Inforce Certification - Module 6: Policy Details

The Inforce Certification provides a comprehensive understanding of the key aspects of life insurance policies once they are in force. This certification covers a range of topics related to policy services, technology, billing, changes, loans, and more. Participants will gain knowledge of how to manage policies post-issue, including understanding policy updates, billing processes, and critical policy changes. The course also includes guidance on the use of technology, such as online portals and software products, and addresses specific policy-related actions like reinstatements, conversions, and surrenders. It will also explore the financial implications of policy loans, collateral assignments, and premium financing. This certification is essential for those involved in life insurance policy administration and advisory services.

Module Overview:

Module 6 – Policy Details

This module highlights critical information in the final policy copy and on the carrier website, including policy dates, endorsements, rate class, termination details, and owner and beneficiary data. It covers premium tables, modal factors, riders, fees, and conversion options. It also emphasizes that changes to a permanent policy should be accompanied by an Inforce illustration to show their effect.

Learning Objectives

• Identify the various types of information found in policy documents and on carrier websites.

• Understand the importance of having access to policy details for both policy owners and advisors.

• Describe the key elements of policy details, such as policy date, rate class, and premium table.

• Recognize the relationship between policy details and the original illustration.

• Understand the need for an Inforce illustration when changes to a permanent policy are being considered.

COURSE CONTRIBUTORS