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Insurance Application Training - Introduction

Insurance Application Training - Introduction. Accurate and full completion of the application form contributes to efficient processing, preventing delays for you and your client. The material in this presentation provides you with: ◊ an overview of the New Business/Underwriting cycle

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Insurance Application Training - Introduction

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  1. Insurance Application Training - Introduction Accurate and full completion of the application form contributes to efficient processing, preventing delays for you and your client. The material in this presentation provides you with: ◊an overview of the New Business/Underwriting cycle ◊ useful information to help you avoid the most common errors and omissions This slides will advance automatically, however you can click anywhere on the screen to advance to the next slide. DESJARDINS FINANCIAL SECURITY |

  2. Insurance Application Training - Introduction The areas in the application where the most errors occur that we’ll focus on include: ►Representative Information – page 2 ►Proposed Insured Information –page 3 ►Type of Insurance Elected – page 5 ►Beneficiary Information – page 9 ►Evidence of Insurability • Insurance in Force –page 11 • Examinations Ordered by the Representative – page 12 • Mandatory Questions – page 13 • Supplementary Questions – pages 14 & 15 • Additional Questions for Harmony New Generation – page 16 • Questionnaire for Policyowner's children to be insured – page 17 ►Statements & Authorizations – page 21 ►Payment & Premium Instructions – pages 22 & 23 ►Temporary / Conditional Insurance Agreements – pages 25, 27 & 29 ►Authorization to Collect Personal Information – page 31 ►Notice Applicable to MIB – page 33 DESJARDINS FINANCIAL SECURITY |

  3. New Business Cycle Overview DESJARDINS FINANCIAL SECURITY |

  4. Getting StartedCover – Page 1 The cover page of the application has 3 sections: • Table of Contents • Important Information* • An area to indicate the type of application you're submitting * If you haven't already done so, take a few minutes to read this section. It provides useful information on completing the application.   DESJARDINS FINANCIAL SECURITY |

  5. To indicate the type of application, check the appropriate box as directed below:   New application .  Change to an existing policy – be sure to indicate the number of the contract being changed in the space provided.  Critical illness assessment.  For Head Office use only.    DESJARDINS FINANCIAL SECURITY |

  6. Representative Information and Declaration – Page 2 • This page identifies the compensation type (career or accelerated) selected and who will receive compensation. • To ensure commissions are credited correctly & avoid delays, complete it fully, then sign and date at the bottom. DESJARDINS FINANCIAL SECURITY |

  7. Representative InformationSample – Multiple Agents   Fletcher 12345 100 Fenton 25 ffenton@dfs.ca Sample Insurance Brokers & Associates Inc. 100 98000 sib@sample.com 50 Jane Smith 12222 100 Not applicable 25 Not including an active representative code will result in a delay in processing your application. The first agent shown in this section will be the prime servicing agent on Customer Service administrative systems and the only agent shown on client communications. If you don’t know your 5-digit DFS rep code, see your office administrator or contact Sales Compensation . To avoid delays, do not submit an application without a rep. code.   DESJARDINS FINANCIAL SECURITY |

  8. Signature & Location   All representatives receiving commission must sign the application. The location the application was signed (e.g. Toronto, Halifax,Calgary) must be completed to validate that the advisor is licenced in that province. The date must also be completed.     DESJARDINS FINANCIAL SECURITY |

  9. PART 1 A – General InformationPage 3  • The purpose of this section is to collect basic information about the proposed insured(s) and owner(s) and should be completed in full. • The helpful tips located in the left hand margin on this page and all subsequent pages will help you complete the application accurately and fully.    DESJARDINS FINANCIAL SECURITY |

  10. Section A1 - Identifying the Insured(s) & Policyowner     Check the appropriate box: Person named in the column is the insured only.  Person named in the column is both the insured and owner. • If the owner is not Insured 1 or 2, complete Section A2, page 4. • Indicate children as Proposed Insureds on this page for all protections except Children's Protection Benefit & Solo Health family. For these protections identify children in Section F8. DESJARDINS FINANCIAL SECURITY |

