Copyright © Emile Gilutin, LUTCF, CLTC, 2006. All Rights Reserved.

Definitions

• Insurance
• LUTCF
• CLTC
• Gerontology
• NAIFA

Insurance
Understanding the Principle

Insurance pays for a loss that lies in the future. Hence, at the time an insurance contract is concluded, the need for that insurance has been established. But what is not known is when that need will occur, or if it will occur at all. There lies the risk. The risk that the money paid out on the insurance contract will not be recovered or the insurance will not legally comply with the needs, or both. A well-known example would be where someone rushes out to purchase property insurance while his or her home is on fire.

Here, we can see the importance of the fiduciary relationship between the agent, and the agent's client; and the insurer. This fiduciary relationship is fundamental to the necessity of establishing the agent as a person who stands in that special relationship of trust, confidence, and responsibility; the Fiduciary.

LUTCF
Fellow of the Life Underwriter Training Council

This is approximately a two-year series of classes in insurance marketing. (It should be noted that such work as financial planning and financial consulting are not included here. Such designations reflect specialized programs). The content of the courses is planned for active insurance agents and includes intensive classroom work and real field experience. Blending course studies with an active insurance career calls for a slow and steady pace to satisfactorily complete all requirements without falling behind in the intensely competitive world of insurance sales. It is possible to advance one's sophistication and know-how through conscientious studying, and the extent to which this is true is dependent upon the extent to which student insurance agents apply themselves. In my own case, I took the entire series of classes very seriously and I can comfortably state that I am light-years ahead of where I might have been without all that I was taught and retained. I taught these marketing classes for roughly five years, I was LUTC Chairman in 1987, 1988 and I have many complimentary testimonial letters from my insurance agent students.

CLTC
The Corporation For Long-Term Care Certification

The CLTC designation stands as a benchmark in organizing the inter-relationship among the significant factors that must be considered when working professionally in long term care, all to the immense benefit of prospective purchasers of long term care insurance. (It should be noted that such work as financial planning and financial consulting are not included here. Their designations reflect specialized programs). These factors include (but are not limited to) familiarity with applicable State and Federal Laws, the impact of applicable taxes on receipt of benefits and payment of premiums, the applicability of plans to each individual's contemplated future needs, and underwriting policies which may differ from one carrier to another. The course is intensive and accompanied by an approximately six-hour examination. Prospective purchasers of long-term care insurance can have confidence that the CLTC agent they are working with has had a good grounding in the subject.

Gerontology

Gerontology applies to the social, biological, and psychological considerations involved in aging, and applying this knowledge to policies and programs. Incidentally, use of the word geriatric is inappropriate in the field of gerontology, as geriatric applies to medical studies. Applied gerontologists work directly with older persons. They may provide their services to people in both nursing and assisted living facilities. Administratively, gerontologists may call upon their training to develop programs and coordinate services that are necessary for services to function smoothly and more effectively. Gerontologists are responsible for advancing the broader causes of older people.

NAIFA
National Association of Insurance and Financial Advisors

NAIFA, the nation’s largest financial services membership association (originally named The National Association of Life Underwriters) was founded in 1890. The National Association of Insurance and Financial Advisors protects and promotes the critical role of insurance in a sound financial plan and the essential role provided by our professional agents and advisors. The mission of NAIFA is to advocate for a positive legislative and regulatory environment, enhance business and professional skills, and promote the ethical conduct of our members.