Policy Delivery - Life Insurance
It is critical to promptly deliver all policies and contracts to customers. Prompt delivery helps:
- Initiate the timing of the free-look period
- Ensure customer receives quality service
- Build relationships between financial professional and customers
- Obtain high quality referrals
- Enhance the financial professional's professional image
- Improve persistency
Examination Offer
The examination offer is a standard provision in all current contracts. It entitles the owner to a refund if cancellation of the policy within ten days (in most cases) of the date the contract is delivered.
The examination offer on such requests starts when the owner receives the contract—not when it's mailed from the home office or received by the financial professional. Therefore, it is essential that the policy be delivered promptly and a delivery receipt secured.
- Violation of company policy
- Free look period does not begin until delivery to customer
- Policy or Contract may be made not taken, resulting in reversed commissions
- Loss of goodwill and referrals
- Customer complaint
- Harm to reputation (financial professional's and company's)
- Business Conduct review
- Sanctions against financial professional
- Violation of company policy
- Free look period may not begin until signed by owner
- Policy or contract may be made not taken, resulting in reversed commissions
- Loss of goodwill and referrals
- Customer complaint
- Errors and Omissions Claim
- Harm to reputation
- Business Conduct review
- Sanctions against financial professional
- Violation of company policy
- Violation of confidentiality or privacy
- Void delivery receipt
- New free look period may be required
- Commission reversal
- Customer complaint
- Business Conduct review
- Jeopardize contract with Principal Life
- Sanctions against financial professional
- Assists home office with Business Conduct
- Delivers policy/contract
- Obtain signed delivery receipt
- Advises customer of free look period
- Reviews any actions taken with financial professional
- Violation of privacy or confidentiality laws
- Customer complaint
- Business Conduct Review
- Jeopardize contract with Principal Life
- Sanctions against financial professional
- Application may be declined
- Deliver policy/contract
- Obtain signed delivery receipt
- Advises customer of free look period
- Assists home office with Business Conduct review and any actions taken with financial professional
- Violation of company delivery requirements
- Violation of state regulations
- Void delivery receipt
- New free look period may be required
- Commission reversal
- Customer complaint
- Errors and Omissions Claim
- Jeopardize contract with Principal Life
- Business Conduct review
- Sanctions against financial professional
- Delivers policy/contract
- Obtains signed delivery receipt
- Advises customer of free look period
- Assists home office with Business Conduct review and any actions taken with financial professional
- Violation of company policy
- Violation of privacy or confidentiality laws
- Customer complaint
- Business Conduct Review
- Jeopardize contract with Principal Life
- Sanctions against financial professional
- Notifies Business Conduct and Underwriter
- Assists home office with Business Conduct review and any actions taken with financial professional
- Assists home office with any action taken with customer
- Violation of state regulation
- Violation of company policy
- Customer complaint
- Business Conduct Review
- Jeopardize contract with Principal Life
- Sanctions against financial professional
- Deliver policy/contract and Buyer's Guide
- Obtained signed delivery receipt
- Advise customer of free look period
- Assist home office with Business Conduct review and any actions taken regarding financial professional
Delivery by Mail
Applications which were taken by mail might result in having to deliver the policy or contract issued by mail. The financial professional must:
- Comply with all company guidelines, policies, and state requirements.
- Call the customer as soon as possible after receiving the policy/contract.
- Review with the customer the policy/contract, delivery receipt, amendment forms, and riders.
- Mail the policy/contract and other required forms to the customer.
- Follow up regularly to ensure delivery receipt, signed Part D and any other delivery requirements are promptly signed and returned.
For questions, contact:
- Life Insurance: Your Client Administration Underwriter
- Annuities: Annuity Call Center: 515.248.0000
- Disability Insurance: Your Disability Income Services Underwriter
