Claims
VOID chq or banking information form showing the account number and owner name. The owner name must match the beneficiary's name.
Explain what an exchange option is? What exchanges can be made?
Option to exchange a t10 for a t20 within 1st to 5th policy anniversary. Can now be exchanged to a T30/65
What form and section is needed to appoint a contingent policy owner?
Ownership change form – basic info at the top of the from the signing section and section 4
True or false, a CCR can update the banking information over the phone. If so, how?
True, through Equinet - Policy Inquiry
How many days notice do we provide to policy owner’s with upcoming term or ci renewals?
60 days.
Which email address would you send a CAT with a general question about claims?
individualclaims@equitable.ca
Looking at policy number 300047934, is the policy still eligible for conversion?
Yes, checking Coverage Inquiry -all details (or Equinet coverage – add’l info tab) the client is eligible for conversion until June 24, 2050
If a policy is paid to date to June 15th, 2025, and the payment is missed, what day to they have coverage up to? What is the deadline to make a payment without going through reinstatement?
Grace Period until July 16th, SRO until August 15th
Where do you go on Ingenium to find if a premium has been already been sent to the bank (in lead time)
Acceptable Answers: accounting summary screen- to see if it is listed for this month yet, Equinet policy inquiry all details – banking information – to see if next pac date bumped up to next month, Inquiry -summary screen – premium suspense amount, inquiry payor information – to see if next deposit date or premium suspense is populated.
What term riders can you add to a G3 term plan?
Term 10, 20 and/or 30/65
Do we issue cheques in other currencies?
Yes, one other currency, Bermudian.
Yes or no, if a client has a CI plan with a term rider and decides to terminate the CI plan can they keep the term plan.
Yes.
For policy 800365117, what is the annual renewal rate on March 7th, 2044?
$2612
Under what circumstance does a CCR have to remove the policy from pre-authorized payments manually, or ask support to?
Between what ages can a Children's Protection Rider be converted?
Between the ages of 21-25
How do I determine the requirements for a death claim when there are multiple policies for the life insured?
Add all of the face amounts (term and UL) and gross death benefits (WL) and use the sum together with the issue date of the most recent policy to determine the requirements.
If the agent asked about a quote to decrease coverage, would a quote checklist need to be filled out or can the agent do the quote themselves?
The CCR would submit the illustration checklist or the advisor could complete the form on Equinet and submit to inforcelifemail@equitable.ca
Within 30 days of settling the new policy.
When a client was on PAD and the policy has lapsed due to nsf (or any other reason) a special reinstatement offer is generated. Why might the amount that is listed as the required payment on the notice incorrect?
Because it is an annualized amount.
Previously, term 10 & 20 policies renewed automatically every 10 or 20 years, respectively. Now, they renew annually after the first term is up. What date did this change?
February 3rd, 2024
What are the conditions that must be met in order to qualify for a compassionate advance claim?
o Compassionate Advance is available for persons other than minors who are suffering from a disease or injury, which is expected to cause death within 24 months (supported by Doctor’s documentation/reports).
o The policy must have been in force at least 24 months with no reinstatements having taken place in the preceding 24 months.
Looking at policy number 300047934, the client converts $100,000 and carry over a term rider. What is the minimum amount they can carry over? What is the maximum?
$50,000 minimum, $100,000 maximum
Where can a client get a form that is required to set up an assignment on their life insurance policy?
Equinet - Form 2121 - Assignment of Life Insurance Policy as Collateral
Where would you go on ingenium with the banking details to see if a bank account number is associated with another policy?
Acceptable Answers: pac history list, client – bank account list
What kind of policy is a T65?
Same as T25 except the term is age 65. May be extended to age 70 at a separate and higher premium rate (i.e., the Extension Premium) during the last 5-year period