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Michigan INSURANCE CONTINUING
EDUCATION COURSES:
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This course is designed to encompass key issues in the business of agency operations. It looks at the various aspects of risk management, and outlines the workings of the insurance markets as they exist today. To highlight the importance of procedural issues, the course also focuses on issues of Errors and Omissions, and links the same to various aspects of the agency business.
LEARNING OBJECTIVES:
- Learn about Insurance Agency Operations
- Familiarize the student with the concept of Risk Management, its purposes and implementation process within the Agency
- Educate the student about different types of insurance markets as well as insurance company evaluation
- Familiarize the student with the ethical and legal responsibility pertaining to Insurance Agency Operations
- Learn about sales and marketing within the agency
- Familiarize the student with Errors & Omissions, and with E&O planning
- Understand agency finances including financial management, accounting records, agency accounting and etc.
TOPICS COVERED:
- Introduction
- Lesson 1: DEALING WITH RISK
- Lesson 2: KEY ELEMENTS OF THE RISK MANAGEMENT PROCESS
- Lesson 3: INSURANCE MARKET CLASSIFICATIONS
- Lesson 4: ETHICS AND LEGAL RESPONSIBILITY
- Lesson 5: SALES AND MARKETING
- Lesson 6: ERRORS & OMISSIONS
- Lesson 7: AGENCY FINANCES
- LESSON 8: Insurance Regulation
- LESSON 9: Policy Illustrations
- LESSON 10: Consumer Protection in the Insurance Industry
- LESSON 11: Regulation of Insurance Trade Practices
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Money laundering plays a fundamental role in facilitating the ambitions of the drug trafficker, the terrorist, the organized criminal, the insider dealer, and the tax evader, as well as the many others who need to avoid the kind of attention from the authorities that sudden wealth from illegal activities brings. By engaging in this type of activity, criminals hope that their proceeds will be beyond the reach of asset forfeiture laws. Financial institutions such as insurance companies are at the forefront of the battle against the money launderers. Under current legislation, insurance companies are responsible for policing their financial dealings and reporting any suspicious transactions. This course will dwell upon the new regulatory environment of the insurance industry vis a vis money laundering, specifically the USA Patriot Act 2001. The course aims to highlight the key aspects of the USA Patriot Act namely, the Suspicious Activities Report (SAR) and the “Know Your Customer” provision (KYC).
LEARNING OBJECTIVES:
- Understand the scope and effect of Money Laundering.
- Understand the Process and Methodology of Money Laundering.
- Understand the impact of money laundering on the Operations and responsibilities of Insurance professionals and their agencies
- Understand the regulatory environment vis-a- vis Money Laundering for the insurance industry.
- Understand the establishment of the Anti-money laundering Program for insurance agencies.
TOPICS COVERED:
- Introduction
- LESSON 1: Money Laundering
- LESSON 2: Effects of Money Laundering
- LESSON 3: Federal Money Laundering Laws for Financial Institutions
- LESSON 4: Federal Money Laundering Laws for Insurance Companies
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The peril of liability is one of the most severe risks facing any organization today. Operating an organization without liability insurance puts owners at risk. Learning about liability insurance is a great way to prolong the life of your organization! This course covers broad issues of liability insurance and Workers' Compensation.
LEARNING OBJECTIVES:
- The basics of commercial liability insurance
- Commercial liability insurance coverage
- Commercial liability insurance policy
- The basics of worker's compensation and employers liability insurance
- Worker's Compensation and employers liability insurance policy
TOPICS COVERED:
- LESSON 1: The Basics of Commercial Liability Insurance
- LESSON 2: Commercial Liability Insurance Coverage
- LESSON 3: Commercial Liability Insurance Policy
- LESSON 4: Workers’ Compensation and Employers Liability Basics
- LESSON 5: Workers' Compensation and Employers Liability Insurance Policy
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This course provides a concise overview of how financial management is used to create higher market values for an organization. Since the information contained within these lessons deals with advanced topics, the user should have a good working knowledge of both accounting and financial management prior to taking this course. Creating Value Through Financial Management is recommended for 6 hours of Continuing Professional Education.
LEARNING OBJECTIVES:
- How to move your company into more value-added activities
- How to break the accounting habit, and why you should
- How to understand the difference between cash-flow and earnings
- How to look for value that is not on the Balance Sheet
- How to restructure a company
- Is a merger the right plan?
- How to initiate Value Based Management in your company
- How to measure the creation of value
- How to use innovative strategizing to create real value
TOPICS COVERED:
- Introduction
- LESSON 1: The New Role of Finance
- LESSON 2: Value-Based Management
- LESSON 3: Measuring Value
- LESSON 4: Real Sources of Value
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This course focuses on are the proper methods of holding legal title to property during your life, and passing your estate on to your heirs in a manner and timing of your choosing, all with minimum taxes and intervention by the legal system. It begins with a consideration of the estate planning process and the documents of transfer. The course then addresses the transfer tax system and the calculation of an individual’s estate tax liability. Estate planning techniques such as trusts, marital and charitable deduction vehicles, and intra-family business and property transfers are then discussed. The course ends with a consideration of post-mortem tax planning.
LEARNING OBJECTIVES:
- To learn what comprises a taxable estate for federal tax purposes
- To learn how estate tax liability is calculated
- To learn how the various tools and techniques of estate planning can be used to manage and dispose of one’s property according to his or her wishes, while minimizing federal transfer taxes.
