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.

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

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

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

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?

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

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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DOL Fiduciary Rule Update on Rollovers Postponed to January 31, 2020

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 …

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Business Entity License being suspended

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 …

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Business Entity License

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 …

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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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