Insurance Basics
Who receives the proceeds of a policy?
Beneficiary
The place where customers can make payments and see policy details
Customer Portal
Aim to resolve the issue during the first call.
First Call Resolution
Insurance for a specific time period.
Term life
Person who sells insurance
Producer/Agent
Who has all the power to make changes to a policy?
Owner
The system we use to make/receive phone calls
WebEx/ Contact Center Desktop/ CCD
What is the form/work object that allows us to talk to a third party? Can be written or phone.
Release
Lifetime insurance, guaranteed death benefit. level premium
Whole Life
Payments missed and not caught up- policy status
Lapsed
The frequency in which a policy owner chooses to make payments
Premium Mode
The Oracle system we house newer policies in.
OIPA (Formerly PAS)
This person can only verify who they are with banking information/changes, or a letter mailed to the address on record and SSN.
Payor
What is it called when a term life policy is changed into a whole life policy?
Conversion
Period of time where a missed payment can be caught up
Grace period
Money leaving an Americo account and going to another financial account
1035
The system we use to create work objects and access existing work, see policy history, and log comments.
AWD- Automated Work Distributer
A court appointed person or persons in charge of the affairs of a person deemed unable to manage their own affairs or in charge of the affairs of a minor.
Guardian/Conservator
Lifetime coverage- flexible premiums and death benefits. Accumulates cash value based on market interest rates.
Universal Life
An add-on to a life insurance policy
Rider
This department develops products, estimates risk and sets prices to keep the life insurance company financially stable.
Actuarial Department
The system where older policies are stored.
Vantage
Who cannot receive ANY policy information while the insured is living?
Beneficiary
The type of insurance grows its cash value based on the S&P 500 or other stock indexes. Potential for higher returns.
Indexed Universal Life
When a life insurance policy is pledged to a lender so they can claim part of it if a loan is not repaid.
Collateral Assignment