by Lincoln immediately
• Non-Qualified (section 4 ACORD 951) – non-insurance product funded: 7-day rate lock.
• Non-Qualified (section 3 ACORD 951) – insurance product funded: 60-day (75 days in NY) rate lock.
• Qualified (section 5 ACORD 951) – insurance or non-insurance product funded: 60-day rate lock (75 days in NY).
2. Funding requested by someone other than Lincoln
• Non-Qualified (section 4 ACORD 951) – non-insurance product funded: 7-day rate lock.
• Qualified (section 5 ACORD 951) – insurance or non-insurance product funded: 60-day rate lock (75 days in NY).
• If the check is not made payable to Lincoln, the 60-day rate lock (75 days in NY) will only apply if the check is endorsed to Lincoln.
• Lincoln must submit the request when a contract will be funded via 1035 exchange (section 3 ACORD 951).
Note: If special instructions are given in Section 6 of the ACORD 951 form for liquidating an existing contract or account, the following provisions apply:
- The transfer request will be initiated the business day prior to the Maturity Date (section 6 of the ACORD 951), unless requested otherwise.
- The transfer request will be initiated the business day prior to the specific date provided (section 6 of the ACORD 951), regardless of when the transfer paperwork is received by Lincoln.
Lincoln is only able to hold applications for 30 days for future transfer requests. If Lincoln receives an application and the Maturity Date or specified date for liquidation (section 6 of the ACORD 951) is longer than 30 days from date Lincoln receives the ACORD 951 form, the application will be returned. Indicating a Maturity Date or
specific date for liquidation on the ACORD form is considered requesting the transfer for that future date.