Life Ins Basics
Policy Types
Terminology
Statistics & Facts
Sales Techniques
100
This is the primary reason people purchase life insurance.
What is to provide financial security for their beneficiaries?
100
This type of life insurance provides coverage for a specified period and has no cash value.
What is term life insurance?
100
What is a LNA?
Life Needs Analysis
100
A Policyholder is behind on their bill and is set to cancel. They inquire when it the latest they can make a payment without losing coverage, and where can this answer be found?
What is "The day before stated cancellation; ECRM"
100
Is this an at fault loss or not at fault?
What is I need more information?
200
This is the person who receives the death benefit from a life insurance policy.
Who is the beneficiary?
200
This type of policy combines a death benefit with a savings component that can accumulate cash value.
What is whole life insurance?
200
What policy address the concern of "wasting" money on purchasing life insurance because insured believe they will outlive a specified term?
What is a Return of Premium (ROP) policy?
200
The qualification for making a Short Payment is?.
Must be in a non-pay status and have available Short Payments
200
How should we handle all claim calls?
What is a warm transfer?
300
This term describes the amount of money paid to the insurance company to keep the policy active.
What is the premium?
300
This type of life insurance allows the policyholder to adjust the premium and death benefit amounts.
What is universal life insurance?
300
Policyholder has a 10 year term policy. In year 9, she finds out she has serious health issues. What options, if any could we discuss with the insured?
What is a term conversion?
300
What is an app date in NECHO?
A payment can be made before that date to reinstate the policy. If not, new app is required on that date.
300
Is this at fault or not at fault? Why
What is not at fault due to claim being subrogated - we would still need to get details
400
This is the most common objection when writing life insurance policies.
What is I have it through work?
400
This type of policy requires no underwriting, has a 2 year waiting period, and is available for ages 45 and up
What is a GIFE?
400
This policy is a flexible, economical way of providing permanent coverage for two individuals with one policy.
What is a joint universal life policy (JUL)?
400
A Policyholder calls in because they got a cancelation notice, but their account stated recurring monthly is suspended. What is the process for assisting the Policyholder?
What is verifying the card on file is the correct card for auto-draft, asking the policyholder if they prefer electronic signature or a mailed form with self-addressed envelope included for recurring monthly agreements, taking payment for the last missed bill, and notating the account.
400
These coverages paid out on an EUR can be indicators of a Not-At-Fault Accident.
What is Uninsured Motorist Coverage and Compressive coverage.
500
Name 2 coverages you can discuss that opens the door to a Life Conversation?
What is PIP, Liability, and S Coverage?
500
This is the best life insurance policy and insured can have when they pass away.
An active policy that will pay a death benefit. The policy type does not matter.
500
We have a healthy 55 year old female that has a small budget. She wants a permanent life insurance policy. She is not interested in taking loan, but likes the idea of cash value. What product(s) should we explore?
What is a Universal Life policy?
500
A Policyholder is far past their due date and wants to make a short payment. What is the step-by-step process for assisting the Policyholder?
What is Checking the Application Date, Calling SFPP to verify available Short Payments, Applying payment in Necho, informing the Policyholder of their next bill, and notating the account.
500
Is the loss at fault or not at fault? Why?
At fault due to PD paid out.