Acts of fair discrimination such as charging older clients a higher premium are legal.
Acts of fair and unfair discrimination are prohibited.
Agents are not permitted to advertise that an insurer is a member of any insurance guaranty association.
Marketing plans to offer free insurance as an inducement to buy or rent real property are prohibited.
The act of twisting could result in a license suspension for up to three years.
Changes of address must be filed immediately.
A plea of nolo contendere is considered a conviction, thus it could hinder attempts to obtain a life-only license.
Loss of a previous professional license could result in the automatic denial of the life-only license application.
A licensee has 30 days to update a change in address.
Licensees are required to have an in-state residential address.
No name is ever automatically approved for licensee use. There are always procedures and background checks to administer.
Greene Insurance Agency
None of these would ever be automatically approved.
Thomas Greene, CLU, & Company
Tommy Greene and Associates
Express authority is legitimate authority written into a contract.
A ‘person’ with fiduciary responsibilities is an agent. If an agent steals their clients’ money, the agent is guilty of theft.
Legally, a corporation is a “person”. The insurer makes/produces the insurance policies the agents and brokers sell.
As someone who is 60+, she gets the 30-day free-look period, and should invest cautiously.
Since she only has a few more years before she retires, she should invest with the objective to make as much money as possible. Her time horizon is limited.
As a life insurance product, future proceeds are tax free.
She has a 30 day free look period in case she changes her mind.
She will have to begin taking withdrawals within six months of receiving the proceeds.
In a non-contributory plan, the employer pays all of the premium, so they must cover all eligible employees.
100% of eligible employees must participate.
100% of employees must be allowed to participate.
75% of eligible employees must elect to join the plan.
75% of employees must elect to join the plan.
Conversion from group to individual can be any insurance except term. The insured who lost their coverage is now paying the entire premium.
The new policy will be term life. The employer will pay a portion of the cost.
The new policy will be cash value. The employer will pay a portion of the cost.
The new policy will be cash value. The employee pays all the premiums.
The new policy will be term life. The employee pays all premiums.
Buy-sell agreements allow surviving partners to buy out the family of the deceased partner so the business may continue past the death of the insured.
Split Dollar Plan
Executive Bonus Plan
Deferred Compensation Plans
The larger the guarantee of payments, or returned monies, the lower the guaranteed income. The more risk the annuitant takes during the annuity period, the higher the monthly income.
Straight life, life with ten years certain, life refund option
Life with refund option, life with 10 years certain, straight life
Life with refund option, straight life, life with 10 years certain
Life with ten year certain, life with refund option, straight life
“Interest only” is a settlement option, not a dividend option.
One-year term option
Accumulate with Interest
Interest only option
Reduce the next premium payment
By law, industrial insurance must be paid in person. Since it involves high risk insureds, very low amounts are purchased.
$10,000 coverage and premiums paid by mail
$50,000 coverage and premiums paid by mail
$100,000 coverage and premiums collected by agent
$2,000 or less in coverage and premiums collected by agent
Any universal policy is characterized by a flexible premium. Any variable product is characterized by the use of separate accounts.
Variable Universal Life
Also known as “double indemnity,” accident riders pay a larger death benefit if death is due to accidental means.
Accidental Death Benefit
Accidental Death and Dismemberment
Cost of Living
Accelerated Death Benefit
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