Inforce Certification - Module 8: Billing Invoices

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 8 - Billing Invoices

This module explains how billing invoices are managed for life insurance policies, starting with the policy date and initial premium payment. It covers available payment modes and how clients can set up recurring payments. It also addresses the billing process for non-draft payments, the importance of maintaining an updated address, grace periods, and how payment receipts and notifications for failed drafts are handled.

Learning Objectives

• Understand the billing process for life insurance policies, including the policy date and initial premium.

• Describe the different payment modes and how to set up recurring payments.

• Recognize the process for billing notices for non-draft payments.

• Understand the grace periods offered by carriers and the various notifications the carrier sends out.

• Explain how payment receipts are handled for EFT and check payments.

• Understand how a client can re-establish EFT after insufficient funds.

COURSE CONTRIBUTORS