Life Insurance
What are the differences between Term and Whole life insurance?
Term provides coverage for a specified period and is general more affordable with lower premiums, and only pays death benefit is insured passes during the term. Whole life offers lifetime coverage, accumulates cash value, may pay dividend, premiums remain level
How does NM determine eligibility for long term care benefits?
Not being able to perform 2 out of 6 activities of daily living(ADLs)
What are the stages of the sales Cycle?(7)
Prospecting
Telephoning
Fact Finding
Preparation
Closing
Follow-Through
What is the difference between Traditional IRA and Roth IRA?
Tradition IRA- dollars grow tax-deferred until withdrawn, contributions are made pre-tax dollars. Taxes are paid upon distribution
Roth IRA- Grow tax free, made with after-tax dollars, distribution is not taxed upon distribution if over 59 ½ years old.
Where is Northwestern Mutuals Home office?
Milwaukee, Wisconsin
What are the key benefits of NM whole life insurance?(5
1.Life long coverage
2. guaranteed death benefits
3. level premium
4. tax deferred cash accumulation
5. Annual dividends
What are the 6 activities of daily living(ADLs)?
Bathing
Dressing
Eating
Transferring
Toileting
Continence
List one step that can be taken to make sure a client’s information is being stored and protected?
Store information in encrypted data base
Send secure emails
Never leave computer unattended
What pathway can be taken to become investment licensed by NM?
SIE, Series 6, Series 63
SIE, Series 6, Series 66
SIE, Series 7, Series 66
SIE, Series 7, Series 63
Per Granum, how many fact finders should a new FR do in their first year?
300
Different riders that can be added to Whole life insurance policy?(4)
1 Wavier of Premium(WP)
2. Additional Premium(AP)
3. Additional Purchase Benefit(APB)
4. Accelerated Care Benefit(ACB)
What is the purpose of disability insurance?
Designed to replace a portion of your income if you are unable to work. Helps maintain a standard of living.
What information is needed to create an application for NM insurance?
List 3 retirement accounts besides IRA.
457 plan
403b
401k
Where is the Regional meeting being held this year?
Tampa, Florida
What is Accelerated Care Benefit?
Rider that allows policyholders to access a portion of their death benefit early if they experience a long term care event. The benefit will help cover medical expenses during a minimum of 24 months, and will be subtracted from the death benefit of the policy.
What are the different types of Annuities that NM offers?
Fixed annuity
Variable Annuity
Immediate Annuity
Deferred Annuity
How often should NM representatives complete their compliance training?
Annually
What are the calling hours for solicitation?
8am-9pm(prospects time zone)
How many offices are in the Ruhl Network office?
6 (Jersey Shore, Bucks, Bedminster, Princeton, Red Bank, Jersey City)
What are dividends in context of NM Life insurance, and how can they be used(2)?
Dividends are a return of a portion of the insurance company’s surplus to policyholders and are NOT guaranteed. Can be used to reduce premiums, purchase additional paid-up insurance, accumulate at interest or receive them in cash.
What is a PDIA, and what is it commonly used as?
Portfolio Deferred Income Annuity. Acts as like a pension, as it provides steady income over period of time.
Proper procedure on handling client complaints
Document the complaint in detail, report it to compliance department, review case notes with your compliance department and work towards a resolution.( CASE NOTES ARE YOUR FRIEND)
What systems are used to onboard an investment client?(2)
NETX360
NM Connect
When was Northwestern Mutual founded?
1857(167 years ago)