  11. Sample   Joan Kenneth Lee Lee Lee Rogers     1979/12/28 1976/10/02 Canada Hong Kong 2001/11/30   DESJARDINS FINANCIAL SECURITY |

  12. Section B Type of Insurance ElectedPage 5 • This section identifies the type of insurance being elected for each insured shown in Section A1. • It’s important to complete this section and attach an illustration that matches the information shown here. DESJARDINS FINANCIAL SECURITY |

  13. B – Sample Type of Insurance Elected Flex 20 100,000 Flex 20 200,000 20,000 Solo Disability 4850 Children's Protection Benefit ADD 50,000 • The Head Office copy of an illustration must be submitted with each application. • A signed Comparative Analysis is also required for all Universal Life (PACE) products. • Completion of this section is always required because it forms part of the policy contract. • Not completing this information will result in an amendment form being required upon delivery, delaying policy settlement.  DESJARDINS FINANCIAL SECURITY |

  14. Section E - Beneficiary InformationPages 9 & 10 There are 4 parts in this section that should be completed as required: ►E1 – Beneficiary upon death ►E2 – Designation of a Trustee for a Minor Beneficiary ►E3 – Contingent Beneficiaries ►E4 – Beneficiary for Harmony Executive Benefit DESJARDINS FINANCIAL SECURITY |

  15. E1 – Sample Beneficiary Upon DeathPage 9 Vincent  2001/01/31 65%  Lee Son  • Beneficiaries for Insured 1 and 2 must be named in this section. • The percentage allocated to all beneficiaries for each proposed insured must add up to 100%.  Kenneth  1979/12/28 35%  Lee  Joan   1963/07/29 100% Lee DESJARDINS FINANCIAL SECURITY |

  16. E2 – Sample Designation of a Trustee for a Minor Beneficiary Michael Vincent Uncle  1961/08/30 Lee Chan • If any of the beneficiaries named in E1 are a minor child, an adult must be named in this section as trustee for the minor. • In the sample above, Vincent Lee is a primary beneficiary and a minor. Michael Chan is being named as his Trustee. DESJARDINS FINANCIAL SECURITY |

  17. E3 – Sample Contingent BeneficiariesPage 10 • Should the primary beneficiary pre-decease the insured, the contingent beneficiary replaces the primary beneficiary, avoiding the payment of death proceeds to the insured's Estate. Michael 1961/08/30   Chan  uncle DESJARDINS FINANCIAL SECURITY |

  18. E4 – Beneficiary for Harmony Executive Benefit • Name the beneficiary for each type of benefit. • If two beneficiaries are named in a benefit, the percentage allocated must add up to 100%. DESJARDINS FINANCIAL SECURITY |

  19. PART 2F – Evidence of InsurabilityPages 11 to 20 The proper completion of this section will help expedite the underwriting process. When completing these pages it's important to do the following: ►Read the tips in the left hand margin – they will help you answer the required questions. ►Answer all questions for each life insured. ►Provide details to all questions answered "yes“. If you need more space, use F9 Explanations – Page 19 The following slides will only highlight those areas where the most common errors/omissions occur. DESJARDINS FINANCIAL SECURITY |

  20. F2 – Insurance in Force (Life and Critical Illness)Page 11   If the proposed insured has other life and critical illness insurance protection already in force, please check the 'Yes' box. • Provide the total amount of coverage in force from all sources, including DFS, but do not include the amount being applied for in this application.  250,000 5,000  10,000  DESJARDINS FINANCIAL SECURITY |

  21. F2 – Insurance in Force (SOLO Disability)Page 11       Indicate for which proposed insured the information applies.  If the proposed insured has other disability insurance in force, check the 'Yes' box. • Provide details of all disability coverage(s) in force from all sources, including DFS, but do not include the amount being applied for in this application.  Desjardins Financial 2001/03/23 $1500 30 days 12 mos   DESJARDINS FINANCIAL SECURITY |

