Assignment of Benefits Explained
The purpose of this course is to better equip you in your professional activities as an Insurance Agent or Insurance Adjuster.
Signing an Assignment of Benefits (AOB) can be helpful with navigating the claims process, but if misused, it can lead to harmful consequences for the insured. For example, the insured has a pipe leak in their home that caused water damage. If they called a restoration company to make repairs and sign an AOB that transfers their insurance rights to the third-party company, the third-party company can file a claim on their behalf and be paid directly. In essence the insured no longer has control over what is submitted for payment, or how payment is paid. This course explains what an AOB is, what should be included in an AOB, what an insured should be aware of, and gives an overview of changes to legislation pertaining to AOBs that came about in 2019.
This course makes a few assumptions about you the student:
- You are a currently licensed Insurance Agent or Adjuster.
- You are interested in additional information and processes in your presentation to and education of current and potential customers.
- You are interested in additional information and processes in the training of your office staff.
This two hour course concludes with a Key Takeaway section; these are important and are the basis of the Module Quiz and Final Exam.
- Assignment of Benefits Overview
- Assignment of Benefits Concerns
- Signing an AOB
- Assignment of Benefits “Working-Definitions”