Securely Insured
Table of Contents
Chapter 1: Seeking Security Insurance is Part of Life’s Planning Liquid and non-liquid assets Personal Assets / Life Stages |
1 2 3 4 |
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Chapter 2: Insurance and Risk Risk Takers (Survey) Determining Financial Status (Net Worth) |
8 12 15 |
Insurance and Financial Goals |
19 |
Insurance Objectives |
20 |
Estimating Requirements |
22 |
Charting Strategies |
24 |
Insurance Risk and the Unexpected |
25 |
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Chapter 3: Determining Suitable Products Reaching Goals Logically / Asset Allocation Annuity Asset Allocation Inaction: Nothing Ventured, Nothing Gained Everyone’s Problem |
28 29 30 31 32 |
The Self-Taught Investor / Making Decisions |
33 |
The Relationship of Risk to Return |
35 |
Types of Risk / Inflation: The Silent Reducer |
37 |
Deflation / Business Risk |
38 |
Interest Rate Risk / Market Risk / Illiquidity Risk |
39 |
Minimizing Risk |
40 |
The Beginner |
41 |
Personal Assets versus Investment Assets / Assessing Emergency Cash Funds |
42 |
Cash Value Life Insurance Contracts are Assets / Diversification / Hard Assets |
43 |
The Role Insurance Plays in Investing |
44 |
Laddering Annuities |
45 |
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Chapter 4: Annuity Suitability Requirements: NAIC Requirement Investment Vehicles The Test of Time Finding the Right Products Using Annuities Effectively / Investment Safety / Funding Retirement Structured Settlements / Beneficiary Designated Money / Probate Avoidance Old Money; New Money / Annuity Participants / Types of Annuities Judging How Long the Annuity Income Must Last Data from the National Vital Statistics System on Mortality Categorizing Annuities Benefit Payment: Immediate Annuities / Deferred Annuities / Split Annuities |
48 48 49 50 52 53 54 55 57 58 59 |
Payment Methods: Single Premium Annuities / Flexible Premium Annuities |
60 |
Annuity Type Based on Policyowner Risk / Variable Annuities |
61 |
Fixed Annuities / Declared Rate Fixed Annuities |
62 |
Indexed Fixed Annuities / Two-Tiered Annuities |
63 |
Fixed Rate Annuities |
64 |
Equity Indexed Annuities |
67 |
Variable Annuities |
69 |
Annual Expenses / Funding Variable Annuities |
70 |
Variable Annuity Death Benefit / Contract Provisions Affect Consumers |
71 |
Annuity Surrender Values and Penalties |
72 |
Guaranteed Rates of Return |
74 |
Important EIA Fact |
76 |
Index Crediting |
77 |
Participation Rates |
78 |
Averaging |
79 |
Caps / Spreads, Margins and Administrative Fees / Returns |
80 |
Indexing Formulas |
82 |
Annual Reset Indexing Method / High Water Mark Indexing Method |
83 |
Point-to-Point Indexing Method |
84 |
Multiple EIAs with Diversified Indexing Methods / Withdrawing Annuity Funds |
85 |
Payout Options |
86 |
Nonhuman Payees Under a Settlement Option / Lifetime Income Payout Option |
87 |
Life Annuity, Period Certain Payout Option |
88 |
Joint-and-Last-Survivor Payout Option / Required Distribution |
89 |
Taxation / Qualified and Non-Qualified Annuity Annuitization |
90 |
ERISA and Tax-Favored Retirement Plans / Using Annuities in Tax-Favored Plans |
91 |
IRS Requirements for Annuity Funding |
92 |
Financially Sound Insurers |
93 |
State Guaranty Associations / State Mandated Annuity Suitability Standards |
95 |
Determining Suitability |
96 |
Sales Practices / Product Replacement / Deceptive Sales Forbidden Practices / Full Disclosure |
98 |
Product Knowledge / Identifying Suitability Issues |
99 |
It is Not a Liquidity Issue, But Rather a Suitability Issue |
100 |
A Comprehensive Financial Plan |
101 |
Laddering |
102 |
Tax-Deferred Status |
105 |
Tax-Deferral Exception / Exchanges / Annuity gifts |
107 |
Other Tax Issues / Annuities are (Sometimes) Protected Assets |
