Chapter 1:  Seeking Security

     Insurance is Part of Life’s Planning

          Liquid and non-liquid assets

     Personal Assets / Life Stages

1

2

3

4

Chapter 2:  Insurance and Risk

          Risk Takers (Survey)

     Determining Financial Status (Net Worth)

7

11

14

     Insurance and Financial Goals

18

     Insurance Objectives

19

     Estimating Requirements

21

     Charting Strategies

23

     Insurance Risk and the Unexpected

24

Chapter 3:  Determining Suitable Products

     Reaching Goals Logically

     Asset Allocation

     Annuity Asset Allocation

     Inaction: Nothing Ventured, Nothing Gained

     Everyone’s Problem

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     The Self-Taught Investor / Making Decisions

32

     The Relationship of Risk to Return

34

     Types of Risk / Inflation: the Silent Reducer

36

     Deflation / Business Risk/Interest Rate Risk

37

     Market Risk / Illiquidity Risk

38

     Minimizing Risk

39

     The Beginner/ Personal Assets versus Investment Assets

40

     Assessing Emergency Cash Funds/Cash Value Life Insurance Contracts are Assets

41

     Diversification / Hard Assets

42

     The Role Insurance Plays in Investing

43

          Laddering Annuities

44

Chapter 4:  Product Suitability

     What is Suitability?

     Annuity Suitability or Best Interest

     Suitability/Best Interest Standards

     Determining Suitability

     Age of the Buyer

     Annual Income/Financial Situation and Needs

     Annuity Funding/ Financial Experience

     Financial Objectives (Do the Math)

     Intended Use of the Annuity/Time Horizons/Existing Assets

     Liquidity Needs or Requirements

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     Net Worth/Risk Tolerance

55

     Tax Status/ Entering Retirement

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     Assessing Suitability/Best Interest

57

          Sales Practices/Product Replacement

58

          Deceptive Sales Practices Forbidden/Full Disclosure

59

          Product Knowledge/Communication Skills

59

          Identifying Suitability/Best Interest Issues

60

     It is Not a Liquidity Issue but Rather a Suitability Issue

60

     Who is an Unsuitable Annuity Buyer?

61

     Annuity Suitability Recommendations

63

     Requesting Information to Obtain Suitability Status

65

     The Legal Side of Suitability Standards

68

     Self-Protection Through Errors and Omissions Insurance

73

     Insurance Agents

78

     Financial Planners/ Public Harm

79

     Triggers/ Insurance Recommendations in the Real World

80

     Degree Risks/ Risk Classifications

83

     The Burden of Risk

84

     What type of Documentation?

86

     Claiming Unearned Education or Experience/ Full Disclosure

86

     Release of Liability Form/What is Due Diligence?

87

     Fiduciary Duties/ Keep Current on New Trends

88

Chapter 5:  Identity Theft Insurance

     Identity Theft Defined

          What Thieves Look For (list)

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94

          Mortgage Fraud

95

     Identity Theft and Assumption Deterrence Act

96

          Factors for Consideration

97

          Technical Amendments to Title 18, United States Code

98

     Insurance Identity Theft

98

     When Insurance Theft Occurs / Insurance Statistics

99

     Sample Identity Theft Policy

100

          Definitions of ‘Covered Accounts’ and ‘Red Flag’

101

     Debt Affects Premium Rates

109

          Changing the Spending Pattern

111

     When 20 Percent is Not Really 20 Percent (credit card interest rates)

115

Chapter 6:  Safety Through Insurance

     The Patient Protection and Affordable Care Act

     The Affordable Care Act Today

     Changes in the Law Affect Health Care

     Adverse Selection

       Dealing with the Results

       Small Businesses and Self-Employed

       Pharmaceuticals

       Work Requirements Requested by Some States

       2017 Modifications to the Affordable Care Act

     Long Term Care Policies

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     Defining Policy Benefits

128

        Daily Benefit, Waiting Period, Maximum Benefit Period

129

        Type of Facility, Indemnity Policies, Homebound

130

        Prior Hospitalization/ Inflation Protection

131

        Preexisting Conditions, Level Premium, Waiver of Premium

132

     Care Levels

132

     What Benefit Levels Should Be Recommended?

