Insurance Basics
Who generally receives the proceeds of a policy upon death of the Insured?
Beneficiary
The place or website where customers can make payments, update beneficiaries, or see policy details.
Customer Portal
Another word for internal terminologies and slang terms that should be omitted on all phone calls.
What is Jargon?
This type of life insurance coverage does not typically build any cash value but is renewable or convertible after a pre-selected number of years.
What is Term Life Insurance Coverage
A required premium was not paid and causing the policy to no longer be in force.
What is a lapsed policy?
Who has all the power to makes any changes to the policy?
Owner
The acronym and phone system we use to make outbound or receive inbound calls from customers.
CCD (Contact Center Desktop)
On all calls, we verify the caller by confirming their name, whether they are the Policy Owner or Writing Agent, SSN, DOB, and mailing address. This process is called:
Security Check Requirements
This type of life insurance coverage typically has level premiums for the lifetime of the policy and builds a guaranteed cash value.
Whole Life Insurance
This policy status means a premium payment was missed, but coverage is still active but only for a limited time, giving the policy owner a chance to make the premium payment(s) to keep the policy in force.
What is a policy in grace?
The frequency in which a policy owner/payor chooses to make premium payments?
What is "Premium Mode"?
The Oracle system we use that houses some of Americo's issued policies in.
OIPA (Oracle Insurance Policy Administration)
An action where we aim to resolve and answer all questions or issues during the call.
First Call Resolution
This type of life insurance coverage offers flexible premium payments but the cash value is not guaranteed and fluctuates based on certain criteria built in to the product.
What is IUL or Universal Life?
Adding this feature to a policy can provide additional benefits or modify the policy's coverage and usually at an additional cost.
What is a Rider?
The person whose life expectancy and health are evaluated when approving and issuing a life insurance policy.
Insured
The system used to create work objects, access existing work request, see history comments, view images, and log call discussions.
Chorus
Whether on a call or processing a request, this review is designed to prevent fraud by confirming legitimacy and authorization before taking any action.
Red Flag Review (RFR)
This rider provides a portion of the death benefit if the insured is diagnosed with a qualifying critical or terminal illness during the lifetime of the policy and at no cost to the customer.
What is a Living Benefit Rider?
(Chronic, Critical, or Terminal Illness Rider)
The review of medical history, occupation, and personal information helps determine whether coverage can be approved and a policy issued and at what rate.
What is Underwriting?
The department that develops the financial theory to measure and estimate risk and sets prices to keep a life insurance company financially stable.
What is Actuarial?
Americo producers use this website to view any pending business requirements, find forms, watch training videos, and read product related details.
Agent Portal
This type of signature requires a specialized person to verify the signers' identity and witness the signing of a document.
Notary Public or Notarized Signature
This "built-in" benefit is included on whole life policies and can assist in preventing the lapse of a policy by using any available cash value as a safety net to pay premium payments.
Non-Forfeiture Options (NFO)
A licensed professional who helps a customer select and apply for an annuity or life insurance coverage.
What is an Agent or Writing Producer?