Insurance Continuing Education - Flood Insurance Application

The APPLICATION for flood insurance is, understandably, a little more complicated than some of the other property and casualty policy applications as it covers a specific risk on property that must be identified although the range of buildings and property can run the gamut.  Because of this need to be precise, this form must be completed only in the correct fashion as there is no room for guessing.

This Application form or a similar form used for WYO companies, must be used for all flood policies except the Preferred Risk Policy.  The NFIP Flood Insurance Application form, or a similar form for WYO companies, must be used for all flood insurance policies except the Preferred Risk Policy.

The Application form must be completed accurately as it contains the necessary information required by statutory intent and it provides the instructions in respect to the rating of the different building types.

The Application provides the initial information so that the flood insurance rate can be properly applied to the building, particularly as to whether the building is Post-FIRM construction or Pre-FIRM construction; and provides information as to building occupancy, building type, basement type and elevated building type.

The flood risk Zone must also be determined as well as the elevation of the building.

TYPES OF BUILDINGS

For purposes of the NFIP, distinctions have been made among the following building types:

 

1. No basement

- One floor

- Split level

- Two or more floors

1. Unfinished basement

- Split level

- Two or more floors

1. Finished basement

- Split level

- Two or more floors

1.

Manufactured (mobile) home, including doublewide, or travel trailer, on foundation

2. Elevated building

- No enclosure

- With enclosure (including crawl space)

An elevated building is a building that has no basement and that has its lowest elevated floor raised above ground level by foundation walls, shear walls, posts, piers, pilings, or columns.

SCHEDULED BUILDING POLICY

1. To obtain a Scheduled Building Policy, an Application must be completed for each building and/or contents for which coverage is requested.

2.  For each scheduled building (building and/or contents coverage); the Federal Policy Fee is .00 per building

3. All Flood Insurance Application forms must be completed in accordance with all Flood Insurance Manual rules and the Scheduled Building Policy qualifications.

4. If requesting a Scheduled Building Policy, indicate Building #1, Building #2, etc., in the upper right corner of each Application.  Staple together the Applications as a single unit.

COMPLETING PART 1 OF THE APPLICATION

The following instructions apply for completing Part 1 of the Flood Insurance Application form.

POLICY STATUS

In the upper right corner of the form, check the appropriate box to indicate if the application is for a NEW policy or a RENEWAL of an existing policy.  If the application is for a renewal, enter the current 10-digit NFIP policy number.

POLICY TERM (BILLING/POLICY PERIOD

Check the appropriate box to indicate who should receive the renewal bill.

If "BILL FIRST MORTGAGEE is checked, complete "First Mortgagee" section."

If BILL SECOND MORTGAGEE, BILL LOSS PAYEE, or BILL OTHER is checked, provide mailing instructions in the "Second Mortgagee or Other" section.

Enter the policy effective date and policy expiration date (month-day-year).

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Insurance Continuing Education - Contracts

In the absence of fraud, all statements made by applicants or Insureds will be deemed to be representationsand not warranties. No statement made for the purpose of affecting coverage will avoid coverage or reduce benefits unless contained in a written application signed by the Contract Holder and a copy of such documents has been furnished to the Contract Holder.

Eligibility for coverage under this Contract is determined by medical risk classifications applicable to the applicant and his or her dependents. Among the factors we consider when making our underwriting decision are the medical information requested on the application, and the sex and age of the applicant and his or her dependents.

Material Misrepresentations, omissions, concealment of facts and incorrect statements made on an application or a medical statement by an applicant, Insured or a Contract Holder which is discovered within two years of the issue dateof the Contract may prevent payment of benefits under this Contract and may void this Contract for the individual making the misrepresentation, omission, concealment of facts or incorrect statement. Fraudulent misstatementsin the application or medical statement discovered at any time,may result in voidance of this Contract or denial of any claims for the individual making or responsible for the fraudulent misstatement.

In the event of fraud or misrepresentation pertaining to, but not limited to, medical information, geographical area, or the sex and/or the age of applicant or his or her dependents made on an application or medical statement by an applicant, Contract Holder or Insured, the sole liabilityof YOUR INSURANCE COMPANY shall be the return of any unearned Premium, less benefit payments. However, at our discretion, we may elect to cancel the Contract with forty-five (45) days prior written notice (Time may vary by state regulation &/or company practice) or continue this Contract provided that the Contract Holder makes payment to us for the full amount of the Premium which would have been in effect had the true facts been stated by the applicant, Contract Holder, or Insured.

C.A.

