Chapter 1: The Future is Nearer than You Think

1

      Knowledgeable Agents

1

      Acquiring Assets

2

      Estate Planning

3

      Wasted Dollars

5

      Wishing our Way Into Retirement

5

      Goal Setting

6

      Accurate Information Required

8

           Wealth Distribution

9

           Estate Control

10

      All Estates Need a Will

12

      Determining an Asset’s Value

15

           Income Capitalization

16

           Reproduction-Cost-Minus-Depreciation

16

           Comparative Sales

16

      Determining the Dollar Amount

17

Chapter 2: Will You Outlive Your Assets?

19

      Buying Power

19

      The Federal Reserve

20

      Permanent and Variable Portfolios

21

Chapter 3: Using Financial Tools

26

      The First Step: Record Keeping

26

      Establishing a Budget

27

      What Records and Where?

28

      Wills

32

Chapter 4: Trusts

35

      Defining a Trust

36

      Irrevocable and Revocable Trusts

37

           Irrevocable Trusts

38

           Revocable Trusts

39

           Present Interest Trusts

43

           Crummey Trusts

43

           Totten Trusts

44

           Life Insurance Trusts

45

           Grantor Retained Annuity Trusts (GRAT)

46

      Money Management Tool

47

           Probate Considerations

47

      Trust Language

53

           Trust Creator & Trust Types

54

           Trust Distribution for Minors

55

      Selecting Trustees

56

      Probate Protection

56

           Proper Trust Use

57

      Not Everyone Needs A trust

58

      Taxation

67

           Estate Taxes & Inheritance Taxes

67

           Creditor Protection

68

           Bankruptcy Protection

68

           Medicaid Qualification

69

      Avoiding Probate Proceedings

69

           Estate Privacy

70

           Generation Skipping

70

           Asset Management, Conservation, and Distribution

71

      In Conclusion

73

Chapter 5: Life Insurance

74

      How Much is Enough?

75

      The Life Insurance Trust

79

      Term or Cash Value?

80

           Term Insurance

80

           Cash Value Insurance

83

           Whole Life Policies

84

           Universal Life Policies

85

           Variable Life Policies

85

           Endowment Life Policies

86

           Survivorship Life Policies

86

           Single Premium Whole Life Policies

87

      Policy Options

88

           Nonforfeiture Options & Disability Waivers

88

           Cash Values

89

      Insuring the Life of a Child

89

      The Agent’s Role

90

Chapter 6: Annuities

92

      Retirement Risks

92

      A Payment of Money

93

      Annuity History

94

           Group Annuities

97

      Do Annuities Make Sense?

98

           Commission Surrender Periods

100

      An Estate and Retirement Planning Tool

100

      Annuity Facts

101

      Tax Deferred Status

103

      Time is Money

103

      Periodic Withdrawals

104

      Annuitization Options

106

      Annuity Models

108

           Accumulation Deferred Annuities

108

           Single Pay Immediate Annuities

108

           Variable Annuities

108

      Investment and Insurance Component

109

      The Variable Annuity’s Introduction

110

           Wrap-Around Annuities

111

           CD-Like Annuities

111

      Retirement Advantages

111

      Estate Advantages

112

      Competition

114

      Investment Expenses and Loads

118

      Similarities

120

Chapter 7: Retirement Funding

123

      Pension Plan Players

124

      How Much Money Will You Need?

127

      Inflation

129

      Company-Sponsored Pension Plans

131

      Defined Benefit Plans

132

      Defined Contribution Plans

135

      401(k) Plans

137

      Collecting Pension Funds

138

      At Retirement

143

Chapter 8: Other Financial Options

147

      Individual Retirement Accounts (IRA)

147

         Determining a IRA's Usefulness

149

      Keogh Plans

149

      Simplified Employees' Pension Plan

150

      Incorporation

151

      S-Corporations

155

      Estate Planning Tools

155

      When Death Occurs

158

Chapter 9: Ethics and Other Myths

165

      Industry Knowledge

168

      Due Diligence

170

           Competency

170

           Understanding the Products

171

           Catastrophic Loss on a Large Scale

173

      Insurer Rating Companies

174

           Business Profile

176

           Financial Profile

176

           Operating Environment

176

           Market Brand & Position

177

      Lines of Business as a Risk Factor

178

      Insurer Assets

178

      Gross Underwriting Leverage

179

      Financial Flexibility

180

      Corporate Governance

182

      Special Rating Situations

182

      Insurance Companies & Climate Change

183

      Continuing Education Requirements

185

An Agent's Personal Responsibility

187

Professional Representation

188

                Appointments

189

Getting in the Door

190

      Making the Sale (Or not)

192

                Product Over Commission

192

                Organization

193

Full Disclosure      

194

Product Replacement

194

Policy Application

195

Product Delivery

195

      Yearly Reviews

196

                Revisiting The Sale

197

Does the Product Still Meet Their Goals

197

      Errors & Omissions Insurance                

197

 Agent Liability Risk

198

      Giving Our Clients What Is Due Them

201

 Criteria

202

                 Claims-Made Policies & Occurrence Policies

203

 Chapter 10 Unfair Trade Practices Act / Legislative History

206

Insurance Activities Other than Sales

209

Financial Activities Other than Insurance

209

Nondiscrimination

210

           Limitation

211

           Definitions

211

           United States v Southeastern Underwriters Association

212

           Developing Legislation

213

                Key Points

215

Is it Still Relevant?

217

        Section 4. Unfair Trade Practices Defined

221

A. Misrepresentations and False Advertising of Insurance Policies.

221

B. False Information and Advertising Generally.

222

C. Defamation.

222

D. Boycott, Coercion, and Intimidation.

222

E. False Statements and Entries.

222

F. Stock Operations and Advisory Board Contracts.

223

G. Unfair Discrimination.

223

H. Rebates.

224

I. Prohibited Group Enrollments.

228

J. Failure to Maintain Marketing and Performance Records.

228

K. Failure to Maintain Complaint Handling Procedures.

229

L. Insurance Applications.

229

M. Unfair Financial Planning Practices.

229

N. Failure to file or to certify information regarding the endorsement or sale of long-term care insurance.

230

O. Failure to Provide Claims History

231

P. Violating any one of the Sections.

231

        Barratry

232

        Lowballing

233

        Redlining

234

        Section 5. Favored Agent or Insurer, Coercion of Debtor

242

        Section 7. Defined and Undefined Practices

243

        Section 8. Cease and Desist and Penalty Orders

243

        Section 9. Judicial Review of Order

244

        Section 11. Penalty for Violation of Cease-and-Desist       

245

        Section 12. Regulations

245

         Unfair Travel Discrimination

245

                Life insurance companies classify countries into four categories

248

        “A” Countries

248

        “B” “C” “D” Countries

249

         Favored Agent or Insurer

252