Virginia 8 Hour Life and Health Review with Ethics

This topical 8-hour continuing education course will provide the Virginia Life and Health licensee with current and up-to-date information on important and modern topics in order to successfully renew their license. Topics in this course include updated and in-depth discussions of professional ethics, group health and medical insurance, Medicare and its related information, and an in-depth discussion of qualified retirement plans. Keep in mind that Virginia requires that licensees complete 24 hours of continuing education each licensing period and those hours must include three hours of professional ethics education, which this course includes. 

Specifically, the course examines these topics: 

• Professional Ethics for Insurance Licensees covers key topics including ethical issues and statistics in the insurance industry, agents vs. salespeople, and principles of ethics. It explores ethics vs. morals, conflict resolution, and approaches to ethical decision-making. The lesson also delves into illegal inducements, product suitability, and real-world ethics, as well as legal enforcement and business/individual responsibilities. Decision-making models, such as bounded rationality and biases, are discussed, along with ethical duties to customers, businesses, employees, and more. Additionally, the course covers advertising, sales, unfair trade, and claims practices, and examines industry codes of ethics, including NAIFA's, and how to construct a code of ethics. 
• Group Health Insurance Policies covers group insurance contracts, including their purposes, rating, and contract provisions. You'll learn about eligible groups, marketing considerations, and regulatory jurisdiction. The lesson explores coordination of benefits, change of insurers, and key aspects of the Affordable Care Act. Differences between individual and group contracts are discussed, along with master policies, underwriting criteria, and premium payments. Contributory vs. non-contributory plans, eligibility, and termination of coverage are also covered. Additionally, the lesson touches on COBRA, ERISA, and group conversion rules, providing a comprehensive understanding of group health insurance policies and their regulations. 
• The Medicare lesson covers the program's overview, financing, and administration, as well as its various parts: A, B, C, and D. You'll learn about deductibles, cost-sharing, benefits, premiums, and claims processing. Key terms and definitions, such as assignments and Medicare-approved amounts, are explained. The lesson also explores enrollment options, types of coverage, and benefits, including skilled nursing facilities, mental health, and hospice care. Medicare Advantage (Part C) and Supplement plans are discussed, along with enrollment, costs, and available plans. Medicare Part D (Prescription Drug Plan) is covered, including enrollment, preexisting conditions, and guaranteed issue rights. Additionally, the lesson addresses producer marketing requirements, marketing standards, and coordination of benefits, providing a comprehensive understanding of Medicare and its various components. 
• Retirement, Qualified Plans and Other Business Life and Disability Policies: This part of the course covers retirement plans and business life and disability policies, including qualified vs. non-qualified plans, qualified plan basics, and Internal Revenue Service rules. You'll learn about defined benefit and defined contribution plans, discrimination rules, vesting schedules, and tax considerations, including Required Minimum Distributions (RMDs) and taxation of age-related distributions. The lesson also explores recent updates, such as the Secure Act 2.0, automatic enrollment requirements, catch-up contribution increases, and emergency savings accounts. Various plan types are discussed, including 401(k), SEP, SIMPLE IRA, and 403(b) plans, as well as individual deferred compensation plans and their advantages and disadvantages. Additionally, the course covers money-purchase plans, employee stock purchase plans, split-dollar retirement, and key-person life and disability insurance, providing a comprehensive understanding of retirement planning and business insurance options.

This updated course includes many illustrations and examples to aid in learning and retention, and goes beyond the basic information needed for licensees. The course will introduce the candidate to terms, definitions and concepts that are not just the foundation of life and health insurance, but are intended to accelerate and amplify the student’s knowledge.  

To receive a certificate of completion for this 8-hour course, a 45-question final exam must be successfully passed.

VA Bureau of Insurance Course ID: 229591