Life Producer — Information & Free Practice

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Life Producer

Examination outline

Life — General Knowledge / I. TYPES OF POLICIES
- A. Traditional whole life products
- A. Traditional whole life products / 1. Ordinary whole life
- A. Traditional whole life products / 2. Limited-pay and single-premium life
- B. Interest/market-sensitive/adjustable life products
- B. Interest/market-sensitive/adjustable life products / 1. Universal life
- B. Interest/market-sensitive/adjustable life products / 2. Variable whole life
- B. Interest/market-sensitive/adjustable life products / 3. Variable universal life
- B. Interest/market-sensitive/adjustable life products / 4. Interest-sensitive whole life
- B. Interest/market-sensitive/adjustable life products / 5. Indexed life
- C. Term life
- C. Term life / 1. Types
- C. Term life / 1. Types / a. Level
- C. Term life / 1. Types / b. Decreasing
- C. Term life / 1. Types / c. Return of premium
- C. Term life / 1. Types / d. Annually renewable
- C. Term life / 2. Special features
- C. Term life / 2. Special features / a. Renewable
- C. Term life / 2. Special features / b. Convertible
- D. Annuities
- D. Annuities / 1. Single and flexible premium
- D. Annuities / 2. Immediate and deferred
- D. Annuities / 3. Fixed and variable
- D. Annuities / 4. Indexed
- D. Annuities / 5. Accumulation and Annuity Periods
- D. Annuities / 6. Payout options
- E. Combination plans and variations
- E. Combination plans and variations / 1. Joint life (first to die)
- E. Combination plans and variations / 2. Survivorship life (second to die)
Life — General Knowledge / II. POLICY PROVISIONS, RIDERS, OPTIONS, AND EXCLUSIONS
- A. Policy riders
- A. Policy riders / 1. Waiver of premium and waiver of monthly deduction
- A. Policy riders / 2. Guaranteed insurability
- A. Policy riders / 3. Payor benefit
- A. Policy riders / 4. Accidental death and/or accidental death and dismemberment
- A. Policy riders / 5. Term riders
- A. Policy riders / 6. Other insureds
- A. Policy riders / 7. Long term care
- A. Policy riders / 8. Return of premium
- A. Policy riders / 9. Disability
- A. Policy riders / 10. Cost of Living
- B. Policy provisions and options
- B. Policy provisions and options / 1. Entire contract
- B. Policy provisions and options / 2. Insuring clause
- B. Policy provisions and options / 3. Free look
- B. Policy provisions and options / 4. Consideration
- B. Policy provisions and options / 5. Owner’s rights
- B. Policy provisions and options / 6. Beneficiary designations
- B. Policy provisions and options / 6. Beneficiary designations / a. Primary and contingent
- B. Policy provisions and options / 6. Beneficiary designations / b. Revocable and irrevocable
- B. Policy provisions and options / 6. Beneficiary designations / c. Common disaster
- B. Policy provisions and options / 6. Beneficiary designations / d. Minor beneficiaries
- B. Policy provisions and options / 6. Beneficiary designations / e. Designation by class
- B. Policy provisions and options / 7. Premium Payment
- B. Policy provisions and options / 7. Premium Payment / a. Modes
- B. Policy provisions and options / 7. Premium Payment / b. Grace period
- B. Policy provisions and options / 7. Premium Payment / c. Automatic premium loan
- B. Policy provisions and options / 7. Premium Payment / d. Level or flexible
- B. Policy provisions and options / 8. Reinstatement
- B. Policy provisions and options / 9. Policy loans, withdrawals, partial surrenders
- B. Policy provisions and options / 10. Non-forfeiture options
- B. Policy provisions and options / 11. Dividends and dividend options (eg. participating, non-participating)
- B. Policy provisions and options / 12. Incontestability
- B. Policy provisions and options / 13. Assignments
- B. Policy provisions and options / 14. Suicide
