General Changes Level 1
The criteria that needs to be met for most General Changes to send the acknowledgement letter automatically (for the ones that send the letter)
Change made in WMA and task completed in Life Link within 5 days of each other
A named Beneficiary whose rights to the life insurance policy proceeds are vested and cannot be revoked (canceled) by the Policy Owner unless the Beneficiary consents
Irrevocable Beneficiary
Life Reps and Agents may use this system to obtain signatures on specific forms
DocuSign
A simplified method of paying premiums monthly
AFT (Automatic Funds Transfer)
They too young
Minor Child
The only change that can be accepted if it is dated between 90 and 180 days.
Beneficiary Changes
BONUS: What is needed after it is processed?
The Name of the Assignee, policy number, date, and signature and title of the authorized person are all required in order to ________________.
Release the Assignment
The system where the dividend history on a policy can be reviewed by a Life Rep.
WMA
Individual who works in an Agent’s office that can write or service an insurance policy if they are licensed to
Customer Service Representative (CSR)
The topic of our next training bucket
Loans and Dividends
Name of the letter sent if the only policy listed on any General Change form/request for an owner is Lapsed
Inactive Closeout Letter
An agent change should be sent to _________ if the request mentions a transfer of commission
(referred) a Specialist
The 31 day grace period calculator and the Life Questions E-form can be found using this resource
Frequently Used Links
Gerald owns a Life policy insuring his wife, Sherri. Sherri has insurance through her employer, so Gerald has decided to take part of the surrender value in the policy in order to start his business, Gerald's Cactus Emporium. What type of policy does Gerald own insuring Sherri?
Who reports directly to Erica Denson? (name at least 2)
Life Services managers and certain specialists (Nikole Crisp, Jean Hawker, and Jamie Hanson)
BONUS: Who does Erica report to?
List the 3 reasons for a Name Change that require a Specialist referral
Court Order, Adoption, Naturalization
The main difference between a Collateral and Absolute assignment
Absolute assignment has ownership rights, Collateral assignment has limited rights to information and must sign specific documents
System that can be used as a reference to identify how a life policy operates based on the specific policy's plan code
Online Reference Manual
Payment of more than one year’s premium in one lump sum, requires a W9 form.
Advanced Premium
BONUS: What will the status be in WMA once the premiums are all paid on a 10 year pay Whole Life policy?
List the 4 different billing modes offered by American Family Life Insurance Company
Monthly AFT, Quarterly, Semiannual, and Annual
What information must be included to add a Currently Operating Trust as the beneficiary?
Legal name of trust and date of creation
BONUS: What is the difference between Currently Operating and Testamentary?
Name the 5 types of ownership changes
Individual, Entity, Joint owner, Deceased owner/Death of owner, and Contingent owner
BONUS: What are the requirements needed for each?
If a Power of Attorney exists on a Life policy, their name would be listed in these 3 places
General Admin tab in WMA and both the Policy Alert Window and Notes tab in Life Link
Life Insurance policy clause that provides a time limit (2 years) on the insurer's right to dispute a policy's validity based on material misstatements on the application
Incontestability
What is the end of the 31 day grace period from August 19th, 2021?
September 20th, 2021