  22. F4 – Examinations ordered by the RepresentativePage 12   • Only complete this section if an examination is ordered. • Inform Paramedical and Inspection providers if it is an Elite case. • If OraSure is ordered, paste the label on to the designated area .   012345678  DESJARDINS FINANCIAL SECURITY |

  23. F5 – Mandatory Questions Page 13 All the questions in this section must be answered for Insureds 1 and 2. Pay special attention to the helpful hints in the margin and to the questions related to smoking habits. (see sample below)   10 per day cigarettes DESJARDINS FINANCIAL SECURITY |

  24. F6 – Supplementary QuestionsPages 14 & 15 Completion of this section may or may not be necessary ►If a paramedical or a medical exam from DFS is required for an Insured you do not have to complete these questions for that insured. ►If the paramed exam comes from an insurance company other than DFS, this section must be completed for that insured DESJARDINS FINANCIAL SECURITY |

  25. F6 – Supplementary Questions For the questions noted below, a positive response requires the completion of an additional questionnaire. Questionnaires are available in WEBI and in Fusion (Additional Tools/Documents/Toronto Operations). For other questions, provide as much detail as possible in the space provided or use F9 - Explanations DESJARDINS FINANCIAL SECURITY |

  26. F6 – Sample     See sample of explanations in F9. DESJARDINS FINANCIAL SECURITY |

  27. F7 – Additional Questions for Harmony New GenerationPage 16 • If Harmony New Generation coverage is requested for a Proposed Insured identified in Section A1 this section must be completed, inaddition to all other relevant sections in the application regarding Evidence of Insurability. DESJARDINS FINANCIAL SECURITY |

  28. F8 – Questionnaire for the Policyowner's Childrento be insured Page 17 David Rachel • Completion of this section is only required when Children's Protection Benefit (CPB) or SOLO Health is being requested. • All fields should be completed for each of the policyowner's children. • This section is not required for Harmony New Generation Lee Lee 2006/04/15   2002/12/08 43 41 40 49 52 51 DESJARDINS FINANCIAL SECURITY |

  29. F9 – ExplanationsPage 19 14 Jane Lee Diabetes diagnosed On oral meds 1/day. Last blood sugar level 8.5 2002/10 Dr. E Engineer 124 Victor St Toronto ON M4N 1H3 • This page provides you with space to provide details, when applicable, for any questions in sections: • F6 - Evidence of Insurability • F7 – Additional Questions for Harmony New Generation • F8 – Questionnaire for the Policyowner's Children to be Insured 14 Kenneth Lee High blood pressue controlled with meds last reading 120/80 2005/06 Dr. H. Smith 339 South Dr Markham ON B2P 4J4 DESJARDINS FINANCIAL SECURITY |

  30. Part 3I –Statements & AuthorizationsPage 21 The purpose of this section is to: • Validate the identity of the Policyowner • Allow the Policyowner, Proposed Insureds, including children age 14 and older, to declare that the information provided is complete and accurate. DESJARDINS FINANCIAL SECURITY |

  31. I – Statements & Authorizations     Indicate the type of identification viewed.  A Health card is not permitted in Manitoba, Ontario, and PEI The reference number of the document viewed must be recorded here. The expiry date of the ID viewed is required and must not have expired. Owner's signature is required.   K1388-26503-23456 Ontario   2010/01/15      DESJARDINS FINANCIAL SECURITY |

  32. I – Statements & Authorizations (Continued) This area requires the signatures of each life to be insured. An insured child age14 and older must also sign. For minor insured children, the signature of a parent or legal guardian is required. Proposed insured(s) signature(s).  If a proposed insured is a minor, a parent or guardian signature is required.  If a child age 14 or older is insured, he/she must sign here.  Date application was signed.      DESJARDINS FINANCIAL SECURITY |

