Inforce Certification - Module 13: Reinstatements

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 13 - Reinstatements

This module covers reinstatements, the process of reactivating a lapsed policy. It explains requirements for recent vs. older lapses, medical evaluations, fees, and potential denials due to health changes. It also considers when a new policy may be a better option.

Learning Objectives

• Define reinstatement and its purpose in life insurance.

• Distinguish between the reinstatement process for recently lapsed and long-term lapsed policies.

• Understand the medical requirements for reinstating a lapsed policy.

• Explain potential reinstatement fees.

• Recognize when a new policy may be a better option than reinstating a lapsed policy.

• Understand the implications of internal replacements with regard to commission rates.

COURSE CONTRIBUTORS