alabama

Update 1-Hour Webinar on Annuity Suitability & Best Interest

For those that completed the prior Annuity Suitability  4-hour course, you have the opportunity to complete 1 hour update on the changes in the law.   They are required to complete their insurer’s training on their annuity products. Here are the states where the 1-hour webinar is currently available the date that it expires: Alabama** 1 …

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New Annuity Suitability and Best Interest Requirement

Anyone wanting to sell Annuities must complete a 4-hour course on Annuity Suitability and Best Interest and a company training on their annuity products.  For those producers that complete the prior 4-hour course, they have an opportunity to complete a 1-hour course covering the changes within 6-months of the effective date. Alabama** 1 hour Webinar …

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Lost Policy Locator

The National Association of Insurance Commissioners (NAIC) has established a search engine to find lost policies for families of a deceased love one.  That website is:   https://eapps.naic.org/life-policy-locator/#/welcome.   This website shares the information with all life insurers in the country.  It is recommended to have a copy of the death certificate and information on prior …

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Changes in Required Minimum Distributions to Age 72

The SECURE Act signed into law by President Trump made a major change in Required Minimum Distributions(RMD). Those individuals with the Traditional Individual Retirement Accounts (IRA) who turned 70 1/2 in 2020, can delay their first RMD until April 1 of the year that  they reach age 72. Those individuals with the Traditional IRA who …

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Required Reporting of Criminal Conviction

Producers are required to report criminal convictions to their state insurance regulators within 30 days. It would be wise to provide all the facts and court order for the insurance regulators to review. Failure to report convictions withing 30 days, would suggest to regulators that the producer is dishonest and would automatically revoke the insurance …

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Medicare Advantage Commissions

Question: I am no longer selling Medicare Advantage plans, can I receive my renewal commissions without doing the training? Answer: According to Medicare regulations, you must complete the annual training and score 90% or better on the final examination in order to continue getting renewals commissions.

Someone with a Personal Lines can sell what?

This type of line means the individual can sell only personal homeowners, renters, boat insurance, motor cycle, recreational vehicles and auto policies. The individual cannot sell or insure farm, commercial or business policies. To be able to sell farm, commercial or business policies the individual must acquire their Property/ Casualty license. An example:  Joe wants …

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I want to sell Long Term Care Insurance, do I need a special license?

Producers with a Accident & Health licenses can sell Long Term Care insurance or riders after completing the initial eight hour course on Long Term Care Partnership.  Once that course is completed, you must complete a four hour Long Term Care course in your next renewal cycle.  An example,  you completed your required eight hour …

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What is a contestable period of a life insurance policy?

During the first two years, the insurance company can challenge a death claim based on health history of insured. Insurers will order a complete medical records, check the physical examinations and other sources of  information.  In some cases, it will request copies of coroner’s (Medical examiner) reports, and police reports.

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