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DE Life Producer — Information & Free Practice

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DE Life Producer

Provider
Pearson VUE
Format
Computer examination with general-knowledge and state-statutes/regulations portions; both portions must be passed within one year.
Exam questions
50 scored general-knowledge questions and 40 scored state questions, plus unscored pretest questions. The general pretest count differs between the outline (5) and available-examinations table (10).
Time limit
General portion: 1 hour 15 minutes; state portion: 1 hour
Exam fee
$90 per examination
Examination outline
  • General knowledge I. Types of Policies
    • A. Traditional whole life products
    • A.1. Ordinary whole life
    • A.2. Limited-pay and single-premium life
    • B. Interest/market-sensitive/adjustable life products
    • B.1. Universal life
    • B.2. Variable whole life
    • B.3. Variable universal life
    • B.4. Interest-sensitive whole life
    • B.5. Indexed life
    • C. Term life
    • C.1. Types
    • C.1.a. Level
    • C.1.b. Decreasing
    • C.1.c. Return of premium
    • C.1.d. Annually renewable
    • C.2. Special features
    • C.2.a. Renewable
    • C.2.b. Convertible
    • D. Annuities
    • D.1. Single and flexible premium
    • D.2. Immediate and deferred
    • D.3. Fixed and variable
    • D.4. Indexed
    • D.5. Accumulation and Annuity Periods
    • D.6. Payout options
    • E. Combination plans and variations
    • E.1. Joint life (first to die)
    • E.2. Survivorship life (second to die)
  • General knowledge II. Life Provisions, Riders, Options, and Exclusions
    • A. Policy riders
    • A.1. Waiver of premium and waiver of monthly deduction
    • A.2. Guaranteed insurability
    • A.3. Payor benefit
    • A.4. Accidental death and/or accidental death and dismemberment
    • A.5. Term riders
    • A.6. Other insureds
    • A.7. Long term care
    • A.8. Return of premium
    • A.9. Disability
    • A.10. Cost of Living
    • B. Policy provisions and options
    • B.1. Entire contract
    • B.2. Insuring clause
    • B.3. Free look
    • B.4. Consideration
    • B.5. Owner's rights
    • B.6. Beneficiary designations
    • B.6.a. Primary and contingent
    • B.6.b. Revocable and irrevocable
    • B.6.c. Common disaster
    • B.6.d. Minor beneficiaries
    • B.6.e. Designation by class
    • B.7. Premium Payment
    • B.7.a. Modes
    • B.7.b. Grace period
    • B.7.c. Automatic premium loan
    • B.7.d. Level or flexible
    • B.8. Reinstatement
    • B.9. Policy loans, withdrawals, partial surrenders
    • B.10. Non-forfeiture options
    • B.11. Dividends and dividend options (e.g., participating, non-participating)
    • B.12. Incontestability
    • B.13. Assignments
    • B.14. Suicide
    • B.15. Misstatement of age or gender
    • B.16. Settlement options
    • B.17. Accelerated death benefits
    • C. Policy exclusions
    • C.1. War
    • C.2. Aviation
    • C.3. Dangerous Occupation
  • General knowledge III. Completing the Application, Underwriting, and Delivering the Policy
    • A. Completing the application
    • A.1. Required signatures
    • A.2. Changes in the application
    • A.3. Consequences of incomplete applications
    • A.4. Warranties and representations
    • A.5. Collecting the initial premium and issuing the receipt
    • A.6. Replacement
    • A.7. Disclosures at point of sale (e.g. HIPAA, HIV consent)
    • A.8. USA PATRIOT Act/anti-money laundering
    • A.9. Gramm-Leach-Bliley Act (GLBA) Privacy
    • B. Underwriting
    • B.1. Insurable interest
    • B.2. Medical information and consumer reports
    • B.3. Fair Credit Reporting Act
    • B.4. Risk classification
    • B.5. Stranger/Investor-owned life insurance (STOLI/IOLI)
    • C. Delivering the policy
    • C.1. When coverage begins
    • C.2. Explaining the policy and its provisions, riders, exclusions, and ratings to the client
