Inforce Certification - Module 21: Contestability and Claims

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 21: Contestability and Claims

This module explains the contestability period in life insurance policies, detailing how insurers review claims for misrepresentation or omissions during this period. It also outlines the claims process, including the required information, beneficiary verification, and the typical timeline for claim processing.

Learning Objectives

• Define the contestability period and its purpose in life insurance policies. 

• Explain how insurers investigate and handle claims within the contestability period. 

• Identify the key information required to initiate a claim. 

• Describe the steps in the claims process and the role of the beneficiary. 

• Understand the typical timeline and methods for claim form distribution. 

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