HLLQP ETHICS COMMON LAW |Segment 1|: Key Terms | Full HLLQP Ethics Course
Summary
TLDRIn this Licensing Academy session, instructor Ramen introduces the first module on ethics, focusing on key terms essential for understanding life insurance policies. The discussion covers the roles of the insurer, policyholder, life insured, and successor policyholder. Ramen explains the importance of beneficiaries, including preferred beneficiaries and the distinction between revocable and irrevocable beneficiaries. The session aims to provide a solid foundation for upcoming modules, emphasizing the need for a quiet study environment and active note-taking to grasp these fundamental concepts.
Takeaways
- 📚 The video is an introductory session on ethics for the Licensing Academy of Team Alpha.
- 🔗 There are resources available for navigating the website and preparing for exams, including mock exams.
- 🗣️ Rameen is the licensing instructor leading the session on ethics, focusing on key terms and concepts.
- 🏢 The term 'insurer' refers to the insurance company providing the policy.
- 📜 'Policyholder' or 'insured' is the person who owns the insurance contract and has legal rights to it.
- 👤 'Life insured' is the person whose life is covered by the policy.
- 🔄 'Successor policyholder' is the person who takes over the policy if the original policyholder dies before the policy is paid out.
- 💰 'Beneficiary' is the person or entity that receives the policy's benefits upon the life insured's death.
- 🛡️ 'Preferred beneficiaries' include spouse, child, grandchild, and parents, whose benefits are protected from creditors.
- ✅ 'Revocable beneficiary' can be changed by the policyholder without notifying the beneficiary, while 'irrevocable beneficiary' requires written permission from the beneficiary to change.
- 🔄 'Contingent' or 'secondary beneficiary' is named in case the primary beneficiary is unable to receive the benefits.
Q & A
What is the main topic of the first segment in the Licensing Academy of Team Alpha?
-The main topic of the first segment is 'Ethics', which is the first module in the course.
Who is the instructor for the Licensing Academy of Team Alpha?
-The instructor for the Licensing Academy of Team Alpha is Ramen.
What is the role of the 'insurer' in the context of life insurance policies?
-The 'insurer' refers to the insurance company that issues the life insurance policy.
What does the term 'policyholder' signify in a life insurance contract?
-The 'policyholder', also known as the insured, is the person who owns the insurance contract and has all the legal rights to it.
How is the 'life insured' defined in the script?
-The 'life insured' is the person whose life is covered by the life insurance policy.
What is a 'successor policyholder' and what happens when they are involved?
-A 'successor policyholder' is the person who takes over the policy if something happens to the main policyholder before the policy is paid out.
What is the 'face amount' mentioned in the context of life insurance policies?
-The 'face amount' is the total coverage or the amount of money that the policy is issued for.
Who is considered a 'beneficiary' in a life insurance policy?
-The 'beneficiary' is the person who receives the benefit or payout from the life insurance policy.
What are 'preferred beneficiaries' and why are they significant?
-Preferred beneficiaries are a class of beneficiaries, such as spouse, child, grandchild, and parents, whose benefits are protected from creditors.
What is the difference between a 'revocable' and an 'irrevocable' beneficiary?
-A 'revocable' beneficiary can be changed by the policyholder without notifying the beneficiary, while an 'irrevocable' beneficiary requires written permission from the beneficiary to be changed.
What is a 'contingent' or 'secondary' beneficiary and why is it important?
-A 'contingent' or 'secondary' beneficiary is a backup beneficiary who receives the benefit if the primary beneficiary is unable to do so, ensuring the funds have a designated recipient.
Why might someone choose to have an 'irrevocable' beneficiary?
-An 'irrevocable' beneficiary is often chosen due to court orders, such as when someone is required to get life insurance to ensure support payments, giving the beneficiary more control and protection.
