Course 2-15 Online Insurance LHA (Seguros de Vida, Salud y Anualidades)

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Course 2-15 Introduction

Author: Dolphy Insurance School

ENGLISH STEPS TO OBTAIN RESIDENT LICENSING HEALTH & LIFE INCLUDING VARIABLE ANNUITIES                 Applying for a new license will take approximately 7-14 business days upon receipt of all required Information.…

Course 2-15 Lesson 1 Page 11

Author: Dolphy Insurance School

página 11/22 Reinsurers: Reinsurance is a disposition through which an insurance company transfers a portion of the risk to another insurer. Reinsurance companies determine the area to provide and share…

Course 2-15 Lesson 1 Page 13

Author: Dolphy Insurance School

página 13/22  1.6.1.  Captive vs. Independent Agent The main classifications of Agents are the following: Captive Agent Independent Agent A Captive Agent (also known as career agent) works for one…

Course 2-15 Lesson 1 Page 15

Author: Dolphy Insurance School

página 15/22 INTERVENTION BY THE SEC (1959): A year later, the Securities and Exchange Commission (SEC) presented its own challenge to the industry. The variables and variable life insurance annuities…

Course 2-15 Lesson 1 Page 18

Author: Dolphy Insurance School

página 18/22 1.10.2. Florida Life and Health Guaranty Association (FIGA) Florida Statutes govern the nonprofit Guarantee Payment of Life and Health Insurance. The purpose of the Florida Insurance Guaranty Association…

Course 2-15 Lesson 1 Page 19

Author: Dolphy Insurance School

página 19/22 SECTION 1.11: Rating Services   These companies are usually paid a fee for several insurance companies to provide these qualifications. Each of these independent rating services focuses on…

Course 2-15 Lesson 1 Page 20

Author: Dolphy Insurance School

página 20/22 Keep records of the copies of the Notification of Application Regarding Replacement Life Insurance; forms of requested comparative information, any proposed sale used, and any registration replacement. Everything…

Course 2-15 Lesson 2 Page 3

Author: Dolphy Insurance School

página 3/6 2.2.1. Aleatory Random contingency contracts are unequal potential gains or losses for both parties to the insurance contract. Dollar values exchanged cannot be equal. In random contracts there…

Course 2-15 Lesson 2 Page 5

Author: Dolphy Insurance School

página 5/6 Implied Authority implied authority; the authority is not given in writing, but is necessary for the agent to transact insurance. implied authority is conjecture that even though certain…

Course 2-15 Lesson 3 Page 2

Author: Dolphy Insurance School

página 2/18 PART II: PRINCIPLES OF LIFE AND HEALTH INSURANCE LESSON 3: LIFE INSURANCE POLICIES, PROVISIONS, OPTIONS AND RIDERS SECTION 3.1: Categories of Life Insurance Life insurance in force in…

Course 2-15 Lesson 3 Page 4

Author: Dolphy Insurance School

página 4/18 3.2.3. Decreasing Term Decreasing term policy are slightly different; the nominal value does not remain equal (level), because decreases with time. This type of term insurance is usually…

Course 2-15 Lesson 3 Page 7

Author: Dolphy Insurance School

página 7/18 COMPARISON OF THE MAIN TYPES OF LIFE INSURANCE      Term Life Insurance Permanent life insurance Ordinary Life Insurance Universal Life Insurance Insurance Premium   Initially low, but…

Course 2-15 Lesson 3 Page 14

Author: Dolphy Insurance School

página 14/18 3.9.10. Death Benefits Provision Acelerated The accelerated death benefit provision allows the policy owner to withdraw funds from your life insurance policy before death. This concept differs from…

Course 2-15 Lesson 3 Page 17

Author: Dolphy Insurance School

página 17/18 Riders   Guaranteed Insurability Rider   It allows the insured to purchase specific amounts of additional insurance at specified intervals [usually three years] without evidence of insurability. Waiver…

Course 2-15 Lesson 3 Page 18

Author: Dolphy Insurance School

página 18/18 3.13.5. Dismemberment Benefit Rider The Annex accidental death benefit is sometimes referred to as Annex “double compensation” because it provides an additional amount usually equal to the nominal…

Course 2-15 Lesson 4 Page 2

Author: Dolphy Insurance School

página 2/11 PART II: PRINCIPLES OF LIFE INSURANCE LESSON 4: LIFE INSURANCE PREMIUMS, PROCEEDS AND BENEFICIARIES Section 4.1: Primary Factors in Premium Calculations Actuaries are mathematicians working with certain factors…

Course 2-15 Lesson 4 Page 4

Author: Dolphy Insurance School

página 4/11 4.1.6. Methods of Substandard Risks Rating There are several methods used in assessing the premium rates Substandard risks. If an applicant presents a substandard risk, there are ways…