Bernadette was diagnosed with breast cancer in Oregon. Her doctor in Oregon told her that she needed surgery as soon as possible. However, since she was not employed and had no insurance, she decided to move back home to Indiana.

She found a job in Indianapolis, but it had no benefits. Therefore she applied for an individual major medical policy. She did not tell the agent about her cancer and the policy was issued on a standard basis with no riders.

60 days after the policy was issued she had a "routine" mammogram" which "discovered"

(Continued from previous page) the cancer. She told the radiologist at the clinic that she had had a mammogram about a year earlier, at a public health clinic. She did not mention the finding, however. She was immediately admitted to a hospital in Indianapolis and a mastectomy was performed.

During a routine claims review, the insurer sent an inquiry to the Public Health Service in Oregon, which duly reported the earlier findings. Based upon these findings, the insurer canceled the policy based upon a material misrepresentation and refused to pay for any of the medical costs.

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Insurance Continuing Education - Building Elevation Information

BUILDING ELEVATION INFORMATION (SURVEY REQUIRED)

The responsibility of providing a number of elevations based on the building type selected is that of the surveyor, engineer, or architect.  From these elevations gathered, the agent is required to determine the lowest floor for rating flood insurance.

The surveyor, engineer or architect should complete Section C, but if it is left blank, the agent should contact the responsible person who completed the form and the insurance company underwriter with any questions.

Elevations of machinery and equipment servicing the building (water heater, furnace, air conditioner, etc) must be provided, regardless of its location, whether inside or outside of the building, elevated on platform or not elevated.

Where the surveyor, engineer or architect cannot access the crawl space, an estimate on item C2 may be left blank and the estimated measurements entered on the comments section (Section D).

Elevations in Section E are based on feet, except in Puerto Rico, where it is metric and the agent must convert any readings to feet.

SURVEYOR, ENGINEER OR ARCHITECT CERTIFICATION

Section D is the certification of the surveyor, engineer or architect that the information provided by them is correct and their signature and identification number are required—in some states, a seal may be required.

 

BUILDING ELEVATION INFORMATION, ZONE AO AND ZONE A (WITHOUT BFE)

Section E - The difference between the highest and lowest elevation grade are required.  For the designated Zones, the property owner or his representative may completed Sections A, B & E.

PROPERTY OWNER OR REPRESENTATIVE CERTIFICATION

Address and other contact information about the property owner are requested in Section F.  The party completing Sections A, B, C and E must complete this section also.

COMMUNITY INFORMATION

The local official authorized to administer the community's floodplain management ordinance may transfer elevation information found on existing documentation—such as from an older elevation certification form or surveyor letterhead—to Section C, and then certify this information by completing Section G.  A statement advising FEMA of this transfer of information must be made in the comment section of the EC.  Section G may also be used to certify Item E4.

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Insurance Continuing Education - Major Medical Contracts

The following text is typical of the language and provisions used on the first page of the Major Medical policy.  Much of this information is required by state regulations and may vary by state.

IMPORTANT NOTICE

(NOTE:  In most, if not all, jurisdictions, the copy of the Application becomes part of the insurance contract/policy, again stressing the necessity of complete and accurate information on the Application)
Please carefully read the copy of your application attached to this Contract and notify Your Insurance Company, Inc. within 10 days if any information on it is incorrect or incomplete, or if any past medical history has been left out of the application.  Your application is a part of your Contract, which has been issued on the basis that the answers to all questions and all information shown on the application are correct and complete.
This Contract Contains a Deductible Provision
(This statement required in most jurisdictions when applicable
(The following is the Identification section, and while the format may vary by company, it is the minimum required in most jurisdictions)


CONTRACT NUMBER:   GROUP #
CONTRACT TYPE:  
EFFECTIVE DATE:    
MONTHLY RATE:  
During the terms of this Contract, Your Insurance Company agrees to provide to covered individuals the health insurance benefits specifically provided in this Contract, subject to all the terms, conditions, limitations, and exclusions.
(The following refund statement or one very similar is used in used in most states, but this "10-day – no questions asked" provision is the most typical)

IF, AFTER EXAMINATION OF THIS CONTRACT AND COPY OF YOUR APPLICATION, YOU ARE NOT FULLY SATISFIED FOR ANY REASON, YOUR PREMIUM PAYMENT WILL BE REFUNDED PROVIDED YOU RETURN THE CONTRACT AND IDENTIFICATION CARDS TO YOUR INSURANCE COMPANY, INC.

