Lingo
Product Trivia
Potpourri
100

Pre-existing Condition

  • Formal Definition: This means having a sickness or physical condition for which any covered person was treated, had medical testing, received medical advice or had taken medication within 12 months before the effective date of the policy.
  • Layperson Definition: A pre-existing condition is a sickness or ailment that someone was diagnosed or treated for the year before they got their Colonial Life policy.
100

This product makes up the biggest portion of sales.

Disability.

100

This is the year Colonial Life was founded.

1939.

200

Indemnity Benefits

Benefits that are a set dollar amount and paid regardless of what the actual charges were.

200

This product is considered a core benefit by employees.

Dental.

200

This is where product and sales training can be found.

My Learning Connection (MLC).

300

Attained Age

  • Formal Definition: Initial rates are based on the age of the named insured as of the certificate premium effective date and change on the account anniversary date once the insured reaches the next age band.
  • Layperson Definition: As an insured gets older and enters a new age grouping, their rates will increase. (differs from issue-age because issue-age rates are locked in)
300

This is the difference between a rider and an employer-optional benefit.

A rider can be added or declined by the employee, an employer-optional benefit is chosen by the employer and will be embedded on the plan (employees cannot choose to add or remove it).

300

This is an approximate number of district offices we have across the country.

600.

400

Guaranteed Issue (GI)

  • Formal Definition:  This is the act of issuing coverage to all eligible applicants regardless of health history. It is available for certain products when the Home Office determines participation requirements have been met. The appropriate application must always be completed and pre-existing still applies to the policy.
  • Layperson Definition: Everyone who is meets eligibility requirements can get coverage without any health questions. Pre-ex still applies, and accounts have to meet certain criteria to offer GI.
400

These currently marketed products can be sold outside of the United States.

None.
400

This is how many volunteer hours Colonial Life employees logged in 2019.

11,727.

500

Elimination Period

  • Formal Definition: This refers to the length of time that must elapse after the disability begins until the insured is eligible to receive the monthly disability benefits. The first number indicates the elimination period days that must elapse for an accident and the second number represents the elimination period days that must elapse for a sickness.
  • Layperson Definition: The number of days that must pass after your disability begins before you’re eligible to receive benefits. The first number applies to disabilities caused by an accident, the second number applies to disabilities caused by a sickness.
500

This is the main difference between term life and whole life.

Term life only covers you for a certain number of years -- the term -- and whole life provides coverage until you die or when the policy endows.

(100 bonus points if mentions cash value)

500

This is the percentage of people, according to a Colonial Life customer survey, that find 1-to-1 benefit counseling valuable.

93%.

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