Life Insurance/ Basic Terms
An independent agent that represents the buyer by trying to find the best insurance policy by comparison shopping.
Broker
If a spouse calls in wanting information, how do you respond?
You should give no information with the exception of confirming the premium has been paid.
Is the owner able to pay $50 on their premium if the amount due is $100?
No.
Is the death benefit taxable and if so how much?
Generally tax free, but interest paid to the owner may be taxed.
What is the hours of operation?
Monday-Thursday 8am-7pm EST, Friday 8am-5:30pm EST
Define Life Insurance.
A system of protection against loss in which several individuals agree to pay certain sums of money called premium.
What’s the process of verification of an Owner?
Last 4 digits of social security number, insured’s date of birth. If they do not provide last 4 of social security number we need 2 out of the 3: address of record, beneficiary or face amount
Johnny’s interest is $150, it’s due March 17th, today is May 20th. What is the minimum Johnny has to pay?
$150, Johnny has to pay the full amount.
What is the 4 basic verification Eservice?
Last 4 digits of social security number, date of birth, address and email.
Why is it important to be on time everyday?
To log into the system and bring up application. Be Prepared!
The difference between a whole life policy and a term life policy.
Whole Life last up to 100 years, term life has an expiration.
What does POA stand for and define POA.
Power of Attorney, Attorney in Fact. A legal document that allows you to appoint a person or organization to manage your affairs if you become unable to.
If there is an unlisted second beneficiary in the LATTE/CAPS system, where do you go to find it?
AWD.
What is the W-8 form?
It is a government form to determine who an individual is if they are not a U.S citizen.
What is the call out process?
Call before 7am, call workforce management at 704-540-3948 and Mrs Sonia Russel.
Define Face Amount.
Amount stated in the policy that will be paid when the insured dies.
The verification process of a Trustee when a tax id is not provided.
Date of birth of the insured, address on record and send the w-9.
If a customer calls to pay their bill after 4pm, what must you tell the customer?
Since it’s after 4pm, your payment will be processed on the next business day.
If the voluntary interest is 599.99 is it reportable?
No, it’s not 600.
What are the mailing options and how do they work?
Express Mail address 8501 IBM drive, Suite 150 Charlotte, NC 28262, Regular Mail P.O Box 1047 Charlotte, NC 28201
What’s does PCPG stand for? What is PCPG? What is the agent code?
Preferred Client Partners Group, provide service for retired AXA agents and agent code: 0112582.
Define Third Party Form, How long does it last and where is it located?
Authorize someone other than the owner to receive specific information, last for 3 years and it’s located in AWD.
How many days before and after can payments be accepted?
Before 30 days and up to 61 days after.
Explain the CVT lock reasoning, emails, number of days etc
There are allowed and not allowed. We have two different emails depending on if it’s allowed or not allowed. The not allowed takes 2-5 business days, the allow take 2-24 hours.
What’s is the tax id for AXA?
135570651