Description
This course examines the legal rights and obligations of the policy owner and the insurance company, the way disputes between the insured and insurers are resolved and general principles of the judicial process. It covers the legal aspects of life insurance, including basic principles of contract law; policy provisions and the incontestable clause; assignments, ownership rights and creditor rights; beneficiary designations and disposition of proceeds; the law of agency; and advertising and privacy issues.
Learning Objectives
Upon completion of this course, you will be able to:
1. Demonstrate a knowledge of life insurance contract law and describe the utilization of life insurance in the processes of risk management, financial planning and decision making for individuals, business owners and professionals.
2. Identify and summarize the effects of marriage on property rights in community property and common law states with regards to policyholder rights and remedies available to divorcees, blended families, non-traditional families, business owners, and families with special needs.
3. Explain the important legal concepts of insurable interest, material representation, concealment, and insurer avoidance to contract in the process of determining life insurance need and human life value.
4. Identify and describe the legal aspects of U.S. estate tax, gift tax and income tax law, explaining the basic techniques in applying tax law to life insurance ownership, beneficiary designation, premium payment, and estate transfer during life or at death.
5. Recognize the problems commonly associated with the legal concepts of insurance policy assignment, effecting a change of beneficiary, death claims, and policy settlements.
6. Identify and explain the difference between legal entities who are parties to a contract and those who are not, the legal capacity to contract, and public policy considerations pertaining to life insurance contracts.
7. Demonstrate a knowledge of the fundamentals of U.S. life insurance contract law as it applies legal rights and obligations of policyowners and insurance companies, dispute resolution, policy provisions and clauses, and privacy issues.
8. Recognize and differentiate between the fundamentals of a retirement planning analysis, an estate planning analysis, and a business planning analysis and demonstrate knowledge of appropriate legal strategies for utilizing life insurance to meet specific identified client needs within the plans.
These objectives are covered in this course, all of which require the student to demonstrate proficiency by completing the required coursework throughout the lessons and on a final examination.