WITHIN 10 DAYS OF THE DELIVERY DATE. (THIS REFUND DOES NOT INCLUDE A REFUND OF THE APPLICATION FEE)
CANCELLATION PROVISION

This provision allows the company to cancel according to the provisions contained in the contract, but most states require that a statement of this type be on the first page.

This Contract will stay in effect as long as you remain eligible for coverage and you pay your Premiums on time, This Contract can be canceled if you have made a Fraudulent or Material Misrepresentation or omission on your application or we terminate the Contract for everyone covered by it.

We want you to understand and be satisfied with the terms of this Contract.  As you read through it, remember that the words "we", "us" and "our" refer to Your Insurance Company, Inc., the insurer (hereinafter referred to as YOUR INSURANCE COMPANY).  We use the words "you" and "your" to mean you, the Insured and your Covered Dependents.

We have issued this Contract in return for the completed application (which is made a part of this Contract) and initial Premium payment.

(NOTE:  The above typically completes the first page of the contract.  In some states, if a company is marketing their health insurance policies from an out-of-state trust (ERISA account), thereby removing or restricting the authority of the Department of Insurance to act in regards to that policy, some notification may be required.  One state requires a statement to appear in red ink on the first page, which states essentially that the provisions of that policy are under the jurisdiction of another state other than the one in which the policy is issued.  )

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Insurance Continuing Education - Key Stakeholders

Who Is a Key Person?



Deciding exactly who is a key person in a business is sometimes easy, sometimes more difficult. Generally, in a smaller business owned by one person or just a few people, the owners can easily be identified as key people. However, even in very small businesses, certain employees who are not owners may also play key roles. The example of a chief photographer mentioned previously serves well here. Even if the photographer is a non-owner employee, he obviously is important to the success of the ad agency and is a candidate for key person insurance.



Critical Financial Role



Whether the person is an employee or an owner-employee, the individual must serve a role that is critical to the financial health of the business. The role might be in management, finance, sales, professional or technological expertise, production or any other area or combination of areas in which, without that person's contribution, the business would be in danger of suffering financial loss.

As you attempt to identify employees or owner, employees who qualify as key people, look for unique skills, business contacts, technical knowledge or other contributions that could not easily or quickly be replaced by someone else. Having an employee who serves in such a capacity gives a business an insurable interest in the key person-an interest that may legitimately be fulfilled by insurance.



It is interesting to contrast the characteristics that identify a key person with someone who does not fit that profile. For example, sometimes high compensation is used as a guideline, but salary alone is not adequate for identifying a key person, especially when the person works for a larger business. High compensation may equate with a highly competent executive of a large business, but if others in the business could step in immediately to assume that person's responsibilities, very little, if any, negative financial consequences would occur. Without an adverse financial result, there is no need for key person insurance.



On the other hand, a similar individual employed by a small or medium-sized company that employs no one else with the same talents is likely to be a key person whose absence could cause financial problems. You'll find that some insurers will not even write key person insurance for large businesses that employ many people in similar capacities.



Proprietorships, Partnerships, Corporations



Key person Insurance is available to all forms of business, regardless of the type of ownership. Sole proprietors may purchase key person insurance on their own lives and/or the lives of one or more key employees.



Each partner in a partnership may be covered, typically by a policy the partnership entity owns. Partners, too, might have key non-owner employees for whom key person insurance is appropriate.



And both C and S corporations are eligible to purchase key person insurance on owners and key employees. In all cases, however, the best prospects are smaller or closely held companies where business success hinges on relatively few people-possibly just one person. As you might suspect, the tax consequences may differ depending on the type of business ownership: we'll see how soon.



How Key Person Life Insurance Works



Let's first consider key person life insurance, which pays benefits if the insured key person dies while the policy is in force. Remember, this insurance is written for the benefit of the business, not the key person.

Insurance Continuing Education Online - Group LTC Plans

With Group LTC Insurance, some of the conventional features of group plans remain intact while other features are more similar to individual insurance policies.  First of all, the policies might actually be individual LTCI policies.  If so, the policies are fully "portable" if the employee leaves the plan and need not be converted in the traditional way.  Optionally, the employer‑sponsored LTCI plan may be set up like other group coverages, requiring employees who want to continue the insurance to convert to individual policies within a certain period after termination.  (This is called a conversion privilege and not all group insurance plans offer it.)

 

WHO IS ELIGIBLE FOR GROUP COVERAGE?