Course 2-15 Lesson 4 Page 6

Author: Dolphy Insurance School

  página 6/11 4.2.4. Accelerated Benefits The provision of accelerated benefits of the policy allows the death benefit withdraw prematurely in cases of terminal or chronic illness. Within certain limits,…

Course 2-15 Lesson 4 Page 10

Author: Dolphy Insurance School

página 10/11 Irrevocable clauses may be absolute or reversible:   Absolute: When the beneficiary has an unquestionable (absolute) personal interest in the life insurance contract, even if the beneficiary does…

Course 2-15 Lesson 4 Page 11

Author: Dolphy Insurance School

página 11/11 4.7.3. Spendthrift Trust Clause The clause protects spendthrift trust the benefits of life insurance creditors. Beneficiary’s creditors are prohibited from claiming any of the benefits of the policy…

Course 2-15 Lesson 5 page 2

Author: Dolphy Insurance School

página 2/7 PART II: PRINCIPLES OF LIFE INSURANCE LESSON 5: LIFE INSURANCE UNDERWRITING AND POLICY ISSUANCE Section 5.1: Purpose of Underwriting Underwriting is the process by which an insurer determines…

Course 2-15 Lesson 5 page 6

Author: Dolphy Insurance School

página 6/7 The insurance application is an attempt to persuade anyone to buy an insurance product through: the description of benefits or terms of insurance coverage, including premiums or rates…

Course 2-15 Lesson 6 page 2

Author: Dolphy Insurance School

página 2/7 PART II: PRINCIPLES OF LIFE INSURANCE LESSON 6:  GROUP LIFE INSURANCE SECTION 6.1: Principles of Group Insurance The basic principle of group insurance is to provide insurance coverage…

Course 2-15 Lesson 6 page 4

Author: Dolphy Insurance School

página 4/7 Certificate: An insurance policy group life provide that the insurer will issue the policyholder for delivery to each insured individual certificate containing the group number and description of…

Course 2-15 Lesson 7 page 2

Author: Dolphy Insurance School

página 2/13 PART II: PRINCIPLES OF LIFE INSURANCE LESSON 7: ANNUITIES – FIXED AND VARIABLE Section 7.1: Purpose and Functions of Annuities Annuities offer cash contracts with an insurance company…

Course 2-15 Lesson 7 page 4

Author: Dolphy Insurance School

página 4/13 Immediate annuities are typically designed to provide income immediately after retirement. An immediate fixed annuity is a contract between the beneficiary and the insurance company. In exchange for…

Course 2-15 Lesson 7 page 12

Author: Dolphy Insurance School

página 12/13 Section 7.9: Annuity Investments by Seniors In 2004, the Florida Legislature addressed the special needs of high-end consumers regarding annuity investments. (For purposes of this lesson regarding annuity…

Course 2-15 Lesson 8 page 1 SOCIAL SECURITY (SEGURO SOCIAL)

Author: Dolphy Insurance School

página 1/8 LESSON 8: SOCIAL SECURITY SUBJECTS Purpose of Social Security Eligibility: Who is covered by Social Security? How Social Security Benefits are determined? —————————————————————————————————————————— LECCIÓN 8: SEGURO SOCIAL SUBJECT…

Course 2-15 Lesson 8 page 4

Author: Dolphy Insurance School

página 4/8 8.2.1. Currently Insured vs. Fully Insured   Credits are the determining factor between being classified as fully insured or currently insured. Once a person becomes fully insured, death…

Course 2-15 Lesson 8 page 7

Author: Dolphy Insurance School

página 7/8  Child’s Benefit Unmarried and under age 18: 50% of the worker’s PIA. Disabled before age 22:  50% profit will continue indefinitely. The maximum retirement benefits apply. The maximum…

Course 2-15 Lesson 9 page 4

Author: Dolphy Insurance School

página 4/9 SECTION 9.4: Defined Contribution Plans Defined contribution plans against funds deposited literally on behalf of employees. A predetermined amount is contributed and grows over a period of time…

Course 2-15 Lesson 9 page 7

Author: Dolphy Insurance School

página 7/9 SECTION 9.8: Individual Retirement Plans   The federal government offers incentives for citizens to save for retirement by granting favorable tax treatment in eligible plans. The IRA is…

Course 2-15 Lesson 10 page 8

Author: Dolphy Insurance School

página 8/9 10.4.1. Salary Continuation Plans   Salary continuation plans are not qualified plans, specifically designed with a large degree of flexibility. A salary continuation plan allows discretion to company…

Course 2-15 Lesson 11 page 4

Author: Dolphy Insurance School

página 4/14 11.2.1. Individual Health Insurance Individual health insurance is issued by commercial insurers and service organizations such as contracts between the insured and the company. Although all companies have…

