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. […]
Interest due on a delayed life or disability claim Read More »
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
Illinois State Insurance Exam on home/your office OR an approved center Read More »
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
DOL Fiduciary Rule Update on Rollovers Postponed to January 31, 2020 Read More »
If the Designated Responsible Licensed Producer (DRLP) fails to renew their producer’s license, the insurance regulators will suspend the Business Entity License. Insurers can not pay commissions to suspected Business Entity. In order to protect against that happening make certain the DRLP renews their license early. The other solution is to have 2nd DRLP for
Business Entity License being suspended Read More »
Any organization or individual can apply for a Business Entity License provided they have named a “Designated Responsible Licensed Producer”. This individual is held responsible for the activities of others working for the Business Entity to insure insurance laws and regulations are followed. When an individual is listed under a Business Entity, that producer can
Business Entity License Read More »
The standard continuing education rules adopted by many states is 24 hours every two years including 3 hours of ethics. Illinois requires classroom ethics including webinars taught by an experience licensed producer. Illinois permits an open book testing for self study courses. If hours are earned in a classroom, 50 minutes constitutes an hour and students
How many hours of insurance continuing education is required to renew my license? Read More »
In Illinois, The law provides that a life company issuing an individual life insurance contract on or after January 1, 2022, shall notify an applicant, in writing of the applicant’s right to designate a secondary addressee to receive notice of cancellation of the policy based on nonpayment of premium. The applicant may make such a
When an insurer delays payment on a life or annuity contract, they have deprived the insured or beneficiaries of the use of the money. To stop unnecessary delays in payment of proceeds, states have enacted laws requiring the payment of interest to those effected by the delays. Below is the Illinois Law: 215 ILCS 5/224
Payment of Interest on a Life Insurance policy Read More »
On January 4, 2021 Governor Pritzker nominated Dana Popish Severinghaus to serve as Director of Insurance. Popish Severinghaus has extensive legal, policy, government relations and insurance related experience. She awaits the confirmation by Illinois Senate.
New Illinois Director of Insurance Read More »