A feature that sets group LTCI coverage apart from other types of group insurance is who may be covered.  Most plans are offered not only to employees and their spouses, but also to the parents of both parties and, sometimes, to children and to retired workers.  In most cases, employees are exempt from medical underwriting ‑ they won't have to have a medical exam ‑ but it is likely that other family members must have some type of medical screening.  Know the requirements for policies marketed because some insurers require medical underwriting for all parties, including employees, while other group plans might not require medical information about any of the parties.  In some cases, even if medical underwriting is required, it is less stringent than for individual policies, especially for older parents.  The NAIC's shopper's guide encourages older people to investigate their children's Group LTCI coverage if available, indicating that, while medical screening is likely, group coverage might be more advantageous than individual policies.

 

The age at which individuals may purchase employer‑sponsored LTCI coverage is often earlier than the age minimums for individual policies.  Typical existing plans specify ages 30, 35 and 40 as the minimums and at least one plan designed by a large corporation is offered to 20‑year‑olds.  While there are individual policies insuring at these earlier ages, they are fairly rare.

Upper age limits vary considerably but generally are similar to individual policies, ages 79 to 85 being typical maximums for purchasing coverage.
WHAT ARE BENEFITS & OTHER PROVISIONS RE: INDIVIDUAL PLANS?

Employer‑sponsored LTC Insurance may be virtually identical to individual policies marketed.  In fact, this would apply to the policy discussed in the Pseudo-Group discussion later in this text.  Most offer a range of daily benefit amounts, benefit periods and elimination periods.  One should always be aware that in many of the existing plans, the employer has worked with the insurance company to decide on the range of features from which employees can choose.

While the employee makes the final choice, the options available may be pre‑selected and, therefore, more limited than with an individual policy.

As for the availability of other benefits and provisions that are found in individual policies, group LTCI plans vary considerably but there is a trend toward including more benefits.  Some existing employer‑sponsored plans include or make available inflation protection, Nonforfeiture or return of premium features, death benefits, reinstatement, restoration of benefits, home care benefits, and others.  Group plans usually pay for care at several levels, have no prior institutionalization requirements, and cover care for Alzheimer's and other organic brain disease.  Exclusions and pre‑existing conditions limits are similar to those in individual policies.

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Illinois Insurance Continuing Education Credit Requirements and Guidelines

All states are different when it comes to what requirements need to be meet for continuing insurance education. Illinois has it pretty easy compared to many states. This article lets you know exactly what you need to do to fulfill you requirements.

To meet requirements you will need a total of 30 ce credit hours every 2 years, or biennially if you want to be wordy. This is on par with the rest of the nation. You can choose from a variety of different courses to educate yourself on as well. A mandatory 6 hour course must be take if you are planning selling LTC or long-term-car insurance in the state of Illinois. The good news is the class if fairly easy, and it counts towards you thirty hour requirement.The course is state specific.

You have to make sure that you have completed the courses by the time you license renewal date arrives. Like all things however, it is recommend you get all you Illinois CE requirements out of the way at least 4 weeks before the deadline.

This way the CE provider has time to notify of your compliance. Your license renewal date will be 2 years after the issuance date. If you received your license on march 15, 2008, you will have to renew by march 15, 2010. If you miss this date you may have to stop selling for several weeks till you meet compliance.

You have the choice to take either independent study courses or classroom course. Independent self study courses are available on and offline, and are generally much less of a hassle than classroom courses. They are also usually much cheaper. You are allowed to carry over 15 credit hours from the last reporting period. This is only if you exceed you needed 30 credit hours.

This may happen if you have already fulfilled you requirements, but decide to get a new license in the middle of the term.

In the state of Illinois, you are not allowed to repeat any course within a three year period. This is to stop you from taking the same course over again and not expanding your knowledge. Take new courses may inspire you to offer a new product. Many states require the final exam to be monitored. Illinois however does not. You can take the exam in the comfort of your own home as many times as you want until you pass. Additionally there are several agents who are exempt from CE course work. They include industrial heath, industrial life, travel cancellation, and travel health.

Insurance Continuing Education - Sales Practices For Annuities

It would be nice if there were no such thing as an "unethical" agent, but unfortunately this is not the case. Therefore, regulations are in force to correct the practices that cause irreparable harm to our industry and to our profession. The most often targeted of our population by these miscreants are the elderly for a variety of reasons. Fortunately the Departments of Insurance and legislatures - locally, state and federal - have created special types of regulation protection these citizens, and this is true in the field of annuity sales. There is a chapter of this text dedicated to the problems of the senior citizens with discussions of appropriate regulations and penalties for those who ignore or disregard these regulations. This section discusses the sales practices of agents marketing annuities to anyone regardless of age, recognizing that some of this will be repeated in the later discussion of marketing to the seniors.

