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 …
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 …
How do you find a insurance company that is no longer in business? Read More »
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 …
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 »
No, as long as you have completed your company’s product training and the Annuity Suitability & Best Interest course that are not additional training required to sell Annuities.
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 …
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 …