108 |
Probate |
109 |
Sometimes an Annuity is a Bad Idea / Considering Applicant Age / Surrender Penalties |
110 |
Grasping Fundamental Aspects of the Product |
111 |
Basic Information Requirements |
112 |
Terminology for Equity Indexed Annuity Products |
113 |
General Contract Provisions / Entire Contract |
116 |
Changes & Waivers / Misstatements / Required Reporting |
117 |
State Law / Claims of Creditors / Other Contract Items |
118 |
Additional Payments |
119 |
In Conclusion |
120 |
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Chapter 5: Identity Theft Insurance Identity Theft Defined What Thieves Look For (list) |
121 122 125 |
Mortgage Fraud |
126 |
Identity Theft and Assumption Deterrence Act |
127 |
Factors for Consideration |
128 |
Technical Amendments to Title 18, United States Code |
129 |
Insurance Identity Theft |
129 |
When Insurance Theft Occurs / Insurance Statistics |
130 |
Sample Identity Theft Policy |
131 |
Definitions of ‘Covered Accounts’ and ‘Red Flag’ |
139 |
Debt Affects Premium Rates |
141 |
Changing the Spending Pattern |
142 |
When 20% is Not Really 20% (credit card interest rates) |
147 |
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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 H.R.1 (115) Tax Reform Law Other Affordable Care Act Changes Small Businesses & Self-Employed Work Requirements Requested by Some States Five Modifications to the ACA Long Term Care Policies |
149 150 150 151 152 153 153 154 154 157 158 159 |
Defining Policy Benefits |
161 |
Daily Benefit, Waiting Period |
161 |
Maximum Benefit Period, Type of Facility, Indemnity Policies |
162 |
Homebound, Prior Hospitalization |
163 |
Gatekeepers, Inflation Protection, Preexisting Conditions |
164 |
Level Premium, Waiver of Premium |
165 |
Care Levels |
165 |
What Benefit Levels Should Be Recommended? |
166 |
Price of LTC may vary |
168 |
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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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169 170 171 172 174 179 180 181 182 183 184 185 189 191 192 |
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 |
194 194 195 196 197 199 |
Form 1 / Form 2 |
200 |
Form 3 / Form 4 / Form 5 / Form 6 |
201 |
Earthquake Coverage |
202 |
Fracking-Induced Earthquakes |
203 |
Fracking Terminology |
204 |
Flooding / General Homeowner Coverage |
209 |
Floaters / Umbrella Policies |
210 |
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Chapter 9: NFIP Flood Insurance NFIP Training for Agents The National Flood Insurance Program Now Under the Department of Homeland Security Community Participation Emergency Program Regular Program / Community Rating System Building Eligibility / Coastal Barrier Resources System & Other Protected Areas Defining Special Flood Hazard Area (SFHA) / 100-Year Floods Flood Insurance Rate Map (FIRM) Base Flood Elevation (BFE) / Zone Determination Types of Buildings for Flood Insurance Dwelling Form / General Property Form / Residential Condominium Building Assoc. Preferred Risk Policy Loss Avoidance Measures / Debris Removal Improvements and Betterments / Deductibles / Property Value Determination for Coverage Actual Cash Value / Replacement Cost Value |
211 211 212 213 215 216 217 218 219 220 221 222 223 223 224 225 226 |
Co-Insurance Penalty in RCBAP / Filing Claims |
227 |
Appeals Process / Reduction and Reformation of Coverage / Policy Waiting Period |
228 |
Policy Term / Cancellations |
229 |
No Policy Covers Everything |
230 |
Single Peril Policy / Mudslides versus Mudflows |
231 |
Covered Property / Basements / Appurtenant Structures / Increased Cost of Compliance |
232 |
Write Your Own (WYO) Program / The Biggert-Waters Flood Ins. Reform Act |
233 |
