Inforce Certification - Module 12: Rate Reductions or Reconsiderations

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 12 - Rate Reductions or Reconsiderations

This module covers rate reconsiderations, where insurers may lower premiums based on health or lifestyle improvements. It outlines the request process, including forms, medical reviews, and potential exams. It also addresses timelines, costs, and the possibility of rejection.

Learning Objectives

• Define rate reconsideration/reduction and its purpose.

• Understand the process of requesting a rate reconsideration, including the necessary documentation.

• Describe the requirements for a rate reduction due to smoking cessation.

• Recognize that rate reconsiderations may be rejected.

• Identify potential costs associated with the rate reconsideration process.

COURSE CONTRIBUTORS