Illinois

Department of Labor (DOL) Fiduciary Rule and Impartial Conduct Standards (PTE84-24)

Annuities, Annuity Producers, Annuity Suitability & Best Interest, Annuity Training, Arkansas, Colorado, Idaho, Illinois, index annuities, Indiana, Iowa, IRA Pension Limits, IRS Contributions Limits, Kansas, Louisanna, Mississippi, Missouri, Nebraska, North Carolina, North Dakota, Oregon, Rhode Island, South Dakota, Virigina, Washington, West Virginia, Wisconsin, Wyoming / By admin2

Beginning February 16, 2021, the provisions of the DOL’s new Fiduciary Rule became effective, including the expanded definition of fiduciary and Impartial Conduct Standards under new and amended prohibited transaction exemptions. The DOL provided a non-enforcement grace period that will expire on February 1, 2022. This Rule represents the most significant change to retirement investment …

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Is it a good idea to name the insured’s estate as a beneficiary of a Life Insurance Policy?

alabama, Arkansas, Colorado, Illinois, index annuities, Index Life Insurance, Life Insurance, Life Producers, Louisanna, Mississippi, Missouri, Nebraska, North Carolina, North Dakota, Rhode Island, South Dakota, Virigina, West Virginia, Wisconsin, Wyoming / By admin2

No. When the policyowner names their estate as beneficiary, it opens the doors for creditors to make a claim on the proceeds. All estates go through a legal process called probate. The courts appoints an administrator or executor for the estate after an attorney files the paperwork. The executor is responsible for gathering assets and …

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Are insureds entitled to interest on delayed claims?

Accident Health License, alabama, Annuity Producers, Annuity Suitability & Best Interest, Arkansas, Colorado, Delaware, Education, General, Idaho, Illinois, index annuities, Index Life Insurance, Indiana, Iowa, Kansas, Life Insurance, Louisanna, Mississippi, Missouri, Nebraska, New hampshire, North Carolina, North Dakota, Rhode Island, South Dakota, Uncategorized, Virigina, West Virginia, Wisconsin, Wyoming / By admin2

Almost all states have statues dealing with this issue. In each state, the requirement is for the company to pay claims promptly (within 30 days) once their liability is clear. Interest rates vary from state to state. A common issue found in market conduct examination by the state regulators is lack of notice of the …

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Finding Your National Producer Number (NPN)

Accident Health License, alabama, Arkansas, Business Entity, Colorado, Delaware, Idaho, Illinois, Indiana, Iowa, Kansas, Licensing, Louisanna, Mississippi, Missouri, Nebraska, North Carolina, North Dakota, Rhode Island, South Dakota, Virigina, West Virginia, Wisconsin, Wyoming / By admin2

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 …

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Beneficiary Designations

alabama, Annuities, Arkansas, Colorado, Delaware, Idaho, Illinois, Indiana, Iowa, Kansas, Life Insurance, Life Policy provisions, Louisanna, Mississippi, Missouri, Nebraska, North Carolina, North Dakota, Rhode Island, South Dakota, Virigina, West Virginia, Wisconsin, Wyoming / By admin2

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 …

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How do you find a insurance company that is no longer in business?

alabama, Arkansas, Colorado, Delaware, Idaho, Illinois, Indiana, Iowa, Kansas, Life Insurance, Life Producers, Louisanna, Mississippi, Missouri, Nebraska, North Carolina, North Dakota, Rhode Island, South Dakota, Virigina, West Virginia, Wisconsin, Wyoming / By admin2

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 …

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Rescission of a life policy at insured’s death

alabama, Arkansas, Colorado, Delaware, Idaho, Illinois, Iowa, Kansas, Life Insurance, Life Policy provisions, Louisanna, Mississippi, Missouri, Nebraska, North Carolina, North Dakota, Rhode Island, South Dakota, Virigina, West Virginia, Wisconsin / By admin2

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 …

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Interest due on a delayed life or disability claim

alabama, Arkansas, Colorado, Delaware, Idaho, Illinois, Indiana, Iowa, Kansas, Life Insurance, Life Policy provisions, Louisanna, Mississippi, Missouri, Nebraska, North Carolina, North Dakota, Rhode Island, South Dakota, Virigina, West Virginia, Wisconsin / By admin2

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. …

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Husband passed away and he never removed his ex-wife and added the new wife. What happens?

alabama, Arkansas, Colorado, Delaware, Idaho, Illinois, Indiana, Iowa, Life Insurance, Life Policy provisions, Life Producers, Louisanna, Mississippi, Missouri, Nebraska, North Carolina, North Dakota, Rhode Island, South Dakota, Virigina, West Virginia, Wisconsin / By admin2

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, …

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Illinois State Insurance Exam on home/your office OR an approved center

Accident Health License, Illinois, Insurance licensing, Life Insurance Licensing Test, Life Producers / By admin2

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 …

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