Life Insurance Ownership and Beneficiary Designations -- CLEQ

Overview

Among the many aspects of life insurance, two are fundamental to a full understanding and appreciation of this unique financial product: ownership rights and beneficiary designations. These aspects define the who, when, how, and why of any life insurance policy and create the division of rights that exists during the insured’s life and the rights that arise upon the insured’s death.

This course provides an in-depth look at life insurance ownership and beneficiary designations. It details a life insurance owner's rights and responsibilities and examines the role of life insurance beneficiaries and their standing with respect to the contract. The course explains how life insurance contracts are formed, who may own life insurance contracts, third-party ownership arrangements (including viatical and life settlements), how beneficiaries can and should be designated, and the estate and income tax treatment of life insurance to both owners and beneficiaries.

Learning Objectives

Upon conclusion of the course, students will be able to:

  • explain how life insurance contracts are formed
  • describe the rights and responsibilities associated with life insurance policy ownership
  • demonstrate understanding of third-party ownership arrangements, including viaticals and life settlements
  • describe the role and rights of life insurance beneficiaries
  • recommend design proper and appropriate beneficiary designations
  • recognize unique and problematic beneficiary designations
  • demonstrate an understanding of the income and estate tax treatment of life insurance to owners and beneficiaries

Designed For

Life/health insurance producers; financial advisors and planners

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