What training is required to sell long-term care policies?
New licensees (those who obtained a license on or after 1/1/2013) and existing licensees wishing to continue to sell long-term care policies must complete the initial training by July 1, 2014. Licensees must complete sixty (60) hours of continuing education during their first 3-year license term, including three (3) hours of MA approved Ethics.
How many times can I take a CE course in Massachusetts?
Non-residents who comply with CE requirements of the resident state are exempt from Massachusetts CE requirements. A course may not be taken for credit more than once within three (3) years from the original completion date.
What are the ethics requirements for selling flood insurance in Massachusetts?
Questions regarding the ethics requirement should be directed to the Division’s Producer Licensing Department at (617) 521-7794. All Massachusetts resident producers who sell flood insurance must complete a one-time 3-hour course on flood insurance and the National Flood Insurance program.
How do I become a long-term care insurance producer?
In order to sell, solicit, or negotiate long-term care insurance, a producer must be licensed for health, accident or sickness, and complete a one-time 8-hour training course. Producers must also complete four (4) hours of ongoing training every 24 months.
How much do life settlement brokers make?
Life Settlement Broker Salary According to ZipRectuiter, the average salary is around $65,000 per year. For reference, that is about $31 per hour or $5300 per month, pre-tax. However, top earners can make over six figures, and even the 75th percentile are bringing home upwards of $75,000 annually, or $6000 per month.
What is a life settlement broker?
Life Settlement Broker An individual who represents the Owner of the policy. A life settlement broker is expected to offer the Owner's policy to several life settlement providers and present all offers to the Owner.
How do I become a viatical settlement broker?
Yes, in most cases, to become a viatical settlement provider, a company or a broker must be licensed as an insurance professional for at least one year. In some states, they must also complete a viatical settlement training course before they can be certified.
What is a life settlement contract quizlet?
Life Settlement Contract. establishes the terms under which the life settlement provider will pay compensation to the policy owner in return for the assignment, transfer, sale or release of any portion of the death benefit, policy ownership, beneficial interest or interest in a trust.
Who does a life settlement broker represent?
the policy ownerA life settlement broker is a state licensed professional who represents life insurance policyholders in the life settlement marketplace. This individual or entity is regulated by the Department of Insurance in the home state of the policy owner to solicit life settlement offers from multiple life settlement providers.
Is a life settlement tax Free?
Is A Viatical Settlement Taxable? Most of the time, viatical settlements are not taxable. Settlement proceeds for terminally ill insureds are considered an advance of the life insurance benefit. Life insurance benefits are tax-free, and so it follows that the viatical settlement wouldn't be taxed, either.
When must a licensee notify the Director that they are acting as a life settlement broker?
Step 1 - Not later than ten days from the first day of operating as a life settlement broker, life agents licensed in California for at least one year must complete a Life Producer Notification of Brokering Life Settlements, form LIC 441-20N.
What is the meaning of viatical?
viatical. / (vaɪˈætɪkəl) / adjective. of or denoting a road or a journey. botany (of a plant) growing by the side of a road.
What is a viatical settlement provider?
The viatical settlement provider, or “viatical provider,” is a company or individual that purchases the policy from the policyholder. The viatical provider may sell beneficiary and ownership rights to investors.
What is the main purpose of the seven pay test?
What is the main purpose of the Seven-pay Test? It determines if the insurance policy is a MEC. If an insured withdraws a portion of the face amount in the form of accelerated benefits because of a terminal illness, how will that affect the payable death benefit from the policy? The death benefit will be smaller.
How long must life agents keep their transaction records?
Pursuant to California Penal Code Section 1203.4, you are required to report a conviction that was later expunged. How long must life agents keep their transaction records? Life agents must keep transaction records for 5 years. HiCap services are mandated by Federal and State laws and are free and unbiased.
Which of the following best defines the owner of a life settlement?
Which of the following best defines the owner of a life settlement contract? The term "owner" refers to the owner of the policy who may seek to enter into a life settlement contract.
What does a life settlement broker represent quizlet?
In a life settlement contract, who does the life settlement broker represent? Life Settlement Broker is a person who, for compensation, solicits, negotiates, or offers to negotiate a life settlement contract. Life settlement brokers represent only the policyowners.
