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Oregon Producer's Examination for Life Insurance — Information & Free Practice

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Oregon Producer's Examination for Life Insurance

Provider
PSI Services LLC
Format
Computer-administered written examination
Exam questions
100 questions; the bulletin permits five to ten additional unscored experimental questions
Time limit
Two-hour time limit
Passing score
70% correct
Exam fee
$45
Examination outline
  • Insurance Regulation (8%)
    • Licensing
    • Licensing / Purpose
    • Licensing / Process (ORS 744.058, .059, .062)
    • Licensing / Types of licensees
    • Licensing / Types of licensees / Producers (ORS 744.052, .053, 731.104)
    • Licensing / Types of licensees / Consultants (ORS 744.605, .609, .626; OAR 836-071-0150)
    • Licensing / Types of licensees / Adjusters (ORS 744.531)
    • Licensing / Types of licensees / Nonresidents (ORS 744.063)
    • Licensing / Types of licensees / Temporary (ORS 744.073)
    • Licensing / Maintenance and duration
    • Licensing / Maintenance and duration / Renewal and nonrenewal (ORS 744.072, .074) OAR 836-071-0146)
    • Licensing / Maintenance and duration / Continuing education requirements (ORS 744.072(4); OAR 836-071-0215 to 0250)
    • Licensing / Maintenance and duration / Reinstatement (ORS 744.018, .072(6))
    • Licensing / Maintenance and duration / Assumed business name (ORS 744.028(2),.068)
    • Licensing / Maintenance and duration / Change of address or telephone number (ORS 744.068)
    • Licensing / Maintenance and duration / Reporting of actions (ORS 744.089(1), (2); )
    • Licensing / Maintenance and duration / Suitability (OAR 836-080-0090; OAR 836-080-0170 to 0190)
    • Licensing / Maintenance and duration / Replacement (OAR 836-080-0001 to 0043)
    • Licensing / Disciplinary actions
    • Licensing / Disciplinary actions / Cease and desist orders (ORS 731.252)
    • Licensing / Disciplinary actions / License probation, suspension, revocation or refusal to issue or renew (ORS 744.074)
    • Licensing / Disciplinary actions / Civil penalty (ORS 731.988)
    • Licensing / Disciplinary actions / Criminal penalty (ORS 731.992)
    • State regulation
    • State regulation / Director's enforcement authority (ORS 731.256)
    • State regulation / Director's enforcement authority (ORS 731.256) / Director's inquiries (ORS 731.296)
    • State regulation / Company regulation
    • State regulation / Company regulation / Producer appointment (ORS 744.078)
    • State regulation / Company regulation / Termination of appointment (ORS 744.079, .081)
    • State regulation / Company regulation / Unfair claim settlement practices (ORS 746.230; OAR 836-080-0205 to 0250)
    • State regulation / Producer regulation
    • State regulation / Producer regulation / Fiduciary and trust account responsibilities (ORS 744.083; OAR 836-074-0020 to 0050)
    • State regulation / Producer regulation / Place of business/records maintenance (ORS 744.068)
    • State regulation / Producer regulation / Controlled business (ORS 746.065, .160)
    • State regulation / Producer regulation / Commissions (ORS 744.076, .077; OAR 836-071-0269–0277)
    • State regulation / Producer regulation / Fees (ORS 744.076, .077; OAR 836-071-0260 to 0277)
    • State regulation / Unfair trade practices
    • State regulation / Unfair trade practices / Misrepresentation (ORS 746.075, .100)
    • State regulation / Unfair trade practices / False advertising (ORS 746.110; OAR 836-080-0155)
    • State regulation / Unfair trade practices / Rebating (ORS 746.045)
    • State regulation / Unfair trade practices / Unfair discrimination (ORS 746.015; OAR 836-081-0005, 0010, 0020, 0030)
    • State regulation / Unfair trade practices / Illegal inducement (ORS 746.035)
    • State regulation / Examination of records (ORS 744.068(2, 3))
    • State regulation / Examination of records (ORS 744.068(2, 3)) / Privacy of Consumer Information (ORS 746.600, .620, .630, .665; OAR 836-080-0501 to 836-080-0551)
  • 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 (7%)
    • Risk
    • Risk / Definitions (e.g., risk, hazard, peril, loss)
    • Risk / Methods of handling risk (e.g., avoidance, retention, sharing, reduction, transfer)
    • Risk / Elements of insurable risks
    • Classifications of insurers
    • Classifications of insurers / Mutual, stock
    • Classifications of insurers / Admitted, non-admitted
    • Classifications of insurers / Foreign, domestic, alien
    • Authority and powers of producer
    • Authority and powers of producer / Express
    • Authority and powers of producer / Implied
    • Authority and powers of producer / Apparent
    • Authority and powers of producer / The Law of Agency
    • Elements of a contract
    • Elements of a contract / Offer
    • Elements of a contract / Acceptance
    • Elements of a contract / Consideration
    • Elements of a contract / Competent parties
    • Elements of a contract / Legal purpose
    • 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 / Warranties, representations, misrepresentations, and concealment
    • Legal interpretations affecting contracts / Fraud
  • Life Insurance Basics (20%)
    • Insurable interest (ORS 743.040, .038, .044 )
    • Personal uses of life insurance
    • Personal uses of life insurance / Survivor protection
    • Personal uses of life insurance / Liquidity
