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Life

Provider
Pearson VUE
Format
Computer-administered written examination
Exam questions
80 scored questions and 10 pretest questions: 50 scored plus 5 pretest general knowledge; 30 scored plus 5 pretest District-specific
Time limit
2 hours
Passing score
70 minimum score
Examination outline
  • Life General Knowledge — I. TYPES OF POLICIES (15 scored questions)
    • Traditional whole life products
    • Traditional whole life products / Ordinary whole life
    • Traditional whole life products / Limited-pay and single-premium life
    • Interest/market-sensitive/adjustable life products
    • Interest/market-sensitive/adjustable life products / Universal life
    • Interest/market-sensitive/adjustable life products / Variable whole life
    • Interest/market-sensitive/adjustable life products / Variable universal life
    • Interest/market-sensitive/adjustable life products / Interest-sensitive whole life
    • Interest/market-sensitive/adjustable life products / Indexed life
    • Term life
    • Term life / Types
    • Term life / Types / Level
    • Term life / Types / Decreasing
    • Term life / Types / Return of premium
    • Term life / Types / Annually renewable
    • Term life / Special features
    • Term life / Special features / Renewable
    • Term life / Special features / Convertible
    • Annuities
    • Annuities / Single and flexible premium
    • Annuities / Immediate and deferred
    • Annuities / Fixed and variable
    • Annuities / Indexed
    • Annuities / Accumulation and Annuity Periods
    • Annuities / Payout options
    • Combination plans and variations
    • Combination plans and variations / Joint life (first to die)
    • Combination plans and variations / Survivorship life (second to die)
  • Life General Knowledge — II. POLICY RIDERS, PROVISIONS, OPTIONS, AND EXCLUSIONS (15 scored questions)
    • Policy riders
    • Policy riders / Waiver of premium and waiver of monthly deduction
    • Policy riders / Guaranteed insurability
    • Policy riders / Payor benefit
    • Policy riders / Accidental death and/or accidental death and dismemberment
    • Policy riders / Term riders
    • Policy riders / Other insureds
    • Policy riders / Long term care
    • Policy riders / Return of premium
    • Policy riders / Disability
    • Policy riders / Cost of Living
    • Policy provisions and options
    • Policy provisions and options / Entire contract
    • Policy provisions and options / Insuring clause
    • Policy provisions and options / Free look
    • Policy provisions and options / Consideration
    • Policy provisions and options / Owner’s rights
    • Policy provisions and options / Beneficiary designations
    • Policy provisions and options / Beneficiary designations / Primary and contingent
    • Policy provisions and options / Beneficiary designations / Revocable and irrevocable
    • Policy provisions and options / Beneficiary designations / Common disaster
    • Policy provisions and options / Beneficiary designations / Minor beneficiaries
    • Policy provisions and options / Beneficiary designations / Designation by class
    • Policy provisions and options / Premium Payment
    • Policy provisions and options / Premium Payment / Modes
    • Policy provisions and options / Premium Payment / Grace period
    • Policy provisions and options / Premium Payment / Automatic premium loan
    • Policy provisions and options / Premium Payment / Level or flexible
    • Policy provisions and options / Reinstatement
    • Policy provisions and options / Policy loans, withdrawals, partial surrenders
    • Policy provisions and options / Non-forfeiture options
    • Policy provisions and options / Dividends and dividend options (e.g. participating, non-participating)
    • Policy provisions and options / Incontestability
    • Policy provisions and options / Assignments
    • Policy provisions and options / Suicide
    • Policy provisions and options / Misstatement of age and gender
    • Policy provisions and options / Settlement options
    • Policy provisions and options / Accelerated death benefits
    • Policy exclusions
    • Policy exclusions / War
    • Policy exclusions / Aviation
    • Policy exclusions / Dangerous Occupation
  • Life General Knowledge — III. COMPLETING THE APPLICATION, UNDERWRITING, AND DELIVERING THE POLICES (12 scored questions)
    • Completing the application
    • Completing the application / Required signatures
    • Completing the application / Changes in the application
    • Completing the application / Consequences of incomplete applications
    • Completing the application / Warranties and representations
