Premium & Billing
What are the direct billing modes?
Annual, semi-annual, quarterly
When is a reinstatement required?
When a policy has lapsed due to non-payment of premiums.
For what types of requests can we send the policy change form?
Face amount reductions, rider/benefit removals - If not requiring evidence of insurability
Do we quote values from SS1 screen? If not, what screen do we use?
No - VALM
If a caller is requesting for a claim form as insured has passed, what should we do while on call?
File first notice
What is the most common special account mode?
Electronic payment - Bank draft (standard monthly)
What are the auto-reinstatement guidelines?
Policy Date Since Lapse: 30 days or less (SimplySelect and SmartCare), 120 days or less (LPAS Converted and VARI products)
Face Amount: 500,000 or below
No reinsurance
For what types of requests should we send a work request to get the correct forms out to the client?
Rating class change, face increases, stopped smoking - If requiring evidence of insurability
What is the maximum amount of disbursement that can be processed by phone?
$24,999.99
What is a required field to be completed for first notice, but is not a required question to ask?
Cause of death
What form is needed to change the premium amount on a Universal Life policy?
T-Form - Change in Planned Premium
If auto-reinstatement is not applicable, what additional step happens during the reinstatement process?
If needing to correct insured DOB, what should we look at to try to verify the correct information?
Documents from issuance or any forms submitted
If a recent address change has been made, what is the timeframe before we can process a disbursement request by phone?
30 days
If the face amount is $105,000.00, what type of death certificate is required?
Original certified death certificate
What is the grace period for traditional policies issued in CA?
25 days
If auto-reinstatement is not applicable, what two items are needed to start reinstatement process?
Reinstatement form & authorization form
What do we look at to determine the minimum face amount applicable for a product?
Product solution - Chart by rating class
If a disbursement is being requested on a policy with multiple owners, what must be done to have request processed?
Form submitted (with all owners signatures)
If a trust is the beneficiary, what is the additional document that is required to complete the claim?
Trust certification
For a premium refund, how long must the check be held if over $150?
15 business days
What products are not able to be reinstated if issued in the state of Texas?
ULSG04/05, GAUL07/09/11/12, LGUL, CAUL
What are the minimum requirements to apply for a Standard Plus Nonsmoker or Preferred Nonsmoker rating?
No tobacco or nicotine substance use within 2 years of application
If processing a full surrender for policyholder residing in the state of Florida, what must be asked?
If the surrender was recommended by an agent or broker
If there is a collateral assignee and funeral home assignment on the policy, who will be paid first?
Collateral assignee