Term Product Knowledge
The three term plan types
10 yrtc, 20 yrtc, 30/65
Two pieces of security information we ask advisors to provide
Advisor Code, Advisor Name
The option that enables a client to trade their 10 year term policy for a 20 year term policy in between the 1st and 5th policy anniversary
Exchange Option
If a client has a term policy for $500,000.00 and they want to convert $200,000. They can carry over this maximum amount to the new plan.
$200,000
The signing status and passwords of an E-Delivery that has been sent out via email can be checked in here
eDelivery Report
An option which provides the convenience of providing term life insurance protection for all insured's children under one plan
Children's Protection Rider (CPR)
Three pieces of security information we ask policy owners to provide
Owner Name, Insured DOB and Owner Address
There are two requirement options that clients can choose from in order to request a decrease or a deletion
Application for Change or Letter of Direction
These are the two requirements that must be submitted for a term conversion to be processed
App for Term Conversion 1616 and Signed Sales Illustration
Policy documents are uploaded to these two places - one is client facing, the other is advisor facing
Client Access
Equinet (policy documents tab when you complete a policy inquiry)
A client who is a non-smoker and meets our highest health metrics standards, has an excellent family history and is applying for a qualifying face amount has this class
Preferred Plus Non-Smoker (class 1)
These are considered the policyholders of a company owned policy and they have the authority to make decisions on behalf of a business
Signing Officers
There is a common misconception by clients and advisors that this form is a cancellation form, but it is not.
Life Insurance Replacement Declaration (LIRD)
A policy is starting with $1,000,000 term insurance. The policy owner only wants to convert $100,000. To find the new price for the remaining $900,000, _______ needs to happen.
Inforce Illustration request from life admin
The email address that the Advisor, Client and MGA would receive the eDelivery from, if sent via email.
signers@esignlive.ca
Nowadays, joint policies have this built in option that allows them to be separated. What is it called? ..
Option to Elect Individual Policies
A type of caller that is entitled to ask questions about a policy but has no authority to make any changes
Third Party Authorized Persons (TPA)
The following can be added to a G3 term policy but not a G2 term policy
more Term insurance coverage
If there is a CPR rider on the term policy, it can be carried over to the new permanent plan.
True or False
True
A signature is required to accept the new documents sent to Client Access and/or EquiNet. True or False?
False. No signature is required.
Five optional riders that can be added to term policies
Premium waiver, Accidental death benefit, Children’s protection Rider, Guaranteed Insurability option, Equiliving CI Rider
National accounts do not use the term “MGA”. The term they would use instead.
Estate Planning Specialist (EPS)
A client may APPLY for nonsmoker rates. They have to fill out the full application including all the medical information. There are two possible decisions the underwriter can make based on the information.
1. Approve reinstatement
2. Decline reinstatement
Two single life tgerm policies can be converted (directly) into one joint permanent policy.
True or False
True
Name the two reasons edelivery would still be sent via OneSpan
The policy is on VAX
The policy change requires a signature