Course 2-15 Lesson 11 page 7

Author: Dolphy Insurance School

página 7/14 11.4.2.  Business Needs for Health Insurance Companies are made up of individuals, and business needs are important. As HMOs are emphasized in preventive health care, health insurance allows…

Course 2-15 Lesson 12 page 2

Author: Dolphy Insurance School

página 2/17 PART II: PRINCIPLES OF HEALTH INSURANCE LESSON 12: HEALTH INSURANCE PROVIDERS SECTION 12.1: Commercial Insurance Providers   Service providers are different from insurance companies. Service providers have subscribers…

Course 2-15 Lesson 12 page 4

Author: Dolphy Insurance School

página 4/17 Prepaid Limited Health Service Organization – PLHSO A PLHSO is any person, corporation, partnership, or other entity, that in exchange for an advance payment, is compromised to provide…

Course 2-15 Lesson 12 page 8

Author: Dolphy Insurance School

página 8/17 Exclusive Provider Organization (EPO) Exclusive Provider means a provider of healthcare, or a group of providers of healthcare, which have established a written agreement with the insurer to…

Course 2-15 Lesson 12 page 14

Author: Dolphy Insurance School

página 14/17 12.6.3. Medicare Part C – Medicare Advantage Due to increased eligible participants, programs and Medicare options have been renovated to include Medicare Part C (formerly known as Medicare…

Course 2-15 Lesson 13 page 2

Author: Dolphy Insurance School

página 2/8 SECTION 13.1: Purpose of Medical Expense Insurance Basic medical expenses insurance (often referred to as first dollar insurance) pays benefits “in advance” without the patient having to pay…

Course 2-15 Lesson 13 page 3

Author: Dolphy Insurance School

página 3/8 Medical Reimbursement Plan – Medical Indemnity Plan Medical Reimbursement Plan and Medical Indemnity Plan are two different approaches with respect to medical plans. In a medical reimbursement plan,…

Course 2-15 Lesson 13 page 7

Author: Dolphy Insurance School

página 7/8 Family deductibles and out-of-pocket expense caps are twice as individual spending. HSA individuals that are 55 years and older can make additional catch -up contributions of $1,000 (2012,…

Course 2-15 Lesson 14 page 2

Author: Dolphy Insurance School

página 2/6 SECTION 14.1: Purpose of Disability Income Insurance The need for disability income often overlooked. People often associate it with a life insurance, health insurance and even with annuities…

Course 2-15 Lesson 14 page 3

Author: Dolphy Insurance School

página 3/6 Using the approach of percent-of-income gains (percent-of-earnings approach) policies may vary the amount of benefits to be paid according to the length of disability. For example, the company…

Course 2-15 Lesson 14 page 6 end

Author: Dolphy Insurance School

página 6/6 14.5.2. Social Security Rider Social Security Annex provides additional income when social security benefits (Social Security, Workers Compensation and Government Programs) are not being received by the insured;…

Course 2-15 Lesson 15 page 1 ACCIDENTAL DEATH INSURANCE AND DISMEMBER (SEGURO DE MUERTE ACCIDENTAL Y DESMEMBRAMIENTO)

Author: Dolphy Insurance School

página 1/3 LESSON 15: ACCIDENTAL DEATH AND DISMEMBERMENT INSURANCE-AD&D SUBJECT AD&D Benefits Other Forms of AD&D  ————————————————————————————————————————————-   LECCION 15: SEGURO DE MUERTE, ACCIDENTAL Y DESMEMBRAMIENTO-AD&D  TEMAS Beneficios AD&D Otras…

Course 2-15 Lesson 16 page 2

Author: Dolphy Insurance School

página 2/13 SECTION 16.1: Medicare Supplement Policies The protection of our elderly citizens; the high costs of medical care includes plans to provide long-term care and supplemental insurance plans. NAIC…

Course 2-15 Lesson 16 page 4

Author: Dolphy Insurance School

página 4/13 DISCLOSURE An insurance policy care qualified long-term (long-term care insurance), must include a statement of disclosure or disclosure within policy and within the statement of coverage, the policy…

Course 2-15 Lesson 16 page 9

Author: Dolphy Insurance School

página 9/13 In general, these associations have four objectives: To stimulate the availability of high quality, safe private long-term care Remove the fear of impoverishment resulting from the need to…

Course 2-15 Lesson 17 page 2

Author: Dolphy Insurance School

página 2/7 SECTION 17.1: NAIC Model Health Insurance Policy Provisions NAIC (National Association of Insurance Commissioners) developed the Uniform Act Provisions Health Insurance Policies in which 23 provisions described order.…

Course 2-15 Lesson 17 page 6

Author: Dolphy Insurance School

página 6/7 Waiver for Impairment Impairment exemptions are used in those areas where a person may have preexisting conditions and still be considered uninsurable. These exemptions exempt specific reasons for…