Outlines
📚 Introduction to Ethics and Key Terms
This segment introduces the first module of the Licensing Academy of Team Alpha, focusing on ethics. The instructor, Ramen, emphasizes the importance of studying in a quiet place with a notebook and pen ready. The session aims to cover the key terms that will be foundational for understanding the entire licensing program. The terms include 'insurer', which refers to the insurance company; 'policyholder' or 'insured', who holds the legal rights to the insurance contract; and 'life insured', whose life is covered by the policy. The segment also introduces the concept of a 'successor policyholder', who takes over the policy if the original policyholder dies before the policy is paid out. The instructor encourages students to be attentive and engaged with the material.
👪 Understanding Beneficiaries and Their Types
The second segment delves into the concept of a 'beneficiary', who is the person that receives the benefit from the insurance policy. The instructor explains the term 'face amount', which is the total coverage amount of the policy. The segment further discusses 'preferred beneficiaries', which include spouse, child, grandchild, and parents, and whose benefits are protected from creditors. The instructor also covers 'revocable' and 'irrevocable' beneficiaries, explaining that revocable beneficiaries can be changed without notifying them, while irrevocable beneficiaries require written permission to change. The segment also touches on 'contingent' or 'secondary' beneficiaries, who receive the benefit if the primary beneficiary is unable to. Lastly, the concept of a 'restricted' beneficiary is introduced, where the policyholder cannot be the beneficiary for their own policy without losing certain protections.
🔐 Restricted Beneficiary and Conclusion
The final segment of the script reiterates the importance of understanding the term 'restricted beneficiary', highlighting the potential conflict of interest when the policyholder and beneficiary are the same person. This arrangement may lead to the loss of protection from creditors. The instructor summarizes the key terms covered in the introductory segment, emphasizing their significance for the modules to come. The segment concludes with a reminder that these terms will be revisited and expanded upon in future sessions, and the instructor expresses anticipation for the next segment, indicating a structured and progressive learning approach.
Mindmap
Keywords
💡Insurer
💡Policyholder
💡Life Insured
💡Successor Policyholder
💡Beneficiary
💡Face Amount
💡Preferred Beneficiaries
💡Revocable Beneficiary
💡Irrevocable Beneficiary
💡Contingent Beneficiary
💡Restricted Definition
Highlights
Introduction to the Licensing Academy of Team Alpha's first session on ethics.
Navigation guidance for finding materials, exam prep, and mock exams on the website.
Emphasis on the importance of studying in a quiet place with necessary materials for effective learning.
Overview of the first module on ethics, which sets the stage for subsequent modules.
Introduction of key terms essential for understanding life insurance contracts.
Definition of 'insurer' as the insurance company in a life insurance policy.
Explanation of 'policyholder' or 'insured' as the owner of the insurance contract.
Clarification of 'life insured' as the person whose life is covered by the policy.
Discussion on the role of the 'successor policyholder' who takes over the policy if the primary holder dies.
Description of 'beneficiary' as the person who receives the policy's benefits.
Details on 'face amount', which is the total coverage issued by the insurance policy.
Information on 'preferred beneficiaries' who are protected from creditors.
Differentiation between 'revocable' and 'irrevocable' beneficiaries regarding the ability to change beneficiaries.
Explanation of 'contingent' or 'secondary' beneficiaries who receive benefits if the primary beneficiary cannot.
Concept of 'restricted definition' where the policyholder cannot be the beneficiary for protection reasons.
Anticipatory guidance for the next segment in the series.