    • Completing the application / Collecting the initial premium and issuing the receipt
    • Completing the application / Replacement
    • Completing the application / Disclosures at point of sale (e.g., HIPAA, HIV consent)
    • Completing the application / USA PATRIOT Act/anti-money laundering
    • Completing the application / Gramm-Leach-Bliley Act (GLBA) Privacy
    • Underwriting
    • Underwriting / Insurable interest
    • Underwriting / Medical information and consumer reports
    • Underwriting / Fair Credit Reporting Act
    • Underwriting / Risk classification
    • Underwriting / Stranger/Investor-owned life insurance (STOLI/IOLI)
    • Delivering the policy
    • Delivering the policy / When coverage begins
    • Delivering the policy / Explaining the policy and its provisions, riders, exclusions, and ratings to the client
    • Contract law
    • Contract law / Elements of a contract
    • Contract law / Elements of a contract / Consideration
    • Contract law / Elements of a contract / Offer and Acceptance
    • Contract law / Elements of a contract / Competent parties
    • Contract law / Elements of a contract / Legal purpose
    • Contract law / Unique aspects of the insurance contract
    • Contract law / Unique aspects of the insurance contract / Conditional
    • Contract law / Unique aspects of the insurance contract / Unilateral
    • Contract law / Unique aspects of the insurance contract / Adhesion
    • Contract law / Unique aspects of the insurance contract / Aleatory
  • Life General Knowledge — IV. RETIREMENT AND OTHER INSURANCE CONCEPTS (8 scored questions)
    • Third-party ownership
    • Life Settlements
    • Group life insurance
    • Group life insurance / Conversion privilege
    • Group life insurance / Contributory vs. noncontributory
    • Retirement plans
    • Retirement plans / Qualified plans
    • Retirement plans / Nonqualified plans
    • Life insurance needs analysis/suitability
    • Life insurance needs analysis/suitability / Personal insurance needs
    • Life insurance needs analysis/suitability / Business insurance needs
    • Life insurance needs analysis/suitability / Business insurance needs / Key person
    • Life insurance needs analysis/suitability / Business insurance needs / Buy sell
    • Social Security benefits
    • Tax treatment of insurance premiums, proceeds, and dividends
    • Tax treatment of insurance premiums, proceeds, and dividends / Individual life
    • Tax treatment of insurance premiums, proceeds, and dividends / Group life
    • Tax treatment of insurance premiums, proceeds, and dividends / Modified Endowment Contracts (MECs)
  • Life District of Columbia Specific — I. DISTRICT OF COLUMBIA LAWS, RULES, AND REGULATIONS COMMON TO LIFE, ACCIDENT AND HEALTH, PROPERTY, AND CASUALTY INSURANCE (20 scored questions)
    • Commissioner of Insurance, Securities and Banking
    • Commissioner of Insurance, Securities and Banking / Broad Powers & Duties
    • Commissioner of Insurance, Securities and Banking / Examination of Records
    • Commissioner of Insurance, Securities and Banking / Notice of Hearings
    • General Insurance Definitions
    • General Insurance Definitions / Domestic, Foreign, Alien
    • General Insurance Definitions / Stock & Mutual Companies
    • General Insurance Definitions / Certificate of Authority
    • Licensing Requirements
    • Licensing Requirements / Producer
    • Licensing Requirements / License denial, nonrenewal, suspension or revocation
    • Licensing Requirements / Appointments
    • Licensing Requirements / Commissions
    • Licensing Requirements / Reporting of actions
    • Licensing Requirements / License Renewal
    • Unfair Trade Practices
    • Unfair Trade Practices / False Advertising
    • Unfair Trade Practices / Rebating
    • Unfair Trade Practices / Misrepresentation
    • Unfair Trade Practices / Defamation
    • Unfair Trade Practices / Discrimination
    • Unfair Trade Practices / Twisting
    • Unfair Trade Practices / Penalties
    • Unfair Trade Practices / Claims
    • Fiduciary Capacity of Licensee
    • AIDS Law
    • Insurance Guaranty Associations
  • Life District of Columbia Specific — II. DISTICT OF COLUMBIA LAWS, RULES, AND REGULATIONS PERTINENT TO LIFE INSURANCE ONLY (10 scored questions)
    • Required Provisions
    • Required Provisions / Grace Period
    • Required Provisions / Reinstatement
    • Other Provisions
    • Other Provisions / Policy Loan
    • Other Provisions / Benefits Protected from Creditors
    • Group Life
    • Group Life / Termination Rights
    • Annuities
    • Annuities / Variable Annuities
    • Variable Life
    • Credit Life
    • Standard Nonforfeiture Law
Examination sources

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