Disability, Life, and Anti-Money Laundering
This course is designed for Canadian agents. Disability insurance and Life insurance go together far more than many agents realize. Many deaths are the result of incidents that happened prior to death. When a serious and severe illness or an accident occurs, most people recover. However, a portion of those experiencing an illness or accident do not recover. Their physical situation continues, eventually becoming serious and severe enough to cause their deaths.
This course covers Canada’s Disability Insurance Plan, as well as other types of DI coverage and looks at the costs connected to disabilities and the role governments can potentially play in advancing the capabilities of those with disabilities. Terminology linked to disability benefits and the importance of some terms, especially the definition of “disabled” are covered, since it is that definition that determines if and when benefits will be paid. The course compares different terms used to determine when disability payments may be received from government entities and private insurance.
The section on life insurance and annuities includes the insurer’s risks and how that relates to underwriting. It covers policy elements and benefits. Because annuities are included, it also discusses payout options, with both the advantages and disadvantages of each included. Because viatical settlements appear to be increasing, the course looks at what they are and how they work. Agents must be aware of these vehicles since it can impact the policies that were sold.
Anti-money laundering begins on page 157 and covers twenty pages of text. It looks at the “red flag” indicators so that agents understand what they are looking for. Few insurance agents have any real experience with those who want to launder illegally received funds to make them appear legitimately earned. Insurance products (primarily cash value ones) are ideally suited vehicles for laundering illegally gained money or income. For example, placing funds in an annuity and then terminating it works very well for these individuals. Agents must understand the warning signs and then know what to do if they are recognized.
This course is ideally suited to agents with some experience in the selling field (three to five years), but even new agents could benefit from the information. Experienced agents may be familiar with much of the material, but there will be some elements that even an experienced agent may benefit from.
United Insurance Educators, Inc.
8213 352nd Street East
Eatonville, WA 98328-8638 USA