Title II Flood Insurance / Flood Insurance Reform and Modernization Act |
235 |
Availability of Insurance for Multi-Family Properties |
235 |
Reform of Premium Rate Structure / Program Expiration |
236 |
Availability of Insurance for Multi-Family Properties / Reform of Premium Rate Structure |
236 |
Estimates of Premium Rates |
237 |
Increase in Annual Limitation on Premium Increases / Premium Payment Flexibility |
238 |
Premium Adjustment / Enforcement / Escrow of Flood Insurance Payments |
238 |
Limitation / Minimum Deductibles for Claims under the NFIP |
239 |
Considerations in Determining Chargeable Premium Rates |
239 |
Reserve Fund, Maintenance of the Reserve Ratio / Repayment Plan Required for Flood Debt |
240 |
Payment of Condominium Claims / Technical Mapping Advisory Council |
241 |
National Flood Mapping Program |
243 |
Communication and Outreach / Community Remapping Requests |
244 |
Scope of Appeals / Scientific Resolution Panel |
245 |
Removal of Limitation on State Contributions for Updating Flood Maps / Coordination |
246 |
Interagency Coordination Study |
246 |
Notice of Flood Insurance Availability under RESPA |
247 |
Participation in State Disaster Claims Mediation Programs |
247 |
Oversight and Expense Reimbursements of Insurance Companies / Mitigation |
248 |
Flood Protection Structure Accreditation Task Force / Flood in Progress Determinations |
249 |
Clarification of Residential and Commercial Coverage Limits / Local Data Requirement |
250 |
Eligibility for Flood Insurance for those who made Adequate Progress on Reconstruction |
250 |
Studies and Reports / Report on Improving the NFIP |
251 |
Report of the Administrator on Activities under the NFIP / GAO Study on Pre-FIRM Structures |
252 |
GAO Review of FEMA Contractors |
253 |
National Academy of Sciences Study & Report on Graduated Risk / Contents of Study |
254 |
Reinsurance / FEMA and GAO Reports on Privatization / Private Risk-Management Initiatives |
255 |
Reinsurance Assessment / Private Market Pricing Assessment |
255 |
GOA Study on Business Interruption & Additional Living Expenses Coverage |
256 |
Policy Disclosures / Report on Inclusion of Building Codes in Floodplain Management Criteria |
257 |
Study of Participation and Affordability for Certain Policyholders |
258 |
Study and Report Concerning the Participation of Indian Tribes and Members in NFIP |
258 |
Use of Private Insurance to Satisfy Mandatory Purchase Requirement |
259 |
Levees Constructed on Certain Properties |
259 |
Insurance Coverage for Private Properties Affected by Flooding from Federal Lands |
260 |
Treatment of Swimming Pool Enclosures Outside of Hurricane Season |
260 |
CDBG Eligibility for Flood Insurance Outreach Activities & Community Building Code Grants |
261 |
Termination of Force-Placed Insurance |
261 |
FEMA Authority on Transfer of Policies / Reimbursement of Certain Expenses |
262 |
FIO Study on Risks, Hazards, and Insurance |
262 |
Flood Protection Improvements Constructed on Certain Properties |
263 |
No Cause of Action / Alternative Loss Allocation |
264 |
Assessing and Modeling Named Storms Over Coastal States |
265 |
Other Legislation |
266 |
Contact Information |
267 |
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Chapter 10: Employer Sponsored Insurance Benefits Funeral Benefits / Dental Insurance |
268 268 |
Disability Income Benefits / Life Insurance |
269 |
Medical Insurance |
270 |
Characteristics of Group Insurance |
271 |
Group Plan Incentives |
273 |
History of Group Health Insurance |
275 |
Self-Insured Plans |
277 |
Specific Eligible Groups |
278 |
Types of Medical Plans |
280 |
Health Maintenance Organizations (HMO) |
282 |
Model Group Life Insurance |
284 |
Group Contract Termination |
290 |
Pension Plans |
291 |