TOPICS COVERED:
- LESSON 1: The Estate Planning Process And Documents Of Transfer
- LESSON 2: Unified Transfer Tax System And Generation Skipping Transfer Tax (GSTT)
- LESSON 3: Trusts
- LESSON 4: Marital Deduction Planning
- LESSON 5: Charitable Deduction Planning
- LESSON 6: Intra-Family Business And Property Transfers
- LESSON 7: Post-Mortem Estate Planning
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This course is a concise and practical guide to what every insurance professional should know about the law of Wills and Trusts - as well as a range of other matters – while advising others. Before and during the design of a client’s estate plan, the professional can provide value as part of the advisor team. In a great many scenarios, life insurance products can play a critical role in assuring the financial security the client is looking for. It is the professional’s job and duty to how explain how and why. Getting to a trusted position where that is possible, however, is the challenge. This course is based on real questions, concerns and issues encountered over many years, among people at all economic levels, from modest to quite substantial. There is no better way to build trust, confidence and respect than becoming a source of knowledge on the topics and issues presented here. There is an unfortunate, widespread misconception that wills, trusts and estate planning are subjects of interest only to the wealthy. In fact, an estate plan provides the legal mechanism for disposing of property upon death in a way that recognizes wishes and the needs of one’s survivors, while minimizing taxes. Too often, however, estate planning is equated with just estate tax planning. Professionals should be sensitive to personal, non-financial issues that are usually of a higher priority. For many, estate planning involves, even more importantly, planning for the handling of affairs in case of disability, and the deeply personal medical choices to be made as life nears its end. Estate planning is not just for rich people. Wills and Trusts are just tools in a larger process. You must be careful not to give legal advice, of course. But you can provide a great service simply by explaining, in general terms, how “the moving parts” work together.
LEARNING OBJECTIVES:
- Learn the various methods of disposition of property, with or without a will.
- Learn what the consequences are when one dies intestate.
- Be familiarized with the format of a valid will.
- Know the intricacies of the probate process.
- Learn the duties associated with the role of an Executor.
- Be familiarized with the concept of a trust and its variations.
- Know the advantages and disadvantages of a simple, living trust.
- Learn about the ways of disposing property outside of probate.
- Knowledgeable about the various tax issues.
- Be conversant with ways to use life insurance in estate planning.
TOPICS COVERED:
- LESSON 1: The Disposition Of Property, With Or Without A Will
- LESSON 2: The Probate Process
- LESSON 3: Trust Basics
- LESSON 4: The Simple Living Trust
- LESSON 5: Comparing Simple Living Trusts And Wills
- LESSON 6: Disposition Of Property Outside Probate
- LESSON 7: Tax Issues
- LESSON 8: Other Elements Of The Estate Plan
- LESSON 9: Using Life Insurance In Estate Planning
- LESSON 10: Specialized Trusts And Estate Planning Tools
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This course provides a basic understanding of how to use ratio analysis for evaluating financial performance. It discusses the scope, significance and calculation of ratios whose understanding is key to evaluating the financial strength of a company.
LEARNING OBJECTIVES:
- Appreciate the significance of using ratios
- Understand Return on Equity and its components
- Understand, calculate and use Liquidity Ratios
- Understand, calculate and use Asset Management Ratios
- Understand, calculate and use Profitability Ratios
- Understand, calculate and use Leverage Ratios
- Understand, calculate and use Market Value Ratios
- Compare financial statements
TOPICS COVERED:
- LESSON 1: RETURN ON EQUITY
- LESSON 2: LIQUIDITY RATIOS
- LESSON 3: ASSET MANAGEMENT RATIOS
- LESSON 4: PROFITABILITY RATIOS
- LESSON 5: LEVERAGE RATIOS
- LESSON 6: MARKET VALUE RATIOS
- LESSON 7: COMPARING FINANCIAL STATEMENTS
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This course covers broad issues on Employment and Labor laws as it applies to Insurance Agencies. It covers issues on pre and post employment procedures, employee agent/agency staff/agency staff and employer/agency rights and interviewing strategies in order to avoid claims and suits. Further, it puts emphasis on real world issues related to the employment laws.
LEARNING OBJECTIVES:
- INTERVIEWING STRATEGIES
- UNDERSTAND EMPLOYER AGENCY RIGHTS FOR REQUESTING AND DISSEMINATING EMPLOYEE REFERENCES
- EMPLOYMENT VERIFICATION REQUIREMENTS; DO'S AND DON'TS
- DRUG TESTING & PHYSICAL EXAMINATIONS
- EMPLOYMENT AT-WILL DOCTRINE
- DISCRIMINATION PRINCIPLES
- RETALIATION
- HARASSMENT
- AMERICAN WITH DISABILITIES ACT
- FAMILY AND MEDICAL LEAVE ACT
- INVESTIGATING EFFECTIVELY AND WITHIN THE LAW
- EFFECTIVE DISCIPLINARY POLICIES
TOPICS COVERED:
- LESSON 1: Labor and Employment Law
- LESSON 2 : Interviewing Strategies
- LESSON 3: Employment References
- LESSON 4: Employment Verification Requirements of Employers
- LESSON 5: Drug Testing And Physical Examinations
- LESSON 6: Is There Really Still Employment-At-Will?
- LESSON 7: Discrimination Principles
- LESSON 8: Retaliation
- LESSON 9: Harassment
- LESSON 10: Americans With Disabilities Act (ADA)
- LESSON 11: Family Leave and Medical Leave Act (FLMA)
- LESSON 12: Investigating Effectively and Within The Law
- LESSON 13: Effective Disciplinary Policies
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