- B. Policy provisions and options / 15. Misstatement of age and gender
- B. Policy provisions and options / 16. Settlement options
- B. Policy provisions and options / 17. Accelerated death benefits
- C. Policy exclusions
- C. Policy exclusions / 1. War
- C. Policy exclusions / 2. Aviation
- C. Policy exclusions / 3. Dangerous Occupation
Life — General Knowledge / III. COMPLETING THE APPLICATION, UNDERWRITING, AND DELIVERING THE POLICY
- A. Completing the application
- A. Completing the application / 1. Required signatures
- A. Completing the application / 2. Changes in the application
- A. Completing the application / 3. Consequences of incomplete applications
- A. Completing the application / 4. Warranties and representations
- A. Completing the application / 5. Collecting the initial premium and issuing the receipt
- A. Completing the application / 6. Replacement
- A. Completing the application / 7. Disclosures at point of sale (e.g., HIPAA, HIV consent)
- A. Completing the application / 8. USA PATRIOT Act/anti-money laundering
- A. Completing the application / 9. Gramm-Leach-Bliley Act (GLBA) Privacy
- B. Underwriting
- B. Underwriting / 1. Insurable interest
- B. Underwriting / 2. Medical information and consumer reports
- B. Underwriting / 3. Fair Credit Reporting Act
- B. Underwriting / 4. Risk classification
- B. Underwriting / 5. Stranger/Investor-owned life insurance (STOLI/IOLI)
- C. Delivering the policy
- C. Delivering the policy / 1. When coverage begins
- C. Delivering the policy / 2. Explaining the policy and its provisions, riders, exclusions, and ratings to the client
- D. Contract law
- D. Contract law / 1. Elements of a contract
- D. Contract law / 1. Elements of a contract / a. Consideration
- D. Contract law / 1. Elements of a contract / b. Offer and Acceptance
- D. Contract law / 1. Elements of a contract / c. Competent parties
- D. Contract law / 1. Elements of a contract / d. Legal purpose
- D. Contract law / 2. Unique aspects of the insurance contract
- D. Contract law / 2. Unique aspects of the insurance contract / a. Conditional
- D. Contract law / 2. Unique aspects of the insurance contract / b. Unilateral
- D. Contract law / 2. Unique aspects of the insurance contract / c. Adhesion
- D. Contract law / 2. Unique aspects of the insurance contract / d. Aleatory
Life — General Knowledge / IV. RETIREMENT AND OTHER INSURANCE CONCEPTS
- A. Third-party ownership
- B. Life Settlements
- C. Group life insurance
- C. Group life insurance / 1. Conversion privilege
- C. Group life insurance / 2. Contributory vs. noncontributory
- D. Retirement plans
- D. Retirement plans / 1. Qualified plans
- D. Retirement plans / 2. Nonqualified plans
- E. Life insurance needs analysis/suitability
- E. Life insurance needs analysis/suitability / 1. Personal insurance needs
- E. Life insurance needs analysis/suitability / 2. Business insurance needs
- E. Life insurance needs analysis/suitability / 2. Business insurance needs / a. Key person
- E. Life insurance needs analysis/suitability / 2. Business insurance needs / b. Buy sell
- F. Social Security benefits
- G. Tax treatment of insurance premiums, proceeds, and dividends
- G. Tax treatment of insurance premiums, proceeds, and dividends / 1. Individual life
- G. Tax treatment of insurance premiums, proceeds, and dividends / 2. Group life
- G. Tax treatment of insurance premiums, proceeds, and dividends / 3. Modified Endowment Contracts (MECs)
Life — Maine Laws and Rules / I. MAINE LAWS AND RULES COMMON TO LIFE, ACCIDENT, AND HEALTH INSURANCE
- A. Superintendent of Insurance
- A. Superintendent of Insurance / 1. Broad powers
- A. Superintendent of Insurance / 2. Notice and hearing
- B. Definitions
- B. Definitions / 1. Authorized, unauthorized, and certificate of authority
- B. Definitions / 2. Domestic, foreign, and alien
- B. Definitions / 3. Stock and mutual
