Tomorrow’s Security

Table of Contents

 

 

Chapter 1:  OBTAINING APPROPRIATE EDUCATION

1

    Mandated Education Requirements

2

    Gaining Additional Education Designations

5

    Subject Matter

6

    Insurance Losses Resulting from Climate Change

12

    Mitigation Concern

12

    Education for Retirement Planning

14

Chapter 2:  PLANNING FOR TOMORROW

16

    PPA

18

    Social Security Benefits

19

    Pension Use of Annuities

21

    Buy-Out Annuities

21

      Buy-In Annuities

22

    Lifetime Income Annuity Buyouts

23

    Individual Retirement Accounts

25

    Estate Planning Advantages

27

    Everyone Needs a Will

28

      Holographic Wills

28

    A Good Time to be Living

30

Chapter 3:  DETERMINING FINANCIAL REQUIREMENTS

32

    Step #1

34

    Step #2

34

    Step #3

34

    Investing After Retirement

35

    Determining Where to Keep Assets after Retiring

36

      Fixed Annuities

36

      Variable Annuities

36

    Utilizing Personal Life Savings

37

    Continuing Current Investments

37

    The 4% Strategy

37

    Saving Versus Spending

38

    Early Retirement

38

Chapter 4:  RETIREMENT INCOME

41

    Considering All Options

41

    Social Security Income

42

      Divorce and Social Security Benefits

45

      Working Past Retirement Age While Collecting Social Security

46

    Disability Benefits Under Social Security

46

Chapter 5:  PENSIONS

48

    Historical Timeline

49

    The Future

52

    Future of Employer-Based Retirement Plans

53

    Pension Protection Act of 2006 (PPA)

53

    Pension Benefits

55

    Pension Basics

55

    Defined Benefit Plans

56

    Defined Contribution Plans

57

    Integrating with Social Security Benefits

58

    Achieving a Pension for Retirement

59

    Choosing Pension Payment Options

61

    Financially Troubled Pensions

63

Chapter 6:  ANNUITIES

67

    Immediate Annuities

67

    Deferred Annuities

68

    Variable Annuities

68

    Interest Rate Paid

70

    Surrender Penalties

71

    Administrative Charges

73

    Contract Clauses

74

    Bail-Out Clauses

74

    Market-Value Adjustments

75

    Persistency Bonus

75

    Partial Withdrawals

76

    Annuity Payout Options

76

    “Option” Means Policyowner’s Choice

78

    Single-Life Annuity

78

    Life-and-Period-Certain Annuity

78

    Joint-and-Survivor Annuity

79

    Other Methods of Collecting Income

80

    Systematic Withdrawals

80

    Lump-Sum Payments

81

    Split-Funding Techniques

81

    Annuity Taxation

82

    Withdrawal Penalties

83

Chapter 7:  LIFE INSURANCE

84

Chapter 8:  LONG-TERM CARE INSURANCE

89

    Why Buy a Long-Term Care Policy?

90

    Defining Policy Benefits

91

    Types of Care Facilities

98

    Levels of Care Definitions

98

    Qualifying for a Policy

99

    Understanding What is Not Covered

100

    Choosing Daily Benefit Levels

101

    Are There Alternatives to Long Term Care Policies?

104

    Availability of Nursing Facilities

114

    A Financial Industry

117

    Facing Up to the Facts

119

    Applying to Medicaid

123

    Financial Considerations

127

       Monetary Investments

128

       Business & Real Estate

128

       Retirement Funds & Pensions

128

       Insurance Products

129

       Personal Possessions

129

    Finding a Qualified Professional Advisor

131

    What Will the Future Bring?

132

      Partnership Plans

132

      Program Benefits

132

      Making Benefit Choices

133

    Daily Benefit Options

134

    Expense-Incurred and Indemnity Methods of Payment

135

    Determining Benefit Length

135

    Asset Protection in Partnership Policies

136

Chapter 9:  PLANNING TOOLS

137

    Living Trusts

137

    Revocable Living Trusts

138

    Avoiding Probate

139

    Revocable Living Trust Disadvantages

139

    Durable Power of Attorney

140

    Guardians, Conservators & Committees

141

    Irrevocable Living Trusts

142

      Disadvantages of Irrevocable Living Trusts

144

    Types of Irrevocable Living Trusts

145

    Uniform Gifts to Minors

148

    Testamentary Trusts

148

    Combination Trusts

149

    Trust Record-Keeping

150

    Trustees

150

    Planning for Death

151

    Joint Accounts

153

    Choosing an Attorney

154

    Special Provisions

155

    Special Agreements

161

    Wills are Necessary to Insurance and Estate Planning

164

    Gifting

167

      Third party transfers

168

      Indirect gifts

169

      Sham gift

169

    Property Transfer

174

Chapter 10:  CYBER INSURANCE

176

    Recommendations for Placing Cyber Insurance

180

Chapter 11:  INSURANCE ETHICS

183

    A Consumer Issue

183

    State Laws Require Ethical Insurance Behavior

184

    A Sound Base

185

    Ethics Beyond Philosophers

186

    History Was Not Always Fair

187

    Being Ethically Responsible

188

    Caring for Others

189

    Teaching Ethical Views

192

    A Legal Liability

193

    Merging Past, Present and Future

193

    Mandating Behavior

198

    The Importance of Ethical Conduct in Business

200

    Claims Leakage (CL)

203

    IFRS Reporting

204

    Insurance Fraud

209

    Elements of Fraud

210

      Knowingly Making a False or Misleading Statement

210

    The Statement is made in Connection with an Expected Payment from a Policy

210

      It is a Material Statement

210

    Penalties

211

    Choosing our Path

212

    Choosing to be Actively Ethical

213

    Sales Techniques

217

    Selling Ethically

219

    Education

219

    Laying Out Policy Benefits and Limitations

223

    Policy Replacement

226

    Allowing Consumer Misconceptions

227

    Consumers and Premiums

228

    Obtaining Legal Application and Policy Signatures

229

    Providing Client Services

229

    “Fast-Buck” Items

230

    Commingling Funds

231

    Unwritten Rules

234

    Ethical Insurance Behavior

236

        Example #1

236

        Example #2

237

        Example #3

238

        Example #4

239

        Example #5

240

    A Matter of Character

240

    Why be Ethical?

241

        Is it possible to teach ethical behavior?

242

       What is the scope of ethics?

244

       What does it take to be a moral person?

245

        Example #1

247

        Example #2

248

        Example #3

249

        Example #4

250

       What are our responsibilities to other moral persons?

250

    Ethics in Action

252

    Human Nature

253

      Sympathy & Empathy

258

    Learning to be Ourselves

262

    Ethics and Public Knowledge

263

    Determined by Law

264

    Insuring Morality

266

    Consent is Everything

268

    Male Harassment

270

    Sexual Harassment: An Ethical Topic

271

    Moral Issues Having a Financial Impact

272

    Recognizing a Moral Issue from an Insurance Standpoint

273

    Insurers Saw It Coming

274

    Employment Security and Sexual Harassment Claims

276

    Initiating Training

278

    The First Legal Case

282

    Reporting Abuse

283

    Protection Through Insurance

286

    Sample Memorandum Regarding Sexual Harassment

286

    Sample Policy Statement

287

    Sexual Harassment Investigation Checklist

290

    Sexual Harassment Checklist

292

    Employment Practices Liability Coverage

293

    Bullying

304

      Adult Bullying

304

 

 

 

United Insurance Educators, Inc.

www.uiece.com

(253) 846-1155