    • D. Contract law
    • D.1. Elements of a legal contract
    • D.1.a. Consideration
    • D.1.b. Offer and Acceptance
    • D.1.c. Competent parties
    • D.1.d. Legal purpose
    • D.2. Unique aspects of the insurance contract
    • D.2.a. Conditional
    • D.2.b. Unilateral
    • D.2.c. Adhesion
    • D.2.d. Aleatory
  • General knowledge IV. Retirement and Other Insurance Concepts
    • A. Third-party ownership
    • B. Life Settlements
    • C. Group life insurance
    • C.1. Conversion privilege
    • C.2. Contributory vs. noncontributory
    • D. Retirement plans
    • D.1. Qualified plans
    • D.2. Nonqualified plans
    • E. Life insurance needs analysis/suitability
    • E.1. Personal insurance needs
    • E.2. Business insurance needs
    • E.2.a. Key person
    • E.2.b. Buy sell
    • F. Social Security benefits
    • G. Tax treatment of insurance premiums, proceeds, and dividends
    • G.1. Individual life
    • G.2. Group life
    • G.3. Modified Endowment Contracts (MECs)
  • State specific I. Delaware Statutes, Regulations, and Bulletins Pertinent to Life, Accident and Health, Property and Casualty Insurance
    • A. License Regulations
    • A.1. Persons required to be licensed and responsibilities
    • A.1.a. Producer/Agent
    • A.1.b. Producer/Consultant
    • A.2. License requirements
    • A.2.a. Fees and application
    • A.2.b. Prerequisites
    • A.2.c. Written examinations and exemptions
    • A.2.d. Exemptions from licensing
    • A.2.e. Insurer's appointment
    • A.3. Authority
    • A.3.a. Definitions
    • A.3.b. License requirements
    • A.3.c. Lines of authority
    • A.3.d. Termination of appointment
    • A.4. Notice of address change
    • A.5. Continuing education
    • B. Marketing Practices
    • B.1. Duties of licensed personnel
    • B.2. Record keeping
    • B.3. Compensation of licensees
    • B.4. Termination, suspension, fines
    • C. Insurance Commissioner
    • C.1. Election and term
    • C.2. General powers and duties
    • C.3. Examination of insurers and producers
    • C.4. Hearings
    • C.5. Cease and desist orders and penalties
    • C.6. General penalties
  • State specific II. Delaware Statutes, Rules, Regulations, and Bulletins Common to Both Life and Health Insurance
    • A. Credit Life and Health
    • B. Life and Health Guaranty Association Act
  • State specific III. Delaware Statutes, Rules, Regulations, and Bulletins Pertinent to Life Insurance Only
    • A. Life insurance standard provisions
    • B. Annuity and endowment contracts standard provisions
    • C. Standard Nonforfeiture Law
    • D. Prohibited policies
    • E. Policy replacement
    • F. Life insurance solicitation
    • G. Group life insurance
    • G.1. Types of groups
    • G.2. Dependent coverage
    • G.3. Required provisions
    • G.4. Employee life insurance
  • State specific IV. Insurance Ethics
    • A. Definitions
    • A.1. Market Conduct
    • A.2. Authority
    • A.2.a. Express
    • A.2.b. Implied
    • A.2.c. Apparent
    • A.3. Agency versus individual licensee
    • A.4. Suitability
    • A.5. Ethical behavior and good moral standards
    • B. Market Conduct examination
    • C. Binding coverage
    • D. Disclosure letters and forms
    • E. Errors and Omissions insurance
    • F. Unfair practices
    • F.1. Twisting
    • F.2. Churning
    • F.3. Commingling
    • F.4. Misrepresentation
    • F.5. Defamation
    • F.6. Coercion and intimidation
    • F.7. Unfair discrimination
    • F.8. Rebating
    • F.9. Unfair claims settlement practices
    • F.10. Coercion of debtors
    • F.11. Publicized Founded Complaints
    • G. Insurance fraud and Fraud Prevention Bureau
    • H. Advertisement procedures
    • I. Privacy
    • J. Conflict of issues and producer's responsibilities
Examination sources

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