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New Hampshire Producer's Life Insurance — Information & Free Practice

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New Hampshire Producer's Life Insurance

Provider
PSI
Format
Computer-administered written examination
Exam questions
100 scored items, plus 5–10 possible unscored experimental questions
Time limit
2 Hours
Exam fee
$59
Examination outline
  • Insurance Regulation (12%)
    • Licensing
    • Licensing — Process (402-J:5, 6)
    • Licensing — Types of Licensees
    • Licensing — Types of Licensees — Producer (402-J:2, 14)
    • Licensing — Types of Licensees — Producer with appointment (402-J:14)
    • Licensing — Types of Licensees — Business entity (402-J:6)
    • Licensing — Types of Licensees — Financial institutions (406-C:1–19)
    • Licensing — Types of Licensees — Resident versus nonresident (402-J:8, 16)
    • Licensing — Types of Licensees — Temporary (402-J:11)
    • Licensing — Maintenance and Duration
    • Licensing — Maintenance and Duration — Renewal (402-J:7(II–IV))
    • Licensing — Maintenance and Duration — Change of address (402-J:7(VI))
    • Licensing — Maintenance and Duration — Reporting of actions (402-J:17)
    • Licensing — Maintenance and Duration — Assumed names (402-J:10)
    • Licensing — Maintenance and Duration — Continuing education requirements (Reg 1302.03, 1302.04, 1304.03)
    • Licensing — Disciplinary Actions
    • Licensing — Disciplinary Actions — Cease and desist order (417:12)
    • Licensing — Disciplinary Actions — Denial, suspension or revocation (402:49; 402-J:12)
    • Licensing — Disciplinary Actions — Penalties and fines (400-A:15(III); 402:42, 48; 402-J:12(IV); 417:10, 13)
    • State regulation
    • State regulation — Commissioner's general duties and powers (400-A:3, 15; 417:5, 14)
    • State regulation — Commissioner's general duties and powers (400-A:3, 15; 417:5, 14) — Investigations enforcement (400-A:16)
    • State regulation — Company regulation
    • State regulation — Company regulation — Producer appointment (402-J:14)
    • State regulation — Company regulation — Termination of appointment (402-J:15)
    • State regulation — Producer regulation
    • State regulation — Producer regulation — Acting without a license (402-J:3, 13)
    • State regulation — Producer regulation — Commissions (402-J:13)
    • State regulation — Producer regulation — Conversion of funds by producer (402:53)
    • State regulation — Producer regulation — Referrals (402:16-B)
    • State regulation — Producer regulation — Controlled business (402:74)
    • State regulation — Producer regulation — Fiduciary requirements (Reg 4301.01–4301.09)
    • State regulation — Producer regulation — License to transact business (402:12)
    • State regulation — Producer regulation — Unfair claim settlement practices (417:4(XV); Reg 1001.01–.11, Reg 1002.01–.20)
    • State regulation — Unfair insurance trade practices
    • State regulation — Unfair insurance trade practices — Misrepresentation (402:46; 417:4(I, II))
    • State regulation — Unfair insurance trade practices — Twisting (402:47; 417:4(I))
    • State regulation — Unfair insurance trade practices — False information and advertising (417:4(III))
    • State regulation — Unfair insurance trade practices — Defamation (417:4(IV))
    • State regulation — Unfair insurance trade practices — Boycott, coercion and intimidation (417:4(V))
    • State regulation — Unfair insurance trade practices — Illegal inducement (417:4(VII))
    • State regulation — Unfair insurance trade practices — Unfair discrimination (417:4(VIII))
    • State regulation — Unfair insurance trade practices — Rebating (402:39–41; 417:4(IX))
    • Examination of books and records (400-A:37)
    • Insurance fraud regulation (400-A:36-b(II); 417:23; RL 638:20)
    • Consumer privacy regulation (Reg 3001–3006)
  • Federal Laws and Regulations (3%)
    • Fair Credit Reporting Act - Purpose
    • 18 United States Code (USC) Sections 1033 and 1034 - Purpose (Letter of Written Consent)