The Insurance Consultant |
295 |
Flexible Spending Accounts (FSA) |
296 |
After Retirement |
297 |
Income and Longevity Concerns |
299 |
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Chapter 11: Unfair Trade Practices |
302 |
Purpose / Legislative History |
302 |
Insurance Activities Other than Sales |
305 |
Financial Activities Other than Insurance / Nondiscrimination |
306 |
Limitation / Definitions |
307 |
United States v Southeastern Underwriters Association |
308 |
Developing Legislation |
310 |
Gramm-Leach Bliley Act: Key Points |
311 |
Is It Still Relevant? |
313 |
Section 4: Unfair Discrimination |
319 |
Rebates |
321 |
Not everything is considered a rebate |
322 |
Prohibited Group Enrollments / Failure to Maintain Marketing and Performance Records |
325 |
Failure to Maintain Complaint Handling Procedures |
326 |
Misrepresentation in Insurance Applications / Unfair Financial Planning Practices |
326 |
Failure to File or Certify LTC Sales |
327 |
Failure to Provide Claims History |
328 |
Section 5. Favored Agent or Insurer, Coercion of Debtor |
338 |
Section 7. Defined and Undefined Practices |
339 |
Section 8. Cease-and-Desist and Penalty Orders |
340 |
Section 9. Judicial Review of Orders |
341 |
Section 11. Penalty for Violation of Cease-and-Desist Orders |
341 |
Section 12. Regulations |
341 |
Unfair Travel Discrimination |
341 |
Insurers classify risk based on the country / ‘A’ Countries |
344 |
‘B’ Countries / ‘C’ Countries / ‘D’ Countries |
345 |
Favored Agent or Insurer |
348 |
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Chapter 12: Insurance Ethics |
349 |
Ethics Defined / Ethic Subject Matter for Continuing Education |
349 |
Meeting Education Requirements in a Timely Manner |
350 |
The Doctrine of Utmost Good Faith / Breach of Utmost Good Faith / Duty of Disclosure |
352 |
Representations and Warranty / Representations / Warranty |
353 |
Principle of Waiver and Estoppel / Guaranty Associations |
354 |
Knowledge of the Product |
360 |
Ethics from an Agent’s Standpoint: Introducing Harry Bobs |
361 |
It is a Matter of Perspective |
362 |
Temptation / Lack of Understanding / Optimism |
363 |
Establishing Ethical Goals |
364 |
Why Be Ethical? |
367 |
Following the Laws / Ethics in the Workplace |
368 |
The Same by Any Name (Values and Morality) |
369 |
Putting the Past into the Future |
370 |
Personal Values |
371 |
Companies Set Guidelines |
373 |
Promoting Ethical Behavior |
379 |
Is It Possible to Teach Ethical Behavior to Others? |
381 |
What Is the Scope of Ethics? |
381 |
What Does it Take to be a Moral Person? |
382 |
What Quality of Work do you Want to Perform? |
383 |
What Do I Want my Legacy to be? |
384 |
Leaders of the Pack |
384 |
Example #1 / Example #2 |
385 |
What are our responsibilities to other moral persons? |
386 |
Objectivist Ethics |
388 |
Holding on to our Ethical Code |
389 |
Looking the Part |
394 |
Courtesy / Mores |
395 |
Mores are established patterns of action to which an individual is expected to conform. |
396 |
Education |
399 |
Getting Education in a Timely Manner |
400 |
Product Knowledge |
401 |
Laying Out Policy Benefits and Limitations |
402 |
Minimizing misunderstandings |
403 |
Policy Replacement |
404 |
Why Agents Replace Their Own Business |
405 |
When Agents Allow Misconceptions |
406 |
When the Client Thinks the Premiums are Too High / Obtaining Proper Application Signatures |
407 |
Keeping in Touch after the Sale / Selling “Fast Buck” Items |
408 |
Commingling Funds |
409 |
The Professional / Preparing for Tomorrow |
410 |
Financial Management |
411 |
Due Diligence |
412 |
If It’s Legal . . . |
420 |
End of Course |
423 |
United Insurance Educators, Inc.
PO Box 1030
Eatonville, Washington 98328
(253) 846-1155
Website: www.uiece.com
Email: mail@uiece.com