Florida Life, Health, and Annuity Elective Course 20 HR CE

Life and health insurance producers can complete their continuing education requirements for their license renewal with this current and updated course. The course includes 20 hours of elective credits that will count towards your continuing education requirements. NOTE: This course DOES NOT include the required four hours of laws and ethics education.

The course begins with an advanced, in-depth look at individual and group life insurance policies and contract terms, including updated and current information on sought-after life insurance coverage. Traditional and more modern life insurance contracts are discussed with an emphasis on suitability, underwriting and other important considerations. The course continues with a deep discussion of federal life insurance taxation issues and annuities, and the course includes current “numbers” regarding specific federal limitations and rules.

Estate tax issues, IRAs, distributions at death,1035 policy exchanges, modified endowment contracts,or “MECs” are analyzed, and tax concerns associated with annuities are thoroughly examined. The lesson includes significant IRS requirements and rules and how they are applied by insurers and producers and much more.

The course then moves into health insurance material and begins with a look at current health insurance and medical expense policies, including tax-advantaged contracts such as HSAs and more. Disability concerns are addressed, newborn and adopted children coverage is addressed, on- and off- exchange policies and allowances are discussed, and a revised look at the Patient Protection and Affordable Care Act and its new allowances are analyzed, Replacement concerns are explained, stressing important considerations when considering replacing an in-force contract. Gaps in coverage, proof of prior coverage and other concerns are also included in this lesson.

As important as life insurance taxation, health insurance federal tax concerns are heavily explored in the next lesson. Issues including tax deductible concerns, qualified and nonqualified long-term care rules are provided with numerous examples and illustrations that will amplify the students’ knowledge. Business and individual tax issues are analyzed including business disability, key-person, buy-sell contracts, sole proprietorships and partnerships. The lesson finishes with an in-depth discussion of tax-favored health plans, such as HSAs, HRAs, FSAs, and more.

The course then moves into a deep look at anti-money laundering concerns and how insurers, agencies and producers are expected to handle money-laundering issues. The history, developments and stages of money laundering are reviewed including notable cases of criminal activity. Detection of money laundering and associated federal legislation meant to address the crime is thoroughly detailed including international efforts to combat laundering. An important section of this lesson are the obligations and duties of those in the insurance business, including reporting requirements, how the Financial Crimes Enforcement Network, or “FinCen” is involved, and those insurance products that are used in money laundering. Training is discussed, a list of red flags and their importance in discovering money laundering efforts and how compliance is critical in preventing the crime.

Next, an excellent follow-up to money-laundering is a lesson on data security and how it is used in business at-large and in the insurance industry. How data has affected underwriting, data collection, personal health information, healthcare data, how insurers are considered “super data” collectors and numerous statistical models are reviewed. The lesson then moves into cyber-risks, including digital assets, business interruption issues, identity theft and other concerns that affect the insurance industry.

Course Format: Text

Credit Type: Life, Health

Course ID(s): 125117

Approved By: Florida Department of Financial Services - Division of Insurance