  33. J – Payment & Premium InstructionsPage 22 • This section is to indicate: • The total annual and modal premium • The method of payment chosen by the payor • How the initial premium will be paid DESJARDINS FINANCIAL SECURITY |

  34. J1 – General InformationPage 22 In this section, indicate the annual and modal premium amounts.  Regardless of the payment mode selected, indicate the total annual premium here.  Record the amount of the modal payment here as shown on the illustration (ie annual, semi-annual or monthly).  If this application generates more than one insurance contract, please indicate the total premium amount for all contracts.  855.60  71.30 DESJARDINS FINANCIAL SECURITY |

  35. J1 – General Information This section is used to indicate the method of payment (ie PAD, cheque, use of cash values ) chosen and the mode (annual, semi-annual or monthly). The sample below shows what should be indicated for each payment method.  If the client chooses to pay premiums through automatic withdrawal, select PAD and complete the agreement on the next page. Also select the mode or frequency. In the sample above, monthly has been chosen.  If the client chooses to pay premiums by cheque he/she must also select the frequency. With this option a premium billing will be sent in advance of the premium due date.  If the client will be using the cash value from DFS policies to pay the premium on the new policy, indicate this here.         1233450 1345665 DESJARDINS FINANCIAL SECURITY |

  36. J1 – General Information This section is used to indicate how the policyowner would like to pay the initial premium only. It must be completed in all cases.  If the payor wants us to debit a bank account (automatic withdrawal), check here and complete J3 on the next page. (Note: The initial premium may not be drawn on the date selected.)  If the 1st premium is to be collected on delivery of the policy contract, check here.  If the payor is making payment with the application, check here and indicate the cheque amount. Please refer to slide 39 for information on the Temporary Insurance Agreement (TIA) & Conditional Insurance Agreement (CIA).     DESJARDINS FINANCIAL SECURITY |

  37. J3 – Pre-Authorized Debit Agreement (PAD)Page 23    If a VOID cheque is attached, this area does not need to be completed. Indicate the mode of payment. (It must agree with the mode indicated in J1.) Select a draw date between 1st to 28th. (For PACE with indexed funds or minimum payment, leave it blank as the deposit day will coincide with the policy issue date.)    DESJARDINS FINANCIAL SECURITY |

  38. J3 – Pre-Authorized Debit Agreement (PAD)   A type of PAD agreement must be checked.    The signature of all account holders is required, along with the date.  To avoid incorrect entry of bank account information, please attach a VOID cheque with the application. DESJARDINS FINANCIAL SECURITY |

  39. K, L, M - Request for Temporary Insurance Ageement (TIA) & Conditional Insurance Agreement (CIA) Pages 25, 27 & 29 There are 2 different TIA's (Death and Critical Illness) & 1 CIA (Disability). In order for a TIA / CIA to be applicable, certain criteria must be met: • Payment of the initial premium • Age of the Proposed Insured(s) must be within a specific range (refer to the individual TIA / CIA for the appropriate age range) • A "NO" response to all questions asked in the TIA / CIA • Signature of each Proposed Insured and the Policyowner • Date TIA / CIA signed must be filled in If all the above conditions apply, give the Policyowner the bottom portion of the TIA / CIA from the application. DESJARDINS FINANCIAL SECURITY |

  40. N – Authorization to Collect & Communicate Personal InformationPage 31 • Both copies of section N must be completed and remain attached to the application DESJARDINS FINANCIAL SECURITY |

  41. O – Receipt for the Initial PremiumPage 31 • If the initial premium is paid with the application, complete this section, tear it off and give to the policyowner as receipt of payment. DESJARDINS FINANCIAL SECURITY |

  42. P – Notice Applicable to MIB / Personal Information ManagementPage 33 • This section must always be torn off and given to the policyowner. DESJARDINS FINANCIAL SECURITY |

  43. THE END! THANK YOU FOR VIEWING THIS PRESENTATION. DESJARDINS FINANCIAL SECURITY |

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