- B. Definitions / 4. Transacting insurance
- B. Definitions / 5. Maine Life and Health Insurance Guaranty Association
- C. Licensing requirements and limitations
- C. Licensing requirements and limitations / 1. Types of licenses
- C. Licensing requirements and limitations / 1. Types of licenses / a. Producer
- C. Licensing requirements and limitations / 1. Types of licenses / b. Consultant
- C. Licensing requirements and limitations / 1. Types of licenses / c. Temporary
- C. Licensing requirements and limitations / 1. Types of licenses / d. Nonresident
- C. Licensing requirements and limitations / 1. Types of licenses / e. Limited
- C. Licensing requirements and limitations / 1. Types of licenses / f. Adjuster
- C. Licensing requirements and limitations / 1. Types of licenses / g. Business entity
- C. Licensing requirements and limitations / 2. Exemptions/exceptions
- C. Licensing requirements and limitations / 3. Appointment
- C. Licensing requirements and limitations / 4. License refusal, termination, expiration, revocation, suspension, and nonrenewal
- C. Licensing requirements and limitations / 5. Educational Requirements
- D. Marketing practices
- D. Marketing practices / 1. Unfair practices
- D. Marketing practices / 1. Unfair practices / a. Claims methods and practices
- D. Marketing practices / 1. Unfair practices / b. Excess charges
- D. Marketing practices / 1. Unfair practices / c. Rebating
- D. Marketing practices / 1. Unfair practices / d. Twisting
- D. Marketing practices / 1. Unfair practices / e. Misrepresentation
- D. Marketing practices / 1. Unfair practices / f. Defamation
- D. Marketing practices / 1. Unfair practices / g. False information and advertising
- D. Marketing practices / 1. Unfair practices / h. Penalties
- D. Marketing practices / 1. Unfair practices / i. Fraud
- D. Marketing practices / 1. Unfair practices / j. Cross-selling/Unfair solicitation methods
- D. Marketing practices / 2. Producer responsibilities
- D. Marketing practices / 3. Compensation of licensees
- D. Marketing practices / 4. Privacy
- E. Third-party notice of cancellation and reinstatement
Life — Maine Laws and Rules / II. MAINE LAWS AND RULES PERTINENT TO LIFE INSURANCE ONLY
- A. Solicitation and cost disclosure
- A. Solicitation and cost disclosure / 1. Buyer’s guide
- A. Solicitation and cost disclosure / 2. Policy summary
- A. Solicitation and cost disclosure / 2. Policy summary / a. Dividends
- A. Solicitation and cost disclosure / 2. Policy summary / b. Cost index
- A. Solicitation and cost disclosure / 3. Illustrations
- B. AIDS testing requirements
- C. Changes in the application
- D. Policy provisions
- E. Viatical and life settlements
- F. Suitability and replacement

Examination sources

pearson-122000.pdf
Content outlines, page 16, edition effective date
pearson-122000.pdf
Available Exams and Fees, outline identity 12-ME-41
pearson-122000.pdf
Content outlines, PDF page 16, examination caption
pearson-122000.pdf
Content outlines, PDF page 17, examination caption
pearson-122000.pdf
Preparing for the Examination, complete content outlines
pearson-122000.pdf
Content outlines, PDF page 16, left column, section heading line 12
pearson-122000.pdf
Content outlines, PDF page 16, right column, section heading line 31
pearson-122000.pdf
Content outlines, PDF page 16, left column, section heading line 49
pearson-122000.pdf
Content outlines, PDF page 17, left column, section heading line 9
pearson-122000.pdf
Content outlines, PDF page 17, left column, section heading line 43
pearson-122000.pdf
Content outlines, PDF page 17, right column, section heading line 44
pearson-122000.pdf
Score Explanation, Scaled Score
title24a-ch16.pdf
24-A M.R.S. §1420-D(1), written examination
pearson-122000.pdf
Available Exams and Fees, 12-ME-41
pearson-122000.pdf
General information, reservation by examination code