Course 2-15 Lesson 18 page 2

Author: Dolphy Insurance School

página 2/6 SECTION 18.1: Major Risk Factors in Health Insurance Key factors evaluated in the underwriting process health insurance are often the same as in all insurance underwriting processes, with…

Course 2-15 Lesson 18 page 5

Author: Dolphy Insurance School

página 5/6 SECTION 18.4: Managed Care Managed Care Organizations (MCO) include Health Maintenance Organizations (HMO), Preferred Provider Organizations (PPO) and Exclusive Provider Organizations (EPO). These contain medical costs and is…

Course 2-15 Lesson 19 page 2

Author: Dolphy Insurance School

página 2/28 SECTION 19.1: Financial Services Regulation   19.1.1. Department of Financial Services The Department of Financial Services is headed by the Chief Financial Officer and the Commissioner of Insurance,…

Course 2-15 Lesson 19 page 3

Author: Dolphy Insurance School

página 3/28 The Office, within existing resources, can spend the funds for professional development of its employees, including, but not limited to, professional fees for employees who are required to…

Course 2-15 Lesson 19 page 5

Author: Dolphy Insurance School

página 5/28 19.1.3. Office of Financial Regulation In addition to other powers conferred by Florida Statutes, the Office of Financial Regulations provides: [Sec. 655.012]   General Supervisory Powers; Rulemaking:  …

Course 2-15 Lesson 19 page 6

Author: Dolphy Insurance School

página 6/28 19.1.4. The State Legislature The State Legislature establishes and maintains the legal framework of state laws on insurance (Insurance Code / The Insurance Code). The legislature established the…

Course 2-15 Lesson 19 page 13

Author: Dolphy Insurance School

página 13/28 Section 19.4: Code of Ethics The National Association of Life Underwriters (The National Association of Life Underwriters) works for the best interest of policyholders and development opportunities of…

Course 2-15 Lesson 19 page 14

Author: Dolphy Insurance School

página 14/28 How do you approach the Code of Ethics defamation? Knowingly making, publishing, broadcasting or circulating, directly or indirectly, or assisting, incitement, or encourage manufacturing, publishing, broadcasting or circulating…

Course 2-15 Lesson 19 page 18

Author: Dolphy Insurance School

página 18/28 Required and optional coverage The word “primary care physician” or “doctor” (“physician” or “medical doctor”) when used in any insurance policy health service plan health care, or other…

Course 2-15 Lesson 19 page 21

Author: Dolphy Insurance School

página 21/28 Section 19.9: Retirement Plans Florida law does not regulate retirement plans. ERISA supersedes any state law. ERISA administers standards for funding, participation and vesting, termination of insurance, disclosure,…

Course 2-15 Lesson 19 page 25

Author: Dolphy Insurance School

página 25/28 Guaranteed-Issue Basis: It means an insurance policy to be offered to an employer, employee or dependent of the employee, regardless of their health status, preexisting conditions, or claims…

Course 2-15 Lesson 19 page 27

Author: Dolphy Insurance School

página 27/28 Fair Marketing Standards Each carrier employer small (small employer carrier) must actively market the plan coverage health benefits, including standard health benefit basic plans and including any later…

Course 2-15 Lesson 20 pag 1 AGENT LICENSING (LICENCIAS DE AGENTES)

Author: Dolphy Insurance School

página 1/9   LESSON 20 AGENT LICENSING. DEFINITIONS SUBJECT Licensing Maintaining a License Unfair Trade Practices Unfair Claims Settlement Practices Definitions  ——————————————————————————————————————————- LECCIÓN 20 AGENTES LICENCIADOS. DEFINICIONES SUBJECT / TEMAS…

Course 2-15 Lesson 20 pag 2

Author: Dolphy Insurance School

página 2/9 Section 20.1: Licensing The Florida statutes provide that no person may be, act as, or advertising or advertise himself as an insurance agent, insurance adjuster or customer representative…

Course 2-15 Lesson 20 pag 5

Author: Dolphy Insurance School

página 5/9 Acciones Penales y Administrativas / Criminal and Administrative Actions)   Administrativa / Administrative Dentro de 30 días después de la disposición final de una acción administrativa tomada en…

Course 2-15 Lesson 20 pag 6

Author: Dolphy Insurance School

página 6/9 SECCIÓN 20.3: PRACTICAS DESLEALES DE COMERCIO / UNFAIR TRADE PRACTICES   Las sanciones en Florida por violar la Ley de Prácticas Comerciales Desleales son libertad condicional, suspensión o…

Course 2-15 Lesson 20 pag 8

Author: Dolphy Insurance School

página 8/9   SECCIÓN 20.5: DEFINICIONES / DEFINITIONS   Transacción de Seguros / Insurance Transaction. Las disposiciones del Código de Seguros definen el término transacciones de seguros como:   solicitud…

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