IFSE Institute Related Exams
LLQP Exam
Lara, owner of Huck’s Oil Change Ltd., meets with a life insurance agent to discuss a renewal package for the group benefits plan offered to employees. Lara employs 20 individuals, all of whom are covered under the group plan. The employee turnover rate is 10%, and the insurer has rated the group’s claims experience credibility at 20%. In establishing the group’s premiums under the new plan, how much weight will the insurer give to the standard manual rate for a comparable group?
Amani owns Amani's Passions, an eco-friendly cosmetics company she started in her garage three years ago. The business is booming—so much so that Amani's Passions recently hired over 20 employees to keep up with demand. Now Amani wants to set up a group insurance plan for her staff.
Whose role is it to solicit quotes from insurers and put the right plan in place?
(Priscilla is worried about losing her job in six months. She invests $1,000 per month in segregated equity funds but has limited cash savings.
What should her insurance agent, Arthur, advise?)