    • National Do Not Call List
  • General Insurance Concepts (12%)
    • Risk
    • Risk — Methods of Handling Risk (Avoidance, Retention, Sharing, Reduction, Transfer)
    • Risk — Elements of Insurable Risks
    • Risk — Definitions (Risk, Hazard, Peril, Loss)
    • Classifications of Insurers
    • Classifications of Insurers — Mutual, Stock, Fraternal
    • Classifications of Insurers — Admitted, Non-Admitted
    • Classifications of Insurers — Foreign, Domestic, Alien
    • Elements of a Contract
    • Elements of a Contract — Consideration
    • Elements of a Contract — Competent Parties
    • Elements of a Contract — Legal Purpose
    • Elements of a Contract — Offer
    • Elements of a Contract — Acceptance
    • Authority and Powers of Producers
    • Authority and Powers of Producers — Express
    • Authority and Powers of Producers — Implied
    • Authority and Powers of Producers — Apparent
    • Authority and Powers of Producers — The Law of Agency
    • Legal Interpretations Affecting Contracts
    • Legal Interpretations Affecting Contracts — Reasonable Expectations - good faith
    • Legal Interpretations Affecting Contracts — Indemnity
    • Legal Interpretations Affecting Contracts — Good Faith
    • Legal Interpretations Affecting Contracts — Fraud
    • Legal Interpretations Affecting Contracts — Warranties, Representations, Misrepresentations, and Concealment
  • Life Insurance Basics (17%)
    • Insurable Interest
    • Personal Uses of Life Insurance
    • Personal Uses of Life Insurance — Survivor Protection
    • Personal Uses of Life Insurance — Liquidity
    • Determining Amount of Personal Life Insurance
    • Determining Amount of Personal Life Insurance — Human Life Value Approach
    • Determining Amount of Personal Life Insurance — Needs Approach
    • Business Uses of Life Insurance
    • Business Uses of Life Insurance — Buy-Sell Funding
    • Business Uses of Life Insurance — Key Person
    • Business Uses of Life Insurance — Executive Bonuses
    • Factors in Premium Determination
    • Factors in Premium Determination — Mortality
    • Factors in Premium Determination — Interest
    • Factors in Premium Determination — Expense
    • Premium Frequency
    • Field Underwriting
    • Field Underwriting — Application Procedures
    • Field Underwriting — Warranties and Representations
    • Policy Delivery
    • Policy Delivery — Effective Date of Coverage
    • Policy Delivery — Policy Review
    • Policy Delivery — Premium Collection
    • Policy Delivery — Statement of Good Health
    • Company Underwriting
    • Company Underwriting — Sources of Information
    • Company Underwriting — Classifications of Risk (Preferred, Standard, Substandard, Declined)
  • Types of Life Insurance Policies (16%)
    • Term Life Insurance
    • Term Life Insurance — Level
    • Term Life Insurance — Decreasing
    • Term Life Insurance — Increasing Term
    • Whole (Permanent, Ordinary) Life Insurance
    • Whole (Permanent, Ordinary) Life Insurance — Single Premium
    • Whole (Permanent, Ordinary) Life Insurance — Continuous Premium
    • Whole (Permanent, Ordinary) Life Insurance — Limited Payment
    • Whole (Permanent, Ordinary) Life Insurance — Adjustable Life
    • Universal Life
    • Variable Life
    • Variable Universal
    • Indexed Universal Life
    • Specialized Policies
    • Specialized Policies — Joint Life
    • Specialized Policies — Survivorship Life
    • Specialized Policies — Juvenile
    • Group Life Insurance
    • Group Life Insurance — Eligible Groups
    • Group Life Insurance — Characteristics of Group Life Insurance
  • Life Insurance Policy Provisions, Options, and Riders (24%)
    • Standard Life Insurance Provisions
    • Standard Life Insurance Provisions — Ownership
    • Standard Life Insurance Provisions — Assignment
    • Standard Life Insurance Provisions — Right to Examine (Free Look)
    • Standard Life Insurance Provisions — Payment of Premiums
