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.

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

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?

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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My Iowa insurance license is coming up for renewal, what must I do?

Every licensed Iowa resident producer must complete a minimum of 36 credits for each CE term in courses approved by the Iowa division. Three of these credits must be in the subject of ethics. Producers are no longer required to do 18 hours of classroom CE.   A producer may receive CE credits for self-study courses …

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How many hours of Continuing Education do I need to renew my Missouri Insurance License?

If you are a Missouri Resident, it depends on your license type.  Look at the chart below: Type of license Minimum CE requirement Life and/or health 16 hours every two years, which must include 3 hours of ethics Property/casualty/personal lines 16 hours every two years, which must include 3 hours of ethics Title 8 hours …

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Finding Your National Producer Number (NPN)

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

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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2022 Pension Contributions

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 …

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