Thomas C. Kirner - The Advisors Guide to Group Life and AD&D Insurance

THE NATIONAL UNDERWRITER COMPANY

The Advisors Guide to Group Life and AD&D Insurance

By Thomas C. Kirner and Peter Silkowski

The Advisors Guide to Group Life and AD&D Insurance is an entirely unique reference enabling you to master group concepts while managing specific real-world issues for your clients.

This one-of-a-kind guide takes you through group term life from selection to administration and is the only, single reference:

• Covering group term life pricing with detailed expertise
• Examining enrollment practices
• Delivering insights into the group products concepts
• Dedicating extensive analysis to voluntary coverage
• Explaining risk factors influencing the rating process
• Identifying specific elements within the plan that affect pricing
• Making it easy to research issues related to group term life
• Presenting numerous, relevant examples to help you explain key concepts
• Fully analyzing the practical aspects of what actually goes on with group term life in the real world

The Advisors Guide to Group Life and AD&D Insurance enables you to clearly explain the derivation and driving factors behind rates. This exclusive, expert insight into the pricing process is only one of many unique elements delivered by the authors Thomas C. Kirner, CLU, FLMI, GBDS, and Peter Silkowski , GBDStwo of the foremost authorities in this field.

If you have any involvement or interest in group term life, the information contained in this resource will prove invaluable, including:

• How section 79 works
• How underwriting rating works and what drives pricing
• ERISA compliance for voluntary coverages regulatory issues, including how USERRA works
• What topics matter most to producers

To place additional orders for The Advisors Guide to Group Life and AD&D Insurance or any of our products, or for additional information, contact Customer Service at 1-800-543-0874.

ISBN 978-1-958130-57-1

This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting or other professional service. If legal advice or other expert assistance is required, the services of a competent professional person should be sought. From a Declaration of Principles jointly adapted by a Committee of The American Bar Association and a Committee of Publishers and Associations.

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Summit Business Media is the leading B2B media and information company serving the insurance, financial, legal and investment advisory markets. Summit strives to be The Next Generation of Business Information for executives and practitioners by providing breaking news and analysis, in-depth practice management strategies, business-building techniques and actionable data. Summit services the information needs of its customers through numerous channels, including digital, print, and live events. Summit publishes 16 magazines and 150 reference titles, operates 20 websites and hosts a dozen conferences, including the worlds largest mining investment conference held each year in South Africa. Summits Marketing Data division provides detailed information on millions of benefits plans, agents and advisors in the U.S.

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Dedication

To Ann, for the support and help over the years.

Tom Kirner

Acknowledgements

We would like to acknowledge all those who have helped make this endeavor possible.

Many authors have preceded us who gave us insights. We appreciate their dedication to this subject area and we have liberally footnoted these authors works. We also owe thanks to all those with whom we worked over the years and from whom we learned. Tom Kirner would like to thank in particular, Olin Sawyer, FSA, Joseph Fullerton, William Sproul, Patricia Owens, and Stephen McConnell. Their patience and guidance in understanding employee benefits was invaluable. Pete Silkowski would like to express gratitude for all those who taught him about group insurance in his 30 years in the business. Your influence is seen in the words of this book.

Finally, we must recognize the good folks at Summit Business Media/The National Underwriter Company, who supported this work and were instrumental in making this happen including, Kelly Maheu and Rebecca von Gillern.

Thomas C. Kirner, CLU, FLMI, GBDS

Peter Silkowski, GBDS

September 15, 2012

Preface

This book has been written with the intention of assisting practitioners in the group insurance arena with a deeper understanding of group term life and AD&D insurance. We have spent our careers in this business and know the level of nuance and change involved in this arena. We believe there are subtle differences in the product, risk selection, and regulation that can cause unintentional consequences if not appropriately addressed. Deeper understanding of these nuances and subtleties may also create opportunities. Therefore, we have tried to craft a comprehensive book on what we feel are the most important aspects and attributes of group term life/AD&D.

We have written this book to appeal to readers of many experience levels and backgrounds. It is our hope that those new to group life/AD&D and even those unfamiliar with the essentials of the group insurance business will find it both useful and helpful. We believe, however, that the book may find its greatest value as a reference, allowing practitioners to easily check on issues, aid in understanding, and ultimately better serve employers and employees.