Wed bulletin
-Contains every policy needing UW attention.
-Updates every week (wed)
Give at least two examples of an IP Code.
-IPNSF
-IPSTP
-IPINV
-IPACL
A reinstatement is a policy that was issued with premiums paid at least one month prior to it going to a lapse state
Define C.O.D/RT-99
C.O.D. – Need verbal approval for Increased Premium.
RT-99 – Need signature for Reduced Coverage.
Why is Conservation important?
Conservation is key to maintaining quality business and achieving a higher level of retention and persistency which = higher renewals and Quality Bonus Boosts
Give at least 2 examples of a Wed bulletin item.
•Med Exam
•1800- Verify call
•Missing Q’s
•APS (missing medical hippa)
Where on ICM do you find IP codes?
Welcome page-->Weekly Advance Details----->>Returned Initial Premium
What is the bonus % that you get paid on when doing a reinstatement
Reinstatement Bonus of 25% of ALP.
Example:
Reinstate $2,000alp = $500 bonus
What is an L86?
- Need signature for Amendment or Exclusion on a policy that requires a signature.
example: Waiver of premium has been removed from the policy.
When an application is "Trialed" what does that mean?
Trial means the applicant will go thru UW process without being charged. They are not conditionally covered until policy is approved. This is due to potential risk classifications that can cause a decline.
What Form is used to fix Incompletes or WTH? Where is the form located?
Eapp Reopen Form / Agency Vault or Knights/Dire Wolves drive
True of False statement: Reinstating a policy adds to your MTD production.
False. Production goes to your back end which helps with your Renewals.
What conservation item is generated when a modification is not placed? How do you fix it?
-Not Taken Out
-Need to do an eapp reopen
what are the 4 stages of conservation and give the order in which they come.
stage 1-Withdrawn
stage 2-Incomplete
stage 3-NTO
stage 4-Reinstatement
How do you book a medical exam?
-Call Exam One with the client (get number from manager)
-Call your manager
-Find out what clients available dates are and email them to manager and quality control to request those dates with exam one.
An application you submitted WTH's due to IPINV. What are 2 ways to fix?
-Rewrite
-Reopen (eapp reopen form)
What are the 3 ways a reinstatement can be handled?
-Collect all back premiums
-Waive 3 months (within 1st year)
-Redate policy (within 3 years)*once a whole life policy has cash or loan value, you lose this option
What is a Counter-Offer and what is the coverage amount for it?
Counter offer is what the company gives as an alternative to an applicant that is borderline a decline. Coverage amount is 5,000
What are a few tactics to prevent Conservation items.
-Filling out all Q's in its entirety
-solidification process
-make sure to have all medical forms filled out when with the client.
What's a "Noprod" and when can you do it?
-no production for an application where you do receive a chargeback but your quality is not affected.
-Can only no prod when applications are going thru UW.
Scenario: You have a Med exam that has not been scheduled yet because the client is out of town and gets back in 10 days. The policy will incomplete in 5 days. What do you do?
Ask for an extension
-Collect all back Premiums
-Redate policy
Scenario: Client was given a table 2 rate up for weight and a C.O.D. for $12.97. The clients initial premium was $50 a month bringing the premium total to $62.97. He decides to accept the C.O.D. How do you process?
-Email Quality along with direct manager/MGA cc'd on email with subject line of policy number and first/last name of client and indicate in email that client accepts the rating and to process cod.
-Go onto Ailife.com->Agency Resource Center-> Policy Issue->Submission of Delivery Requirements (C.O.D. and/or Signed Amendment)
Lap- Lapse after 4 months (does not affect retention)
LPF- Lapse within 4 months that affects retention