CPE: 8 hours
Category: Management Advisory Services
Prerequisites: A general knowledge of basic insurance matters, including exposures and other potential risks.
Advanced prep: None
Who should attend: CPAs and financial professionals who want to increase their knowledge of insurance aspects and types to analyze and advise on solutions for client needs.
With all the noise competition in the insurance industry, clients don't know what to believe. What are the insurance myths vs. realities? With a myriad of many unanswered questions, there is a lot to know in the world of insurance to better serve your clients. Learn how claims are really reported, how to distinguish among companies and products, how to decipher through the many product types that exist, financial incentives for insurance agents, and other mysteries in the insurance world. This course will discuss insurance company and policy specifics; understanding and evaluating client insurance exposures; and selecting recommendations based comprehensive analysis to advise clients on the best solutions to meet their needs. Incorporate this information into a step-by-step approach designed to ensure your thoroughness when reviewing client insurance issues. You will then grow your insurance related expertise by learning how to define, evaluate, prioritize and manage the scope of a client's risk exposure; and apply insurance solutions to mitigate those risks; quantify the amount of insurance to ensure adequate coverage; and recognize the tax consequences of each type of insurance.
- Build your understanding of the insurance companies and how companies and policies are really monitored.
- Identify a client's potential risks and how insurance can mitigate them.
- Review different types of products using thorough analysis displayed in an easy-to-understand matrix.
- Identify critical weaknesses found in life, disability, long-term care, health, homeowners, automobile, umbrella and business insurance plans.
- Quantify how much insurance your client really needs.
- Select the appropriate insurance companies and specific product types which are best for your client.
- Know the income, gift and estate taxation of insurance products.
- Outline insurance claim procedures.
- Identify when to cash out of life insurance products, who should own and be the beneficiary of a life insurance policy, and the role dividends play in a life insurance policy.
- Managing risks through insurance
- Selecting insurance companies
- Insurance types
- Determining the type(s) and amounts of insurance for your client
- Intricacies of a life insurance contract
- Disability insurance and unmet disability income insurance needs
- Catastrophes and the role of health insurance
- Complexities of the Social Security system
- Interpreting a homeowners insurance policy
- Ensuring clients have essential coverage of homeowners insurance
- Preventing under insurance of an automobile policy
- Long-term care insurance
- Workers' compensation
- Completing the insurance application: dos and don'ts
- Determining liability insurance amounts
- Reporting a claim
- How policies are underwritten
- Regulation and state of the insurance industry
- Distribution of insurance