ADVERTISING

For the purpose of this discussion and regulations, "advertising" applies not only to "ads" (which actually is an abbreviation for advertisement...).

brochures, newspaper and other media articles, television and radio advertising - but primarily printed material. Envelopes, stationery, business cards and any other material that is used by an agent or insurer that are designed to describe the insurance product and to attempt to encourage a purchase of the insurance product - annuity for this discussion.

Simply put, the regulations89 are intended to insure that the insurers and agents treat their clients honestly and openly. Therefore, any advertising must not mislead those who read it and act upon the information contained in the material (with special obligations to seniors, discussed later).

Advertising is also the material that is used to generate leads through reader response, generally followed by an agent calling.

It can advertise a meeting or seminar at which information is provided (also covered in detail in a separate section), or simply advertising the product of the insurer. If the advertisement is directed towards those age 65 or older, if the advertisement is used for leads, the advertiser must disclose in the advertisement that an agent may contact the person - if this is intended.

If the name of the prospect is obtained from a lead source, the source must be disclosed to those over age 65.

Even though it is in nearly all agent's contracts, it does not hurt to point out that the insurance company must give an agent permission in writing before the agent can advertise the product.

SEMINARS, CLASSES, INFORMATIONAL MEETINGS

Agents and others who market financial products, attempt to obtain new clients by holding seminars, classes or information meetings. This is particular applicable in the Senior market, and is so discussed later in the text. Basically, the regulations require that for such a meeting to be advertised (to any age) that the advertiser must disclose their intention by adding "and insurance sales presentation" immediately following the words "seminar," "class," or "informational meeting."

ADVERTISING TO THE SENIOR MARKET

Marketing of annuities to those over age 65 have stricter prohibitions, and are so set forth in the chapter "Providing Annuities to the Senior Market."

PENALTIES FOR VIOLATION OF THE REGULATIONS

Any person or business in violation of the advertising regulations is subject to a stiff fine levied by the Insurance Commissioner. The fine for the first offense is 0, for the second offense it goes to 0, and for the third and later offenses, ,000. The maximum fine for any one violation is ,000. And if you are interested, the money goes into the Insurance Fund.63C

Insurance Continuing Education - Cancelling a Flood Insurance Policy

The cancellation or nullification of Flood Insurance Policy procedures can be found in detail at http://www.fema.gov/business/nfp/manual.shtm  -  and it contains some10 pages of detail.  This discussion does not cover all of the intricacies and details contained in the manual, but should give the agent guidance on what canceling or nullifying a policy can entail, what is needed, and how it can be explained to the client.

REFUNDS

Refunds will be made by the insurance company for the current and one prior year.  If refund is requested for a period of more than 2 years, then the NFIP must process the request.  The request must consist of a policy cancellation request and the premium refund calculation for each year.  (A copy of the cancellation request form follows.)  The insurer must also include statistical records for each policy term and evidence of premium having been received—accounting details which should be expected.

COMPLETING THE CANCELLATION FORM

Current Policy Number: In the upper right-hand corner of the form, enter the NFIP policy number.

Policy Term: Enter the policy term and the cancellation effective date.

Agent Information: Enter the complete name, mailing address, phone number and fax number of the agent/producer.

Insured Mail Address: Enter complete name, mailing address and phone number of the insured.  If insured has moved, enter the new mailing address.

First Mortgage: Enter the complete name, mailing address, phone number and fax number of the first mortgagee.

Other Parties Notified: Enter the complete name, mailing address of all other interested parties that should be notified, such as an additional insured, second mortgagee, loss payee, trustee, or disaster assistance agency.

Property Location: Enter the location of the insured property.

Cancellation Reason Code: Check the reason for cancellation of the policy and provide any additional information required.  (A list of cancellation codes follows.)

Refund: Check the appropriate box to indicate to whom the refund is to be made payable.

When the cancellation/nullification notice has been received and if it directs the NFIP to make a premium refund to the PAYOR, and the policy has been endorsed showing the PAYOR as a WYO company or agency, then

F the NFIP will make the refund payable to the insured and mail the refund in care of the producer.

Check the appropriate box to indicate to whom the refund should be mailed.

Signature: The insured must sign and date the Cancellation/Nullification Request Form for all cancellation reason codes except for 5 and 6.  The producer must sign, date, and enter a Tax ID Number or Social Security number in every case.  After the form is completed, attach all supporting documents, and mail the original to the NFIP

The producer should retain the second copy; the third copy goes to the insured and the 4th copy to the mortgagee.

