Louisiana Laws, Rules and Regulations The regulation of the insurance industry rest primarily with each state.  In Louisiana, the agency that governs this responsibility is the Department of Insurance also known as the DOI.  The DOI is responsible for licensing of producers and all persons involved in the business of insurance for the state of […]

Producer Responsibilities and Restrictions  Change of Address – When a producer’s license is being applied for a correct and current mailing must be given to the Department of Insurance.  If this changes, (residential, business or mailing) the producer must notify the Department of Insurance within ten (10) days if in state.  If they move to […]

Life Insurance Illustrations   The three types of illustrations are: Basic– used in the solicitations that cover all values in a policy. Supplemental– used with basic but focuses on non-guaranteed benefits. In-Forced– used after the policy has been enforced for one year. The regulations that do not apply are: Variable based insurance, Annuities, Group, and […]

Introduction to Insurance  Method of sharing risks  Definition of Insurance  Three forms of economic death  Ways in which to respond to a risk  Risk, peril and hazard  Law of Large Numbers  Insurance and Gambling  Company definitions  Dividends  Type of hazards  Company makes money   Purpose of Life and Health Insurance  Risk – Sharing a loss […]

Life Insurance Regulation and Policy Provisions The Louisiana Department of Insurance regulates: Policy Content Sales practices Insurance companies financial stability   Advertising All communication with the public is advertising, including a producer’s oral sales presentation. Advertising cannot mislead by: Lies Exaggerations Omissions   Cost Comparisons cannot ignore the time value of money. Company Solvency Regulators […]

Uses of Insurance and Annuities for Business and Retirement Business Uses- the same policies that were used to offset mortality risk for individuals and families can be used for businesses as well. The function is an almost identical fashion. Key Employee Life – The lives of employees: This is critical to the future success of […]

Flexible Policies Address two needs: More flexibility Greater potential for growth Adjustable Life Insurance Policy There are three choices: Death benefit Premium Type of insurance Insured would choose two of these that will dictate the third.  The policy can be Term or Whole Life and can be easily changed from one to the other. The […]

Group Life and Concepts   Group Insurance – is the same products that we have studied with a different way of marketing.   Legally acceptable Groups or Organized Entities Single Employer Labor Union Association with a minimum of at least 100 members Credit union Creditor – the organizing entity cannot be the beneficiary is the […]

Dental Plans  Dental Plans can be discounted or reduced-fee programs attached to your Medical Insurance. These programs are designed for health conscious consumers looking to maintain their oral health and minimize their dental care expenses. General dentists who participate in these plans agree to accept the Dental contracted rate as payment in full for services […]

Government Insurance  Life Only Social Security The real name is Old Age, Survivors and Disability Insurance, or OASDI. Most Americans with earned income must participate. Two Classifications of Insureds: Currently Insured – these are eligible for only a few benefits. Six out of the last thirteen quarters Fully Insured – these are eligible for all […]