Licensing
What license are you studying for to become an agent with our firm?
life, health, accident and sickness
What is Term insurance?
the insurance company will pay the death benefit should anything happen within the length of
the term.
What is Permanent Insurance?
Insurance that may last for your entire lifetime!
When you are licensed, you are commonly called an Agent or a Producer.
Are we captive or non-captive? And what does is mean?
We are Non- captive
Captive / Career agents work for one insurance company and sells only that company’s insurance policies.
Non-Captive / Independent agents works for
themselves and sells the insurance products of multiple companies. Independent agents can represent as many companies that will appoint them.
What is insurance?
Insurance is a transfer of risk from one party to another through a legal contract. It provides a guarantee of compensation for a specified loss, damage, illness, or death.
Name (5) services we offer with our license?
Life Insurance
Annuities
Medicare Supplement*
Long-Term Care
Final Expense
What are (2) Advantages of TERM?
What are Disadvantages of TERM?
1. Low cost – relatively inexpensive
2. Cover liability for a specific amount of time
1. Only insurable for a specified amount of time
2. Policy cannot be renewed beyond a maximum age
3. Policy will lapse if premium payment is missed
4. Premium is wasted if you don’t die within the term
5.Becoming uninsurable forces you to renew at high rates
Name a benefit other than Permanent life insurance does this policy have potential to have?
tax advantage
cash value
What does FIDUCIARY mean?
fiduciary
A person in a position of trust
Having financial responsibility
No comingling of funds
What are the most common things YOU insure?
Name 3
Car
health
House
Vacation
pets
jewelry
Do you need to be licensed to recruit?
NO
You can share about the opportunity when your AMA has been approved by WFG and you receive your code number.
When you want to talk about specific companies
and products, you need a license.
Name the 4 different types of Term insurance?
1. Decreasing Term
2. Level Term
3. Increasing Term
4. Term w/LB
Name (3) types of PERMANENT INSURANCE?
1. Whole Life (WL)
2. Universal Life (UL)
3. Index Universal Life (IUL)
What does Suitability mean?
Prioritize the coverage that best fits the client
The larger the number of people, the more predictable the losses are.
What is this called?
LAW OF LARGE NUMBERS
What is the difference between Resident vs Non-Resident license?
Resident: Holds a residence or primary
place of business in a specific state
Non-Resident : You are already licensed as a resident in a specific state and seeking licensure in another state.
Mr. X purchased a home with a 30 yr. mortgage. He is concern that if he prematurely dies, the mortgage will not be paid.
Which policy best suits him ?
30-Year Decreasing Term
An accountant has income potential for 20 years and is looking for a permanent insurance. Which policy would best suit them?
20-Year Pay Life
If you are with a client and you notice the client is a smoker, however he indicates to you not to add it on the application.
What would you do?
At all times we must tell the truth and explain to the client that unfortunately you can not do that because you are regulated by the state of California
RATINGS Some of the companies that rate life insurance companies' financial strength:
Name 2 ratings?
A.M. Best
Fitch Ratings
Standard & Poor’s
Moody’s
What are the (4) types of levels plus percentage earn for each level?
Training Associate 25%
Associate 35%
Marketing Director 50%
Senior Marketing Director 65%
What Provider provides convertible term?
Transamerica
PAClife
Name 3 main riders in IUL policy?
10 points for additional riders
Long term care LTC
Critical care
Chronical Care
What is the purpose of finding a Affordable policy for our clients?
Affordability
Find the right policy that the client can fund long term
If an Insurer is a company who issues an insurance
What is an insurance policy?
An Insurance Policy is a written contract set forth by the company.