After this form has been processed, the NFIP will send the producer, mortgagee and insured a notice of cancellation.

 

CANCELLATION REASON CODES

The following reason codes for cancellation/nullification of NFIP policies is a summary of the reasons as most of them are self explanatory.  For more details, please refer to the Flood Insurance Manual.

1.  Building Sold or Removed.  Insured has no more insurable interest, or any other reason that the building is sold or removed.  If the building is sold, proof of sale is required.  Request must be received within 1 year of sale/removal, accompanied by Bill of Sale, settlement statement, or other such proof of removal or total loss.  Up to 2 years pro rata refund

2.  Contents Sold or Removed.  Insured no longer has an insurable interest or the property has been removed from the property.  Proof is needed, such as Bill of Sale, etc.  Pro rata refund.  Cancellation request must be received within 1 year of new policy effective date.

3.

Policy Canceled and Rewritten to Establish a Common Expiration Date with Other insurance Coverage.  A "housekeeping" reason and new policy must be rewritten with the same company for the same or higher" amounts of coverage.  This should be accompanied by a Cancellation form for the previous policy.  One year refund maximum.

4.  Duplicate NFIP Policies.  Refund is pro rata.  Insured can choose which policy to keep, but only one policy will be effective.  Document by submitting copy of declaration page(s) and copy of force-placement letter from the mortgagee if applicable. Force-placement usually has been done by the lender, but if both policies are applicable, the WYO company will cancel the force-placed policy.

5.  Non-Payment.  If there has been an "insufficient funds" check used to pay the premiums, policy is then nullified, with bank's notice attached to the form.  A full premium refund will be provided to the producer if the producer has sent his funds to the insurer.  If the WYO covers the premium for a prospective insured and then does not receive payment, the policy can be nullified.  Full refund.

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Continuing Insurance Education for Insurance Agents

It is without doubt that insurance continuing education is one of the best ways through which any company involved in the delivery of these services can push their rating to the next level. This is an important thing fro everyone in this field staring from the managers sitting in the offices to the agents roaming the field in search of clients. One thing that necessitates learning for these people is the ever changing demands of the markets. Because the demands are always changing, it is only logical that the people handling it go for learning so that they will not be caught doing what they understand not. Going for learning does not in any way depict the incompetence of the particular person going for it. The products that are offered by companies in this field change almost every year. You will hear of a new product developed by a company just to net more clients and attend to a wider variety of their needs.

However, the people who are going tom launch and deliver the new services need to be educated on it so as to do it better. How can they launch what they do not understand? The amount of feedback that insurance companies often receive is overwhelming. This information is usually utilized in coming up with better services by incorporating the divergent views and requests of the clients. It is also a way through which the insurers can net new clients to add on the already existing ones. Without proper learning, little can be achieved from this. Companies can find perfectly good tutors to attend to their employees depending on the budget that they have set aside for this. It is possible to get wonderfully good tutors at very low rates. With this there are so many options to choose from. Some states have state requirements that compel people working in this industry to go for courses regularly. This is in the best interest of all. What is good about it is that for such people, and especially when they have so much work to do, they can sign up for online classes and still go on with the learning process. This is one of the cheapest options. The better part of online learning is that apart from the amazingly low costs that you will be charged, you can also go about your daily business normally. You do not have to break your schedule as you will be able to choose the hours that you learn depending on the work that you have at hand. Being in continuing learning will undoubtedly do very good for you. If you want anything good for your firm, then you need to consider this. Otherwise if you sit back, you will left behind by other competing firms who have already embraced and are realizing good results fro their clients. People too know this and they will want to flock where they know that the workers have been made more knowledgeable through additional learning.

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Insurance Continuing Education - IRS Penalties on Annuities

No matter what type of annuity you purchase, it is subject to a 10 percent IRS penalty for withdrawals of growth of income made prior to age 59 . No penalty is imposed on one's principal, i.e. the money put in by the owner is the owners money.



It makes no difference how old the annuitant (or owner) of the contract is, if they die then there is no penalty. Also, the Section 72 of the IRS Code states that the penalty is waived if the annuitant (or owner) is disabled. Generally, it must be the death or disability of the annuitant, not the contract owner or beneficiary, except where the contract is owner-driven, in which case all IRS penalties will be waived upon death or disability of the owner.



If the contract is annuitized, it will avoid penalty, but such annuitization must be elected by the contract owner within one year after investing in the annuity.

