Life of an Insurance Policy
Ever wonder who plays a role in the “life” of an insurance policy? In this short course, learners will see how each major operational area helps shape the insurance product and customers’ perception of its value. They will also discover the key stages in the life cycle of an insurance policy—from initial planning and product development, through policy application and underwriting, and finally through policyowner service and claim administration.
Key Topics
- The importance of market segmentation
- Key product development activities that occur when a new product is developed
- The three primary distribution systems insurers use
- How life insurance underwriters classify the risk presented by a proposed insured
- Key customer service activities used to help conserve in-force life insurance policies
- How claims on life insurance policies are processed and paid
Time to complete: 30–45 minutes