Inforce Certification - Module 16: Policy Exchanges

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 16: Policy Exchanges

This module covers policy exchanges, replacing existing coverage with a new policy. It distinguishes exchanges from conversions and explains 1035, term-to-term, and term-to-perm exchanges. It outlines key considerations in the policy exchange process.

Learning Objectives

• Define policy exchanges and their purpose.

• Distinguish between policy conversions and policy exchanges.

• Understand the different types of policy exchanges, including 1035 exchanges, term-to-term exchanges, and term-to-perm exchanges.

• Describe the requirements and considerations for each type of exchange.

• Recognize the importance of seeking professional guidance before making policy exchanges.

COURSE CONTRIBUTORS