    • Standard Life Insurance Provisions — Grace Period
    • Standard Life Insurance Provisions — Misstatement of Age/Sex
    • Standard Life Insurance Provisions — Incontestability
    • Standard Life Insurance Provisions — Reinstatement
    • Standard Life Insurance Provisions — Entire Contract
    • Beneficiary Designation Options
    • Beneficiary Designation Options — Individuals
    • Beneficiary Designation Options — Classes
    • Beneficiary Designation Options — Minors
    • Types of Beneficiaries
    • Types of Beneficiaries — Primary and Contingent
    • Beneficiary-Related Clauses
    • Beneficiary-Related Clauses — Common Disaster
    • Settlement Options
    • Settlement Options — Cash Payment (Lump Sum)
    • Settlement Options — Interest Only
    • Settlement Options — Life Income
    • Settlement Options — Fixed-Period
    • Settlement Options — Fixed-Amount Installments
    • Settlement Options — Joint
    • Settlement Options — Last Survivor
    • Nonforfeiture Options
    • Nonforfeiture Options — Cash Surrender Value
    • Nonforfeiture Options — Extended Term
    • Nonforfeiture Options — Reduced Paid-Up Insurance
    • Policy Loan and Withdrawal Options
    • Policy Loan and Withdrawal Options — Loans
    • Policy Loan and Withdrawal Options — Automatic Premium Loans
    • Policy Loan and Withdrawal Options — Withdrawals Partial Surrenders
    • Dividend Options
    • Dividend Options — Paid-Up Additions
    • Dividend Options — Cash Payment (Lump Sum)
    • Dividend Options — One Year Term
    • Dividend Options — Reduction of Premium
    • Dividend Options — Accumulation at Interest
    • Disability Riders
    • Disability Riders — Waiver of Premium
    • Disability Riders — Disability Income Benefit
    • Disability Riders — Payor Benefit Life
    • Riders Covering Additional Insureds
    • Riders Covering Additional Insureds — Spouse
    • Riders Covering Additional Insureds — Children
    • Riders Covering Additional Insureds — Family term rider
    • Riders Affecting Death Benefit Amount
    • Riders Affecting Death Benefit Amount — Accidental Death
    • Riders Affecting Death Benefit Amount — Guaranteed Insurability
    • Riders Affecting Death Benefit Amount — Cost of Living
    • Riders Affecting Death Benefit Amount — Return of Premium
    • Riders Affecting Death Benefit Amount — Accelerated (Living) Benefit Provision Rider
    • Riders Affecting Death Benefit Amount — Long-Term Care Rider
    • Policy Exclusions
  • Annuities (11%)
    • Annuity Principles and Concepts
    • Annuity Principles and Concepts — Accumulation Period versus Annuity Period
    • Annuity Principles and Concepts — Owner, Annuitant, and Beneficiary
    • Immediate versus Deferred Annuities
    • Annuity (Benefit) Payment Options
    • Annuity (Benefit) Payment Options — Life Contingency Options
    • Annuity (Benefit) Payment Options — Annuities Certain
    • Annuity (Benefit) Payment Options — Pure Life versus Life with Guaranteed Minimum
    • Annuity (Benefit) Payment Options — Single Life versus Multiple Life
    • Annuity Products
    • Annuity Products — Fixed Annuities
    • Annuity Products — Equity Indexed Annuities
    • Annuity Products — Variable Annuities
    • Uses of Annuities
    • Uses of Annuities — Lump-Sum Settlements
    • Uses of Annuities — Retirement Income
    • Uses of Annuities — Long-Term Care Rider
    • Uses of Annuities — Guaranteed Minimum Withdrawal Benefit (GMWB)
  • Federal Tax Considerations for Life Insurance (5%)
    • Taxation of Personal Life Insurance and Annuities
    • Taxation of Personal Life Insurance and Annuities — Premiums
    • Taxation of Personal Life Insurance and Annuities — Dividends
    • Taxation of Personal Life Insurance and Annuities — Settlements
    • Taxation of Personal Life Insurance and Annuities — Last In First Out (LIFO) and First In First Out (FIFO)
    • Taxation of Personal Life Insurance and Annuities — Surrenders and Withdrawals
    • Modified Endowment Contracts (MECs)
Examination sources