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 […]
Rescission of a life policy at insured’s death Read More »
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,
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 »
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 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
Lost Policy Locator Read More »
The SECURE Act 2.0 was part of the Deficit Reduction Act signed by President Biden made a major change in Required Minimum Distributions(RMD) for all pensions plans including IRA. Those individuals with the Traditional Individual Retirement Accounts (IRA) who turned 73 in 2023, can delay their first RMD until next April 1 of the year
Changes in Required Minimum Distributions to Age 73 Read More »
Each month FINRA notifies Insurance Regulators about their actions against register representatives whether they hold an insurance license or not. Insurance producers are required to notify the Insurance Regulators of any violations within 30 days. At the time of a license application or license renewal, producers are required to list all violations by any regularity
Missouri resident producers are required to complete 16 hours of continuing education with 3 hours being ethics every 2 year. Licensees age 70 or over are exempt from continuing education requirements. License must pay the renewal fees to keep their license inforce.
Missouri Regulations on Insurance Continuing Education Read More »
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
Required Reporting of Criminal Conviction Read More »
