Inforce Certification - Module 7: Annual Statements

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 7 – Annual Statements

This module defines annual life insurance statements, which provide yearly reports on policy status. It details the information included and how to request statements from your carrier.

Learning Objectives

• Define annual life insurance statements and their purpose.

• Recognize that term policies do not generate annual statements.

• Understand the types of information provided in an annual statement.

• Explain how to access annual statements, including contacting the carrier or using their website.

• Identify when the annual statements are generated for the policy.

COURSE CONTRIBUTORS