Premiums & Billing
A Form is required is required to change the draft amount - TRUE or FALSE
TRUE -
Draft Amount Changes (Premium or Loan)
Electronic Payment form is required.
What is required when a policy has lapsed due to non-payment of premiums
Reinstatement
How long does the customer need to wait before requesting a replacement check?
Customers should be instructed to wait 10 business days
Can the Funeral Director be the beneficiary on a life policy
NO
System used to check a 1099
TAXPORT
In addition to the EFT form what other form must be included to make premium changes on UL policy
T-form or Change in Planned premium form
Whenever a policy is reinstated, the _____
period begins again
contestability
If the policy has a Taxable gain what do we need to verify to process over the phone
Do they want Taxes withheld Yes or No
Can we release one beneficiary's info to another
NO
The caller is not entitled to any detail regarding other beneficiaries listed on the policy
System used to verify a check
Jaxnet
What Security must be verified for PAC/EFT request
The caller must provide bank name and account number.
What 2 states are exceptions to the 3yr rule to reinstate a policy
North Carolina and Missouri
The Check Verification Procedure - What information must the caller provide from the check
Payee Name
Check Number
Date of Check
Check Amount
When is an Original (Certified) death cert required
If the total face amount of all policies for the insured is $100,000.01 or more, a certified death certificate is required. A faxed copy is not acceptable.
Web access used to obtain a form
Form Center
On a traditional policy if the premium is received after the notice of death we do no refund premium
TRUE or FALSE
FALSE -
The payment is held in suspense and returned to the policy owner via a refund check.
Auto reinstatement guideline for SmartCare & SmartGuard VUL
If required premium is received 120 days or less from the lapse date, policy can be reinstated. There is no face amount threshold.
Can The Trustee make request for a 10k policy loan over the phone?
NO
Requests for policy disbursements where owner is other than single individual (e.g., assigned, corporation, trust - pension and non-pension, joint/multiple owners, guardians, business associates, partners, etc.), must be submitted in writing and signed regardless of dollar amount being requested.
What additional documents may be required if the beneficiary is an Estate?
· Letters of Testamentary (Court Appointment Papers) · Summary of Administration
If the CSRP is Down - System used to create a call log
AWD
If the requested Premium refund is greater than $150.00.. What is the hold time?
15 business days (10 business days for PAC) from the date of receipt
When sending reinstatement forms This form is also required to be signed by each insured/covered person.
The correct HIPAA form
When a call is received requesting a full surrender (not a partial withdrawal) from any Florida resident/policy owner , it is necessary to ask the what question:
“Was this surrender recommended by an insurance agent/broker?”
If the Trustee predeceases the Insured Do we need a Certified Death Cert for the trustee
No
A copy of the death certificate (the original is not required).
in AWD what was the Claim Entry we should look under to see all claim details
CLMLIFEFIX