The age of the owner does not have to be 59 , indeed it is irrelevant.



The final way in which the 10 percent IRS penalty can be avoided is the contract owner being age 59 1/2 or older.



Because of these penalties, annuities are usually recommended for younger people unless it is part of a retirement plan such as an IRA or pension plan or profit-sharing plan. Of course, there is always the exception of the person who has sufficient funds so that they would not have to touch the funds in case of an emergency. Annuities are ideal candidates for the investor who is near or past age 591/2.



Unless the contract is owner-driven, the owner can be any age, from newborn to centenarian. But even with the penalty, it could still make good sense for a young person(s) but would depend upon how soon the money is withdrawn and the assumed rate of growth.



Inside an annuity, the contract-holders money will grow and compound tax-deferred, not tax-free. To say it another way, any and all income tax liability can be postponed indefinitely. The death of one spouse will not trigger income taxes provided that the beneficiary was the surviving spouse. What happens when the surviving spouse remarries? The survivor can name themselves as the beneficiary and can name a new partner as the annuitant. When the last spouse dies, the beneficiary(s) can postpone taxes for up to an additional five years.



Income taxes are always due in the year in which income or growth of the fund is received. The return of principal is never taxed, regardless of who receives the money. The amount of taxes on the growth will be based on the tax bracket of the person receiving the funds. Unfortunately the taxable portion is always considered as ordinary income, and does not qualify for capital gains treatment.



As is obvious, taxes will have to be paid at some time or other. This may be considered as a negative but perhaps it is not all bad. For instance, the owner of the annuity decides when withdrawals are to be made. Therefore, one would attempt to take out the money when they are at the lowest income tax bracket, i.e. their income is the lowest. Frequently this is when the person retires.

California Insurance Continuing Education - Health Benefits

Wording regarding the PPO Providers (when applicable) are the same as with individual Major Medical plans. As a rule, Provider-type plans are established the same for Group and Individual plans.  Note the illustrated Schedule of Benefits on the first page shows a difference in approved and non-approved Providers in coinsurance percentages.  Since some groups are multi-state, there can be special consideration given if there are employees in an area not served by participating Providers.  Some plans allow a choice with higher co-payments or some other added cost if approved Providers are not used.  Again, because the size of the group determines the type of plan and the benefits provided, there are more alternatives to this and other similar provisions than could be outlined in a text of this size and type.

COVERED SERVICES

Hospital Care, Physician Care, Ambulatory Surgical Center Care, Accident Care, Accident Dental Care, Prescription Drugs, Complications of Pregnancy, Sterilization, Newborn Child and Well-Child Care, Organ Transplant, Mental-Nervous Disorder treatment, Alcohol-Drug Dependency treatment, Therapeutic Services, Mammogram, Skilled Nursing Care, Home Health Care, Ambulance Services, Prosthetic & Orthotic Devices & Durable Medical Equipment, are all comparable to the provisions and terminology of the individual Major Medical plans.  The only two sections of interest that are not defined under Major Medical provisions, are Maternity and Hospice Care.  (See below)

MATERNITY CARE
Maternity Health care services and supplies, including prenatal care, delivery and postnatal care, provided to an Insured other than the Certificateholder's child, by a Doctor of Medicine (M.D.), Doctor of Osteopathy (D.O.), Hospital, Birth Center, midwife or Certified Nurse Midwife may be Covered Services.
Maternity benefits are provided for a Certificateholder's Dependent daughter only when: 1) the  Certificateholder has employee/children or employee/family type coverage; 2) the Contractholder has purchased the optional Dependent daughter maternity benefits Rider from YOUR INSURANCE COMPANY; and 3) the Dependent daughter was covered under such Rider for at least 30 days prior to the date of conception of such Dependent's pregnancy, as determined by a Physician.

Complications of Pregnancy: Health care services and supplies provided to an Insured for the treatment of complications of pregnancy may be Covered Services.  Coverage for complications of pregnancy is limited to Covered Services to treat the Condition covered by the complication, and does not include maternity coverage.
Additionally, coverage for complications of pregnancy is subject to any Pre-existing Condition limitations.

For purposes of this Section, the phrase complications of pregnancy" means a Condition which is diagnosed as a separate Condition from the pregnancy.