133

        Price of LTC may vary

135

Chapter 7:  Life Insurance

     What Is A Life Insurance Policy?

          Life Insurance Needs: worksheet

     Planning for The Future Through Estate Creation

     Life Insurance Trusts

     Life Insurance for Estate Planning

     Types of Life Insurance / Term Insurance

          Whole Life Insurance/

          Endowment Insurance Policies

          Universal Life Insurance Policies/ Variable Life Insurance Policies

          Survivorship Life Insurance

          Single Premium Whole Life Policies

     Annuities

     Qualified Longevity Annuity Contracts (QLAC)

     Annuity Advantages

     Individual Retirement Accounts (IRA)

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Chapter 8:  Protecting Assets Through Insurance

     Bodily Injury Liability

     Property Damage Liability / Medical Payments Coverage

     Uninsured Motorists / Collision

     Comprehensive Physical Damage / No-Fault Laws

     To Tell Or Not To Tell / Insuring Our Greatest Investment: Home Sweet Home

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166

          Form 1

166

          Form 2 / Form 3

167

          Form 4 / Form 5 / Form 6

168

          Form 7 / Form 8

169

     Earthquake Coverage

170

          Fracking-Induced Earthquakes

171

          Fracking Terminology

172

          Flooding / General Homeowner Coverage

176

          Floaters / Umbrella Policies

177

Chapter 9:  FEMA’s Flood Requirements

     Course Material

     Acronyms Agents Need to Know

     NFIP Background

     Federal Emergency Management Agency (FEMA)

     Community Participation

     Emergency Program

     Regular Program/ Community Rating System

     Building Eligibility/ Coastal Barrier Resources System and Other Protected Areas

     CBRS areas

     OPAs

     Who Needs Flood Insurance?

          Mandatory Purchase of Flood Insurance in High Flood Risk Zones

          Recommended in Moderate and Low Flood Risk Zones

     Why Flood Insurance is Better than Disaster Assistance

     Flood Maps and Zone Determinations/ Flood Hazard Boundary Map (FHBM)

          The “100-Year Flood”

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     Flood Insurance Rate Map (FIRM)

191

     Pre-FIRM/ Post-FIRM Defined

191

     Risk Modeling/ Geographical and Structural Variables

197

     Premium Subsidies and Cross-Subsidies/ Special Flood Hazard Area Defined

198

     Base Flood Elevation (BFE)

198

     Zone Determination

199

     Policies and Products Available

200

     Dwelling Policy/ General Property Policy- Types of Building Covered

200

     Residential Condominium Building Association Policy/ Preferred Risk Policy

201

          Basement/County Wide Firm/ Elevated Building/First Floor Height/Flood

202

          Freeboard/ Mixed-Use Building/Wave Height Adjustment

202

     Damages Not Covered/ Property Covered

203

          Loss Avoidance Measures

205

          Debris Removal/ Improvements and Betterments

206

     Property Not Covered

206

     Increased Cost of Compliance Coverage (ICC)

208

          Substantially Damaged/ Repetitively Damaged

208

     General Rules

209

     Statutory Coverage Limits

210

     Deductibles

211

     Property Value Determination for Selecting Coverage Amounts

213

     Loss Settlement

214

          Actual Cash Value/ Replacement Cost Value (RCV)

