Inforce Certification - Module 14: Face Amount Increase

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 14: Face Amount Increases

This module covers options for increasing a life insurance policy’s face amount. It explains that term policies cannot be increased after the free-look period and that increases outside this period require new underwriting. It also explores face amount increases for Universal Life and permanent policies.

Learning Objectives

• Understand the limitations on face amount increases for term life insurance policies.

• Explain the requirements for increasing the face amount during the free-look period.

• Describe how face amount increases are handled outside of the free-look period.

• Recognize the forms required for face amount increases.

• Understand the underwriting process for face amount increases.

COURSE CONTRIBUTORS