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Insurance Continuing Education - Elevation Certificates

An Elevation Certificate (EC) is mandatory on Post-FIRM construction, but is optional on Pre-FIRM construction.  It is required by the NFIP so that it can be certified by the NFIP as to the lowest floor of a building so that the policy can be properly rated:

POST-FIRM STRUCTURES

The EC is to be completed by a land surveyor, engineer or architect who is authorized to certify elevation information when it is required for Zones A1-A30, AE, AH, A(with base flood elevations), V1-V30, VE and V (with BFEs). Community officials who are authorized to complete this form may do so also.  For Zones AO and A (without BFEs) a building official, a property owner, or an owner's representative may also provide the information on this certification.  If the community is a CRS participating community, building elevation information may be available through the community official.

The lowest adjacent grade and diagram number are required for all new business applications effective on or after October 1, 1997 if the elevation certification date is on or after that date.

PRE-FIRM STRUCTURES RATED UNDER POST-FIRM RATES

Pre-FIRM construction can be elevation rated using the Post-FIRM EC rates, which are more favorable if the lowest floor of the building is at or above the BFE for the community.  Generally, the lowest floor level of a Pre-FIRM building is below the BFE, and it would not benefit the insured to pay the cost of the EC in an attempt to secure a later rate, but this is an insured's option.

AR AND AR DUAL ZONES

The EC is optional on all Post-FIRM and Pre-FIRM construction located in AR and AR dual Zones.  The decision to obtain an EC and to request Post-FIRM rating is at the discretion of the insured.  The EC includes the AR and AR dual Zone elevation requirements.

The producer is to attach the original of the completed EC to the Application.  A photocopy is to be forwarded to the policyholder and a copy is retained by the producer.

PHOTO REQUIREMENTS

All new business application, including transfer of business, for elevation rated risks with a policy effective date of 1/1/07, or later, must be submitted with at least two recent photographs that show the front and back of the building and are taken and dated within 90 days of the submission date.  If the building is a split-level or has multi-level areas at ground level, at least two additional photographs showing views of both sides of the building must be submitted.

This requirement applies to all renewal and endorsement transactions adding elevation rating effective on or after 1/1/07.

The photographs must be submitted on the Building Photographs form that is part of the Elevation Certificate, and must include the date the photographs were taken.  All photographs must measure at least 3" x 3" and provide a good, clear image of the building's distinguishing features.  Analog or digital photographs are acceptable.  Color photographs are preferred.

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Insurance Continuing Education Online - Professional Disability Coverage

Professional Disability Insurance



What It Is



So-called professional disability income insurance can address a combination of business and personal needs since the professional person's work is the source of income that pays for both business and personal expenses. For insurance purposes, professional DI policies are those written for people in certain occupations that generate incomes over 0,000 annually. Insurers write professional policies for individuals who need income replacement in the range of ,000 to ,000 per month. Since not every insurance company is willing to provide monthly benefits in these amounts, you will want to locate those that do in order to serve this market.



Income, however, is not the only characteristic that defines this group. Eligibility is generally restricted to professionals who are independent and self-employed, but highly compensated executive employees might also be considered.

Typical occupations acceptable for professional DI insurance includes physicians and other health professionals such as dentists, optometrists, psychiatrists and pharmacists; lawyers: accountants; engineers; architects; and some executives, generally PhDs or those who are otherwise highly educated. This is just a sampling of eligible occupations. The companies you represent provide a complete list of occupations they will consider for professional DI policies.



Aside from the large dollar benefits involved, professional DI policies operate essentially like any other individual policy. As indicated in an earlier chapter, professionals are eligible for the most liberal benefits of any occupational group. Chapter Eight of this text discusses the various occupational classes more fully. Because of the high incomes involved, one of the major differences between writing professional DI policies and others is that social insurance benefits are not large enough in comparison to actual earnings to interfere with the income replacement calculations and cause over insurance problems.



The Key to the Professional's Livelihood



Reading the list of typical professional occupations above, you can see that these are people who provide vital services for society and who are frequently self-employed. Performing these services is the key to the professional person's livelihood. The inability to earn income by performing these services affects not only personal finances, but also the very life of the business itself since it is those services that keep the business operating.



Consider, for example, a self-employed physician, operating without partners and employing a small staff. If this individual is unable to work, first of all, no income is generated to pay for personal expenses. Second, no income is generated to continue the medical practice by paying ongoing business expenses, including a substitute physician to see the disabled doctor's patients. If a medical practice shuts down temporarily, patients must look elsewhere for services and there's no guarantee they will return even if the disabled physician recovers. The physician is likely to suffer a double loss: current loss of income and loss of the business he or she might have spent years building. There is no substitute for disability insurance to overcome these problems. Later you'll also learn about some specialized disability policies that address ways to keep a business intact during the disability of someone whose active working presence is key to the business.