Principal – New Business & Underwriting News
Drop Ticket reminders and tips
Drop Ticket is a digital solution that helps expedite the life insurance application process. And as a reminder, it’s the required submission method for most term business (see below). The following tips can help ensure a smooth process when you use Drop Ticket:
• The Field Office Contact listed should be the person managing the case at the BGA or Principal Financial Network office, not the financial professional’s (writing agent) personal email.
• When completing the Drop Ticket, don’t select Principal® to order the labs if the BGA, Principal Financial Network office, or financial professional prefers to order them.
• Support is available at TeleAppSupport@principal.com for the following items:
o Cancelling requests
o Updating case contact information (email, phone)
o Resending online links
Review our current service times
Note: This email is only available for handling the above requests and will not respond to requests to check the status of an interview/signatures, this information is provided in emails to the Field Office Contact and on the Pending Business Report. It also cannot be used to grant requests for specific times to contact clients.
Drop Ticket requirements reminder
Drop Ticket must be used for all Term application submissions with a face amount of $3 million for ages 18-40 and $2.5 million for ages 41 and older. Exceptions include:
• Life/DI combos – indicate with a cover letter and/or on the Producer Report.
• Applications written in New York.
• Applications that require multiple owner signatures (examples include trust-owned where multiple trustees need to sign and business-owned where multiple business owners need to sign).
• Applications that are owned by a business or submitted as part of a business case that are administered by our Business Market Administration team.
o A Business Case Submission Checklist (DD-849 R-4) is required at submission. If the checklist is not included, the application will not be processed
• Applications where additional, multiple, or alternative policies are requested at the time of submission. Indicate with a cover letter and/or on the Producer Report.
• Additionally, a customer completed Part B via online or phone is preferred for these applications that are exceptions.
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New Business and Underwriting phone changes
We updated our phone system on April 28, 2021. With the changes, our main phone number is still 800-654-4278, but new menu options were added so you can reach an Underwriter or Case Coordinator. Contact sheets have been updated with new phone numbers—direct phone numbers or extensions you may have used in the past are no longer valid.
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Tele-App hours change
The increased use of our online application has resulted in lower call volumes later in the evening. So, we made a small change to our hours. The new TeleApp hours of operation are 7 a.m. – 8 p.m. CT (Monday -Thursday) and 7 a.m. – 7 p.m. CT (Friday).
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NY Reg 187 form updated
The New York Product Disclosure form has been updated to reflect our current product offerings. You should begin using the new version of the form (DD9355NY-3) immediately.
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Use proper overnight mail address to ensure timely processing
Please be sure you’re sending overnight packages to:
711 High Street
Attn: IDPC
Des Moines, IA 50392
Using this address will ensure the timely processing of your requests. Also update your overnight carrier site if 801 Grand Avenue, Des Moines, IA is saved as a default.
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Know Your Customer reminders
As of April 1, 2021, the Know Your Customer Questionnaire is required with all new applications for life insurance, where an organization/entity will be either the owner or paying the premiums.
• The fully completed questionnaire is required prior to the policy issue. If the form isn’t received with the application, a pending requirement for it will appear on your pending business report.
• If you have questions about completing the form, please work with the organization/entity to determine which section(s) are applicable.
• The form is available in paper application packages and will be available as part of electronic application packages at a later date.
• Only one form is required per organization/entity unless there has been a change of ownership or control person. An example of this would be when a new participant is being added to an existing plan (if the existing plan was established prior to April 1, 2021, we require a fully completed Know Your Customer form on the next participant that’s added). If the form has been previously provided, please let us know when the application is submitted.
• For applications where the owner will be a trust, the Trust Certification and Indemnification form should be used instead of the Know Your Customer Questionnaire.