What is the primary purpose of a life settlement contract?
A life settlement refers to the sale of an existing insurance policy to a third party for a one-time cash payment. The policy's purchaser becomes its beneficiary and assumes payment of its premiums, and receives the death benefit when the insured dies.
How do life insurance settlements work?
A life settlement is the sale of a life insurance policy by the policy owner to a third party. The seller typically gets more than the cash surrender value of the policy but less than the amount of the death benefit.
What is the difference between a life settlement and a viatical?
The two main categories of insurance policy sales are life settlements and viatical settlements. A life settlement differs from a viatical settlement because the insured in a life settlement is usually healthy, while a viatical settlement pertains to a sale by an insured with a terminal illness.
How long is the Massachusetts flood insurance course?
All Massachusetts resident producers who sell flood insurance must complete a one-time 3-hour course on flood insurance and the National Flood Insurance program.
How many hours of continuing education do you need to get a MA license?
Licensees must complete sixty (60) hours of continuing education during their first 3-year license term, including three (3) hours of MA approved Ethics.
How long does an insurance license last after the state of emergency?
All insurance licenses in good standing as of the date of the Emergency Declaration that expire during the state of emergency are extended and shall remain valid for a period of 90 days following the state of emergency's expiration. For online courses where a proctor is required, DOI has created the Continuing Education Attestation ...
How long does it take to get a copy of a declaration of compliance in Massachusetts?
A copy of the Declaration of Compliance must be received within 9 days in order to ensure reporting to the state of Massachusetts. It is strongly recommended that this be faxed immediately upon completion of the course. Faxed copies can be sent to Kaplan at (608) 779-0442.
What are the requirements for a Massachusetts annuity?
Annuity Requirements. All producers who wish to market and sell variable life and variable annuity products in Massachusetts , including group variable products, must be licensed to do so. The licensing prerequisites for these lines of authority are: (1) the producer must have successfully passed a life insurance examination;
When does an insurance license expire?
Effective 10/1/2020: All insurance licenses in good standing as of the date of the Emergency Declaration (3/10/2020) that expire during the state of emergency are extended and shall remain valid December 31, 2020, but all licensees must complete their CE and renew their license on or before 12/31/2020.
How many hours can you carry over to the next compliance period?
A maximum of 45 hours may be carried over to the next compliance period. These hours can be from classroom, self-study, or online courses.
What is Florida's law on life settlements?
This piece of legislation was created to ensure protections for both the insurer and investor under the law. Removing any misconceptions surrounding the industry, the state of Florida has embraced life settlements as a valuable investment tool for policy holders.
What is Windsor Life Settlements?
Residents of Massachusetts now have the option of turning to Windsor Life Settlements to handle the sale and transfer of their unwanted life insurance policies. At Windsor Life Settlements, we have built a national reputation as a leader in the life settlement industry and we want to put our experienced agents to work for you. Consistently delivering more money for unwanted life insurance policies, our agents at Windsor Life Settlements are dedicated to giving their clients the best advice and guidance so they can make well-informed decisions.
How often do you renew your Continuing Education?
Continuing Education and Renewal Date: Every 24 months based on the original issuance date.
Do you have to have a seat time for a real estate course in Massachusetts?
Seat Time: The Massachusetts Board of Registration of Real Estate Brokers and Salespersons requires a timing device for all distance education courses to ensure that courses cannot be completed in less time than the approved credit hours. Please note that your course will time out after several minutes of inactivity.
How long does a life insurance policy have to be in a life settlement?
The waiting period applies to new policies before they can be sold in a life settlement. If the state defines a two-year waiting period, for example, this means the policy must be at least two years old before it is eligible for a life settlement.
How to contact Life Settlement?
Reach out to us today on our website or by phone at 800-694-0006.
What Kinds of Laws and Regulations Do States Have Regarding Life Settlements?
Much of the state regulation around life settlements involves disclosures. These are intended to educate policyholders about their options. For example, many states require that policyholders receive all offers and counteroffers, as well as notifications that life settlements may impact tax liability and eligibility for government assistance. But more importantly, some states also mandate that insurance companies tell eligible policyholders they have the option to sell the insurance rather than surrendering it.