Transcripts
[Music]
all right hello and welcome everyone to
our epic segment for the licensing
Academy of Team Alpha it's also
licensing Academy this is our first
session for ethics and if you missed the
intro uh videos you can go ahead and
click on the link and find them there
and they're great to kind of navigate
you through the website how to find the
material how to do exam prep uh how to
do mock exams so all that information is
there since this is our first session so
I will get right into uh the material so
we're not wasting too much time so we're
starting with the first module today and
that is ethics and we're going to be
breaking the segments down into smaller
chunks to cover the different topics
that you will be introduced in this uh
module and make sure that you guys again
reminder are sitting in that quiet study
place so you utilize the time to the
best of your ability you have a notebook
you have your pen and you're good to go
all right perfect so we're going to go
ahead and get started
um with our first segment today the
first segment is going to cover terms so
key terms that you need to know and
because ethics is the first module it
kind of gives us a little bit of a
flavor for all the modules to come so we
were introduced to many things that will
um will be elaborated on in the upcoming
modules all right perfect so my name
again if you missed it is ramen and I
will be your licensing instructor and
we'll work through
um to make sure that we are getting uh
your e-licensed as soon as possible
um so let's go ahead and get started
all right so this is segment one for
ethics
all right so we're going to be starting
off today with going over some of the
key terms that this module is going to
introduce uh and I'm going to be
starting off with the terms um that will
be used in a lot of the questions as
well so we'll begin with that all right
so let's get right into it
perfect so the first uh terms that you
will see
we will begin with
is a term in shorter now this is a term
that you will see used in all of the
modules to come and what this term is
referring to is pretty much the
insurance company
so they will give you
um a question and say uh Tom has a life
insurance policy on his wife Kelly from
ABC Insurance
um and if anything were to happen to
Kelly the benefit will be paid out to
their daughter Susan so in that who is
the insurer who is the policy holder so
they will be asking you questions like
that right so we will go through that so
insurance is always your insurance
company
the next term that we have
is policy holder
or also known as the insured and what
this is this is the person who has all
of the legal rights
or the owner
of the contract right so the example
that I just shared with you guys with
Tom and Kelly Tom would be uh the the
policy holder or the insured in that
case because he's the one who owns the
policy
um and he's the one who can make any
changes if he needs to so he would be
your insurer
um and it's it's under him
then we have another term who which is
called the life in short and this term
is pretty self-explanatory so we don't
need to go too much into it but this is
a life that's being insured so whose
life is the policy on right so going
back to the example Kelly would be the
life and short in the example I shared
with you because the policy is on
Kelly's life many times these two can be
one person so if I were to get a policy
on my own life I would be both the
insured and the life insured right so
then it would be one but if there's two
separate people then these two can also
be different as well
so
um those are the key terms that when
we're starting off in terms of
introducing the life insurance contract
and with the policyholder we can also
have something called the successor
policy holder
and what this person would be this is
who does a policy go to if anything were
to happen to the main person before that
policy is paid out so I always like to
use an example because I think it makes
more sense when you use it in an example
so going back to the example that we
shared
so let's say Tom has he's a policy
holder and he writes that if anything
were to happen to him before Kelly
passes away then his brother would be
the new policy owner so that's the
successor policy holder that's a person
who takes over that policy in case if
anything happens to the policyholder
while that policy is still in effect
right so that's um that's what that term
would be
and then the next term that we're going
to be looking at and a very important
term here is the beneficiary
and this is the person who receives the
benefit right so in an insurance policy
you always have an amount and that is
we'll write it here
face amount
so this is your total coverage
so going back let's stick with our
example that we've been using so Tom has
a life insurance policy on Kelly for two
hundred and fifty thousand dollars
that's called the face amount so that's
the coverage that the policy is
um is issued forth and in that policy if
anything were to happen to Kelly the
benefit would be paid out to Susan their
daughter so Susan would be the
beneficiary
okay so beneficiary can be anybody it
can be children it can be uh Charities
you can name
um donates it to someone so you can name
other organizations as well only thing
is if children are named as
beneficiaries and they're minors so
they're under 18. they won't actually
receive the benefit until they're 18
right so that it will be held in a trust