214

          Co-insurance Penalty in RCBAP

215

     Reduction and Reformation of Coverage

215

     Waiting Period/Effective Date of Policy

215

     Policy Term/ Cancellations

216

     Rating

217

     Types of Buildings

221

     Elevated Buildings/ Building with Basements

223

     When to Use an Elevation Certificate

223

     Grandfathering

224

     Claims Handling Process

225

     Helping Your Client File a Claim

225

     Appeals Process

227

     Claims Handbook

229

     Requirements of the Flood Insurance Reform Act of 2004

229

          Flood Insurance Reform Act of 2004/ Mitigating Repetitive Loss Properties

229

          Educating Policyholders

231

          Write You Own Companies and the NFIP Work Together

232

     National Flood Insurance Reform Act of 1994

233

     Flood Disaster Protections Act of 1973/ National Flood Insurance Act of 1968

233

     National Flood Insurance Reform Act of 1994/ Flood Insurance Reform Act of 2004

234

     The Biggert-Waters Flood Insurance Reform Act of 2012

234

     The Consolidated Appropriations Act of 2014

234

     Homeowner Flood Insurance Affordability Act of 2014

234

     Agent Resources

235

     FEMA and Related Websites

235

Chapter 10:  Employer Sponsored Insurance Benefits

     Funeral Benefits / Dental Insurance

236

236

     Disability Income Benefits / Life Insurance/ Medical Insurance

237

     Characteristics of Group Insurance

239

     Group Plan Incentives

242

     History of Group Health Insurance

243

     Self-Insured Plans

245

     Specific Eligible Groups

246

     Types of Medical Plans

248

     Health Maintenance Organizations (HMO)

250

     Model Group Life Insurance

252

     Group Contract Termination

258

     Pension Plans

259

     The Insurance Consultant

263

     Flexible Spending Accounts (FSA)

263

     After Retirement

264

     Income and Longevity Concerns

266

Chapter 11:  Unfair Trade Practices

270

     Purpose / Legislative History

270

     Insurance Activities Other than Sales

273

     Financial Activities Other than Insurance / Nondiscrimination

274

     Limitation / Definitions

275

     United States v Southeastern Underwriters Association

276

     Developing Legislation

278

     Gramm-Leach Bliley Act: Key Points

279

     Is It Still Relevant?

281

     Section 4. Unfair Trade Practices Defined

285

     Section 5. Favored Agent or Insurer, Coercion of Debtor

305

     Section 7. Defined and Undefined Practices

306

     Section 8. Cease-and-Desist and Penalty Orders

307

     Section 9. Judicial Review of Orders

308

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

308

     Section 12. Regulations

308

     Unfair Travel Discrimination

308

     Favored Agent or Insurer

315

Chapter 12:  Insurance Ethics

316

     Ethics Defined / Ethic Subject Matter for Continuing Education

316

     Meeting Education Requirements in a Timely Manner

317

     The Doctrine of Utmost Good Faith / Breach of Utmost Good Faith / Duty of Disclosure

319

     Representations and Warranty / Representations / Warranty

320

     Action Taken by Insurer against a Breach/Principle of Waiver and Estoppel/Guaranty Associations

321

     Knowledge of the Product

327

     Ethics from an Agent’s Standpoint: Introducing Harry Bobs

328

     It is a Matter of Perspective

329

     Temptation / Lack of Understanding / Optimism

330

     Establishing Ethical Goals

331

     Why Be Ethical?

334

     Following the Laws / Ethics in the Workplace

335

     The Same by Any Name (Values and Morality)

336

     Putting the Past into the Future

337

     Personal Values

338

     Companies Set Guidelines

340

     Promoting Ethical Behavior

345

     Is It Possible to Teach Ethical Behavior to Others?

348

     What Is the Scope of Ethics?

348

     What Does it Take to be a Moral Person?

349

     What Quality of Work do you Want to Perform?

350

     What Do I Want my Legacy to be?

350

     Leaders of the Pack

351

          Example #1

351

          Example #2

352

     What are our responsibilities to other moral persons?

352

     Objectivist Ethics

354

     Holding on to our Ethical Code

355

     Looking the Part

360

     Courtesy / Mores

361

     Mores are established patterns of action to which an individual is expected to conform.

362

     Education

365

     Product Knowledge

366

     Laying Out Policy Benefits and Limitations

368

          Minimizing misunderstandings

368

     Policy Replacement

370

     Why Agents Replace Their Own Business

371

     When Agents Allow Misconceptions

371

     When the Client Thinks the Premiums are Too High

372

     Obtaining Proper Application Signatures/ Keeping in Touch after the Sale

373

     Selling “Fast Buck” Items

374

     Commingling Funds/ The Professional

375

     Preparing for Tomorrow/ Financial Management

376

     Due Diligence

377

     If It’s Legal . . .

385

     End of Course

388