What to do with extra life insurance?
The more common method for dealing with that extra life insurance is to surrender it back to the insurance company — which leaves the policyholder with far less cash than would be available through a life settlement. Even policyholders who’ve heard of life settlements can be suspicious about the concept. The truth is, life settlements are ...
What is Harbor Life Settlements?
Harbor Life Settlements has nationwide experience managing life and viatical settlements. Our team is extremely knowledgeable in the complexities of state regulations surrounding these transactions. We can talk through any questions about Florida life insurance settlement laws, Oregon’s life settlement waiting period, or anything in between. In addition, Harbor Life Settlements can also estimate your policy’s value for free and without obligation. Even if you are still uncertain about whether a life settlement is the right move for you, it’s always useful to understand the value of your financial assets. Reach out to us today on our website or by phone at 800-694-0006.
What happened to Larry Grill and National Life Insurance?
This type of disclosure underpinned a 2014 lawsuit in California between Larry Grill and National Life Insurance Co. Grill and his wife, facing rising premium costs on $7 million worth of life insurance, asked their broker for advice. The broker informed them that they could either pay the higher premiums or surrender some of their coverage. The couple chose to surrender $5 million of their coverage back to National Life Insurance. The Grills later learned they could have pursued a life settlement instead. Because their broker didn’t offer the life settlement as a potential solution, the couple filed suit, alleging fraudulent concealment and financial abuse of an elder.
Which states regulate viatical settlements?
States That Only Regulate Viatical Settlements. Michigan and New Mexico regulate viatical settlements, but not life settlements. The main difference between the viatical settlement and the life settlement is the age and health of the policyholder. You can only qualify for a viatical settlement if you are terminally or chronically ill.
How to become a lifeguard in Massachusetts?
In order to become a Lifeguard in the State of Massachusetts and work as a certified Lifeguard, you must pass the following Prerequisite criteria and obtain certification from qualified Schools, Courses or on the Job Training. Depending on what certification course your location requires. They are listed below.
How old do you have to be to get a lifeguard certification?
Is slowly becoming the overall USA standard certification when it comes to lifeguarding, First Aid, CPR and AED. Prerequisites: Must be at least 15 years old and pass certain swimming requirements. Courses Include: 2 year First Aid and CPR/AED certifications.
What are the requirements for a swim instructor?
If your particular job location requires this type of certification#N#Prerequisites: 1 Age – A minimum of 16 years of age. 2 Swimming Ability – Demonstrates an ability to swim 500 meters (550 yards) over a measured course in ten minutes or less. 3 Health & Fitness – Possesses adequate vision, hearing acuity, physical ability and stamina to perform the duties of an open water lifeguard as documented by a medical or osteopathic physician. 4 First Aid Certification – Certified as having successfully completed a first aid course accepted by the Federal Government or by the state government in the state of employment. 5 CPR Certification – Currently certified as having successfully completed a course in providing one person adult, two person adult, child and infant cardiopulmonary resuscitation (CPR), including ob-structed airway training, accepted by the Federal Government or by the state government in the state of employment.
What is the YMCA of the USA Lifeguard course?
The YMCA offers a full YMCA of the USA Lifeguard training course that includes American Red Cross CPR for the Professional Rescuer (CPRO) and First Aid, equipment-based rescues for aquatic environments, accident prevention, and decision making skills.
What is CPR certification?
CPR Certification – Currently certified as having successfully completed a course in providing one person adult, two person adult, child and infant cardiopulmonary resuscitation (CPR), including ob-structed airway training, accepted by the Federal Government or by the state government in the state of employment.
What is the health and fitness of a lifeguard?
Health & Fitness – Possesses adequate vision, hearing acuity, physical ability and stamina to perform the duties of an open water lifeguard as documented by a medical or osteopathic physician.
How many yards of swim is a continuous stroke?
Swim 300 yards continuously, using these strokes in the following order: 100 yards of front crawl using rhythmic breathing and a stabilizing, propellant kick. Rhythmic breathing can be performed either by breathing to the side or to the front. 100 yards of breaststroke using a pull, breathe, kick and glide sequence.