True or False
If the cx asks for a projection on how much the COI will be in the future years, we should send an illustration request.
False.
Illustrations cannot be run to determine the future cost of insurance (COI). The current COI charges are listed on the policy's Annual Statement and the future (maximum) COI figures are found in the owner's policy.
Criteria for Requesting an Inforce Illustration - Transformed & Non-Transformed Policies - KM1037995
The cx is asking to process the loan via EFT, however, you notice the PO and Payor mismatch in the Directory ID.
How do you handle it?
Send the WI to the appropriate unit with this script:
"If there is a mismatch to the last 3 digits of the directory ID, please have remittance fix it and then proceed with the direct deposit."
The cx calls to get assistance with the bene short form, however, you notice the new PB will be a trust.
How do you tell your customer they have the wrong form and you need to send a different one?
I'll be glad to answer all the questions for you.
In this case, the form required to fill out is more specific and has a space for the type of beneficiary you are assigning. Let me send it to you! Should I send it to an email, fax, or to your address on record?
- Acknowledgement of insurance
- Beneficiary Confirmation letter
- Disbursements
True, always as Completed.
Security:
A TP is calling, what security questions do you ask?
- Policy number
- Caller's name and relationship to owner/insured
- If owner and insured are different, ask for insured's name.
- Last 4 digits of the owner's Social Security Number (If SSN is on file).
- Ask for the current address.
- Insured's Date of Birth
Releasing Information - Third Parties - KM 1040487
Share an example of the hold procedure, beginning to end.
Request permission + Stick to Guideliness+ Show appreciation:
1. May I place you on hold for two minutes to work on_____?
2. Thank you for holding, I'm still working on your requests + Step 1.
3. Thank you for your patience. I appreciate your time. I was able to find_____.
Without a coupon, money will be applied first to any premium due?
True.
1. Any due premiums are paid first.
2. The balance will be forwarded toward the loan.
3. IF loan interest is due, it is applied to that before the principle.
Quotes:
When the cx asks to surrender the policy, what values must we share?
CVQ + taxable gain.
PO is calling, they need a CVQ urgently; however, they fail ESQ.
How would you approach your cx?
Thank you for the information. As sensitive information will be sent, an extra layer of security is required. At this moment, the information can be sent to you via mail to the address we verified before.
There is a specific form to name a Contingent owner called:
“Change of ownership with reversion to insured 11104”
True.
This form also allows to select of the “insured reversion clause” which automatically names the insured as the owner if the owner, co-owner or contingent (if any) were to die prior the insured.
Claims:
How do you handle a FH when asking if the DB will cover the assignment?
We can only answer Yes or No; however, if the answer is No and they ask how much the policy has available, you can certainly share the value.
Share a simple explanation for this scenario " Caller wants a new broker"
"Brokers work independently now, and most of our brokers can be found at MassMutual. The good news is I can help you with your policy information over the phone!"
Script: "MetLife cannot recommend specific agents or firms. However, if you would like to identify a MassMutual agent in your area who may have an agreement to provide service to MetLife customers, we can provide you with a website to search for MassMutual "
OTP:
UL/UM/NEFOY: These require at least two business days for payment to be applied to avoid a lapse.
True.
If the client insists on making a payment after the deadline for OTP we need to advise:
"I can schedule the payment; however you may still be required to complete a reinstatement form since it is past the deadline for over-the-phone payments."
This cx has called 4 times already within 15 BD. But after checking deeply on the case, you know it will take more time as no resolution is shown in the policy notes. What is this procedure called and and how would you handle it?
Repeat callers:
Mention 2 scenarios when ESQ is required and how you would ask for that information without warning of extra security.
Caller seems suspicious, personal contact info changes, emailing correspondence, EFT bank acct changes, disb without pol #.
"Of course, I can definitely help you. May I have the address on file, and when did you purchase this policy?"