for them and once they turn 18 they will
be able to access that benefit so that
is important to know
um with the beneficiary if somebody is
naming children is that they won't be
able to get that benefit right away
um I'm just going to try to move this up
Perfect all right now with the
beneficiaries there's a lot of things
that kind of stream from this term as
well so with the beneficiary we have
something called preferred beneficiaries
now what is uh or what are preferred
beneficiaries
Who falls under this class now preferred
beneficiaries if you were to name
so this is someone this is a class of
beneficiaries who are protected from
creditors so you can name anyone as your
beneficiary hitting your best friend you
can name uh brother sister parent anyone
but if you were to name someone from
this class which is known as preferred
group of beneficiaries
they're that benefit is protected from
creditors so who falls under this this
class so this would be
spouse
child and for spouse it also includes
common law spouses as well child
grandchild
and parents
okay so notice siblings are not on this
even though they're your direct family
they do not fall under the preferred
beneficiaries so going back to our
example that we've been using so Tom has
a policy on Kelly's life and he named
his daughter as a beneficiary so that's
his child so let's say Kelly owed a lot
of debt to everyone she she had a lot of
creditors those creditors cannot go
after that money because it's a
preferred beneficiary
if Tom had named let's say his brother
or his Uncle as a beneficiary they would
still get the benefit however creditors
can go after that money because they're
no longer part of this group right so
that's something we think is that
they're not part of the preferred
beneficiaries that money is not really
fully protected
um so they are able to go after that
and also still under uh the
beneficiaries there are a little bit
more that we that strands from this
definition so we can also have
whoops something called the revocable
or the irrevocable beneficiary now
revocable
means that it can be changed without
notifying uh the beneficiary
one of them most of the time people do
have revocable beneficiaries so that
means that
Tom let's say he puts
um you know people like different
example so if Tom were to buy a policy
on his own life and he puts Kelly his
wife as a beneficiary he makes her
revocable that means that he can change
her uh in the future so many times this
happens with divorce and even with
examples for exams uh those are usually
the examples that they use so if they
were to get divorced in the future then
he can change her and maybe if you were
getting remarried out of new stuff right
so revocable means that he doesn't have
to notify the beneficiary you don't have
to tell the beneficiary I'm changing you
or you don't need any extra forms you
just change the beneficiary however
irrevocable just as the name suggests
means that
you need written permission
from the beneficiary
so you cannot change unless you have
actually written permission from the
beneficiary stating that it is okay
um for you to change so the only
difference is here you're giving more
power to the beneficiary because they're
part of the contract now as opposed to
here you could just do it without even
them knowing right so why why would
anybody choose irrevocable
many times and even with examples for
exam purposes it's usually done by a
court order so for example if somebody
is behind on child support payments
spousal support payments the court might
order that particular person to get that
life insurance and make their spouse
irrevocable beneficiary right so it's
it's kind of mandated it's not something
that a lot of times is done by choice
um it could be because of uh because of
something that is um that is needed
all right and also with beneficiary you
can have
a contingent
which is also known as a secondary
beneficiary
right so you don't just name one
beneficiary you name a secondary that if
anything happened to the beneficiary
themselves then what happens to the
funds so you name a secondary you can
also name a third uh beneficiary as well
so you have kind of like backups to your
beneficiaries um so that would be uh
also made up in the contract that they
would be there as well
now
um only different so there is a
restricted
definition and what does this mean
this means now let's say Tom owns a
policy on his wife Kelly's life
Tom cannot name himself as a beneficiary
if he does he may still receive the
funds but they're no longer he's no
longer protected because if you name
yourself as a beneficiary and you are
the owner if the policy holder and the
beneficiary are the same there's kind of
like a conflict of interest
um you know it can lead into other
things so that's why it's no longer
protected from creditors so if anything
were to happen to Kelly and he's the
owner and the policy
um holder and the beneficiary he may
still receive the benefit but it doesn't
have any protection right so that is um
kind of like a restricted definition
that they avoid or discourage
um people from choosing themselves as a
beneficiary
all right so those are our key terms
um that we have for our first
introductory segment these will come up
again and again with the different
modules
um so just make sure you guys understand
them what they mean and I will see you
in segment two
[Music]
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