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Life Producer — Information & Free Practice

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Life Producer

Provider
Pearson VUE
Format
Multiple choice; test center or OnVUE
Exam questions
60 scored plus 10 pretest questions
Time limit
120 minutes
Passing score
65%
Exam fee
$50
Examination outline
  • 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)
  • II. POLICY RIDERS, PROVISIONS, 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. Beneficia`ry designations
    • B. Policy provisions and options / 6. Beneficia`ry designations / a. Primary and contingent
    • B. Policy provisions and options / 6. Beneficia`ry designations / b. Revocable and irrevocable
    • B. Policy provisions and options / 6. Beneficia`ry designations / c. Common disaster
    • B. Policy provisions and options / 6. Beneficia`ry designations / d. Minor beneficiaries
    • B. Policy provisions and options / 6. Beneficia`ry 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 (e.g. 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
  • III. COMPLETING THE APPLICATION, UNDERWRITING, AND DELIVERING THE POLICIES
    • 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 legal contract
    • D. Contract law / 1. Elements of a legal contract / a. Consideration
    • D. Contract law / 1. Elements of a legal contract / b. Offer and Acceptance
    • D. Contract law / 1. Elements of a legal contract / c. Competent parties
    • D. Contract law / 1. Elements of a legal 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
  • 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)
  • V. Mississippi Life Insurance Laws
    • A. Commissioner
    • A. Commissioner / 1. Broad Powers
    • A. Commissioner / 2. Examination of Records
    • A. Commissioner / 3. Notice of hearing
    • A. Commissioner / 4. Penalties
    • A. Commissioner / 5. Unlicensed activities
    • B. Terms and concepts
    • B. Terms and concepts / 1. Insurance
    • B. Terms and concepts / 2. Insurer
    • B. Terms and concepts / 3. Insurance transaction
    • B. Terms and concepts / 4. Authorized/unauthorized; Certificate of Authority
    • B. Terms and concepts / 5. Domestic, foreign and alien
    • B. Terms and concepts / 6. Mississippi Life and Health Insurance Guaranty Association
    • B. Terms and concepts / 7. Fraternals
    • C. Licensing
    • C. Licensing / 1. Persons required to be licensed
    • C. Licensing / 1. Persons required to be licensed / a. Insurance Producer
    • C. Licensing / 1. Persons required to be licensed / b. Insurance Adjuster
    • C. Licensing / 1. Persons required to be licensed / c. Resident/non-resident
    • C. Licensing / 1. Persons required to be licensed / d. Exemptions
    • C. Licensing / 2. Appointments/Termination of Appointments
    • C. Licensing / 3. Penalties for noncompliance
    • C. Licensing / 3. Penalties for noncompliance / a. Refusal/nonrenewal
    • C. Licensing / 3. Penalties for noncompliance / b. Suspension/revocation
    • C. Licensing / 3. Penalties for noncompliance / c. Fines
    • C. Licensing / 4. Maintenance and duration of license
    • C. Licensing / 4. Maintenance and duration of license / a. Renewal
    • C. Licensing / 4. Maintenance and duration of license / b. Continuing Education
    • C. Licensing / 4. Maintenance and duration of license / c. Notify Commissioner of Change in Address
    • C. Licensing / 4. Maintenance and duration of license / d. Report Administrative or Criminal Action
    • D. Marketing Practices
    • D. Marketing Practices / 1. Protection of public interest
    • D. Marketing Practices / 2. Unfair Practices
    • D. Marketing Practices / 2. Unfair Practices / a. Unfair claims methods and trade practices
    • D. Marketing Practices / 2. Unfair Practices / b. Producer’s Compensation Disclosure
    • D. Marketing Practices / 2. Unfair Practices / c. Rebating/illegal dealing in premiums
    • D. Marketing Practices / 2. Unfair Practices / d. Illegal inducements
    • D. Marketing Practices / 2. Unfair Practices / e. Twisting
    • D. Marketing Practices / 2. Unfair Practices / f. Misrepresentation
    • D. Marketing Practices / 2. Unfair Practices / g. Defamation of Insurer
    • D. Marketing Practices / 2. Unfair Practices / h. Discrimination
    • D. Marketing Practices / 2. Unfair Practices / i. Cease and desist
    • D. Marketing Practices / 2. Unfair Practices / j. Advertising
    • D. Marketing Practices / 2. Unfair Practices / k. Fraud
    • D. Marketing Practices / 3. Producer responsibilities
    • D. Marketing Practices / 3. Producer responsibilities / a. Policy delivery
    • D. Marketing Practices / 3. Producer responsibilities / b. Premium accountability (e.g. fiduciary responsibility, comingling)
    • D. Marketing Practices / 3. Producer responsibilities / c. Reply to Commissioner
    • D. Marketing Practices / 4. Compensation
    • D. Marketing Practices / 4. Compensation / a. Receiving compensation
    • D. Marketing Practices / 4. Compensation / b. Referral Fee
    • D. Marketing Practices / 4. Compensation / c. Controlled Business
    • D. Marketing Practices / 5. Life Policy Replacements and Disclosures
    • D. Marketing Practices / 5. Life Policy Replacements and Disclosures / a. Purpose
    • D. Marketing Practices / 5. Life Policy Replacements and Disclosures / b. Definition
    • D. Marketing Practices / 5. Life Policy Replacements and Disclosures / c. Duty of Producer
Examination sources