Life and Health Insurance Law CE

Life and Health Insurance Law examines the legal concepts that are central to life and health insurance contracts and to the transacting of these types of insurance. The course begins with a discussion of insurance regulation and examines its objectives. It then turns to a consideration of basic contract law with an examination of the concepts of offer, acceptance and consideration and shows how they apply to insurance contracts. It explains the concepts of indemnity, subrogation, coordination of benefits, insurable interest and insurable value and discusses the nature of collateral and absolute assignments.

Insurance consumer protection is discussed as is the societal change from caveat emptor to caveat vendor. Various deceptive and unfair trade practices are examined, including breach of contract, negligence, fraud and failure to make timely claim payment. The judicial remedies available to consumers are detailed.

Various issues that affect liability are explained. The law of agency, under which a principal is bound by the authorized acts of its agent, is considered. The types of authority conveyed to agents are examined, including express authority, implied authority and apparent authority. Classic defenses to liability—waiver, estoppel, election and course of conduct and custom—are identified and discussed.

Issues affecting the taxation of life insurance are considered. Among the issues discussed are the statutory definition of life insurance, the tax consequences of a life insurance policy’s becoming a modified endowment contract, the sale of an existing life insurance policy, the special tax consequences of life insurance in split dollar plans, and the tax treatment of premiums and death benefits under policies in qualified retirement plans.

The course concludes with a brief discussion of the problem of unauthorized insurance entities and the consequences of an agent’s or broker’s representation of an unauthorized insurer.

Insurance CE Credits