The Loan Request interface supports one time Loan Request event on a contract. There are two methods of withdrawal allowed. Only Specified Dollar Amount method is supported.
Check
EFT
The effective date of the transaction will default to the current system date.
The below list of products are in scope for this operation.
Deferred Annuity
Immediate Annuity
Term Life Insurance
Universal Life
Whole Life Insurance
| TR ID# | Technical Requirements |
| TR1 | ACORDv2.36 shall be used to communicate. |
| TR2 | ACORD Tx 509 “ Loan Processing tc=509” should be used for executing Loan Requests. |
| TR3 | Interface must always return an error code and desc in the event of a processing failure in addition to HTTP response code. |
| TR4 | For a successful transaction a return code of 200 is returned. |
| BR ID# | Business Requirements |
| BR1 | Loan Request is one time only transaction. There are 2 methods availaible Check and EFT. Only Dollar amount option is supported. |
| BR2 | Withdrawal amount should be greater than zero. |
| BR3 | The contract needs to be present in ALIP for the data to be returned. |
| BR4 | The Contract should be in the below status to support this transaction.ActiveAnnuitized |
Same as section 3.1.4
This transaction is for one time Loan Request where funds are requested from a single subaccount or a combination of subaccounts.
For the funds where date tracking is enabled at product level, Fund Name is expected to be accompained with tracking date. Refer to Rest and soap request section for Sample Request .
Upon receiving the request, ALIP system checks if any pending requirements for the transaction needs to be generated based on the rules specified in Business Configuration.
If there are Pending requirements, they will have to be satisfied or waived before the next steps in the workflow are executed.
If there are no pending requirements or when the requirements have been satisfied or waived off the transaction is placed in the “Pending” status.
During the next nightly batch cycle, next steps in workflow are executed to validate and perform the required actions on the contract.
If the validations are successful money will be be withdrawn from specified accounts and placed in a Loan SubAccount. The face value of the contract is not impacted by this transaction. ALIP system will show a status of “Completed” for the transaction.
Based on the method of disbursement the request is forwarded to appropriate workflow and a request is created there to transfer the money.
If the validations fail the appropriate error messages will be displayed on ALIP system next to the transaction request. The status of transaction will reflect the same as in “Error”.
N/A
N/A
NA
| Success | Success Scenario Description | Message Code | Message Description | Message Type | Additional Comments |
| #1 | The Loan Request transaction call was successful with details being returned in the output | 1 | Success | Informational | TXLife/TXLifeResponse/TransResult/ResultCode/@tc =1 |
| Error | Error Scenario Description | Message Code | Message Description | Message Type | Additional Comments |
| #1 | The Loan Requesttransactioncall was NOT successful due to a technical error or contract not found. | 5 | Error | Informational | TXLife/TXLifeResponse/TransResult/ResultCode/@tc =5 |