An easy way is to go to https://nipr.com/help/look-up-your-npn. Background: The insurance regulators saw a need to identify problem producers. In the past, individuals could move from a state where they had problems to a new state and apply for a resident license there. When they got in trouble there, they moved on. National Producer Number […]
Primary: The individual named in the policy to receive death benefits if living. The primary beneficiary’s right at the time of the insured’s death and owner’s rights end. Policy owner has the right to change beneficiaries at anytime as long as the beneficiary is not irrevocable. Irrevocable beneficiaries must agree to change. If the irrevocable
LIMITS 2022 Individual Retirement Accounts (IRA) Traditional or Roth $ 6,000.00 Catch up for IRA $ 1,000.00 Maximum elective deferral contributions (401K, 403B,457) $ 20,500.00 Maximum annual additions under a defined contribution plan ( includes SEP) $ 61,000.00 Maximum catch up contributions (401k. 403b, 457) $ 6,500.00 Maximum salary reduction contribution for a SIMPLE plan
First step is to contact the Department of Insurance in the state where you bought the policy. They keep track of that information and will know what happened to the original company. It could have been purchased by another company and in that case they can provide the name, address and phone number of the
During the first 2 years following the date of issue, the insurance company may rescind the coverage for any material misrepresentation regardless of the cause of death. For example, if an applicant fails to disclose on the insurance application that he has diabetes but then dies from a heart attack, the company may rescind the
With the exception of Alaska, Delaware, District of Columbia and Puerto Rico, the remaining states have a regulation regarding the payment of interest on delayed claim. When the wording differs from state to state, the idea is to protect the beneficiary from undue claim delays while the insurance company earns interest on that claim money.
The beneficiary designation by the husband probably states, “(ex-wife’s name), wife of insured.” While she is no longer married to the insured, the courts have ruled that words such as “wife of the insured” is description of the relationship at the name the spouse was named. The name of the beneficiary itself is controlling. Therefore,
Illinois Department of Insurance has approved taking your Insurance examination: at home, or at your office, or at an approved testing center. Here is the link for at home or office testing: https://home.pearsonvue.com/il/insurance. Information on your options can be founded at http:www.pearsonvue.com NOTE: You need to register for your examination for each line of
Under the Department of Labor’s (DOL) new policies, all producers (agents) that rollover funds from a Individual Retirement Account (IRA), Pension or other similar plans to an IRA annuity or other Defined Contribution/Benefit plans must meet the 5-part test under the Prohibited Transaction Exemption (PTE). Those requirements can be found in PTE84-24 put out by
No, as long as you have completed your company’s product training and the Annuity Suitability & Best Interest course that are not additional training required to sell Annuities.