    • Life settlements (ORS 744.318., .321, .323, .326,.328; OAR 836-014-0200–0330)
    • Determining amount of personal life insurance
    • Human life value approach
    • Needs approach
    • Business uses of life insurance
    • Buy-sell funding
    • Key person (ORS 743.228)
    • Executive bonuses
    • Factors in premium determination
    • Mortality
    • Interest
    • Expense
    • Premium frequency
    • Types of life insurance policies (ORS 731.102, .170)
    • Group and individual (ORS 731.150, 743.303,)
    • Permanent, term, variable and annuities (ORS 731.156, 743.245)
    • Fixed versus variable life insurance and annuities including regulation of variable products (SEC, FINRA, and Oregon) (ORS 733.220)
    • Solicitation and sales presentations (OAR 836-051-0005–0020)
    • Solicitation and sales presentations (OAR 836-051-0005–0020) / Advertising (ORS 746.075, .110, .115)
    • Solicitation and sales presentations (OAR 836-051-0005–0020) / Oregon Life and Health Insurance Guaranty Association (ORS 734.750–.890)
    • Solicitation and sales presentations (OAR 836-051-0005–0020) / Association (ORS 743.351)
    • Solicitation and sales presentations (OAR 836-051-0005–0020) / Illustrations (OAR 836-051-0500–0600)
    • Replacement (ORS 746.085; OAR 836-080- 0001–to 0043) 080-0430)
    • Field underwriting
    • Field underwriting / Application procedures
    • Field underwriting / Warranties and representations
    • Policy delivery
    • Policy delivery / Policy review
    • Policy delivery / Effective date of coverage
    • Policy delivery / Premium collection
    • Policy delivery / Statement of good health
    • Company underwriting
    • Company underwriting / Sources of information
    • Company underwriting / Sources of information / Application (ORS 743.039, .318)
    • Company underwriting / Sources of information / Medical examinations and lab tests (including HIV consent) (OAR 836-050-0250)
    • Company underwriting / Selection criteria and unfair discrimination (OAR 836-081-0005, 0010)
    • Company underwriting / Sexual orientation prohibited (OAR 836-050-0240)
    • Company underwriting / Medical and lifestyle questions (OAR 836-050-0245)
    • Company underwriting / Prohibited discrimination (ORS 746.015)
    • Company underwriting / Evidence of insurability (ORS 743.321)
    • Company underwriting / Incontestability (ORS 743.315)
    • Company underwriting / Suitability in the sale of life insurance (OAR 836-080-0090)
    • Company underwriting / Classifications of risk (preferred, standard, substandard, declined)
  • Types of Life Insurance Policies (20%)
    • 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 / Continuous premium
    • Whole (permanent, ordinary) life insurance / Limited payment
    • Whole (permanent, ordinary) life insurance / Single premium
    • Whole (permanent, ordinary) life insurance / Adjustable life
    • Universal life
    • Variable life
    • Variable universal
    • Indexed universal life
    • Specialized policies
    • Specialized policies / Joint life
    • Specialized policies / Juvenile life
    • Specialized policies / Survivorship Life
    • Group life insurance
    • Group life insurance / Eligible groups
    • Group life insurance / Characteristics of group life insurance
    • Group life insurance / Conversion to individual policy(ORS 743.333–.339)
    • Group life insurance / Incontestability (ORS 743.315)
    • Group life insurance / Evidence of Insurability (ORS 743.321)
    • Group life insurance / Misstatement of Age (ORS 743.324)
    • Group life insurance / Payments under the policy (ORS 743.327)
    • Group life insurance / Termination of individual coverage (ORS 743.333)
    • Group life insurance / Continuing coverage (ORS 743.356)
    • Group life insurance / Prohibited sales practices (ORS 743.348)
    • Group life insurance / Policies issued to trustees of certain funds (ORS 743.354)
  • Life Insurance Policy Provisions, Options and Riders (25%)
    • Standard life insurance provisions
    • Standard life insurance provisions / Ownership
    • Standard life insurance provisions / Assignment (ORS 743.043)
    • Standard life insurance provisions / Entire contract (ORS 743.174)
    • Standard life insurance provisions / Right to examine (free look)
    • Standard life insurance provisions / Payment of premiums (ORS 743.162)
    • Standard life insurance provisions / Grace period (ORS 743.165)
    • Standard life insurance provisions / Reinstatement (ORS 743.171)
    • Standard life insurance provisions / Incontestability (ORS 743.168, .315)
    • Standard life insurance provisions / Misstatement of age/sex (ORS 743.180)
    • Standard life insurance provisions / Prohibited provisions including backdating (ORS 743.225)
    • 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 / Fixed-period
    • Settlement options / Fixed-amount installments
    • Settlement options / Life income
    • Settlement options / Joint
    • Settlement options / Last survivor
    • Nonforfeiture options (ORS 743.204 to .210)
    • Nonforfeiture options (ORS 743.204 to .210) / Cash surrender value
    • Nonforfeiture options (ORS 743.204 to .210) / Extended term
    • Nonforfeiture options (ORS 743.204 to .210) / 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
    • Policy loan and withdrawal options / Uses of dividends (ORS 743.183)
    • Policy loan and withdrawal options / Interest rate (ORS 743.187)
    • Dividend options
    • Dividend options / Cash payment (lump sum)
    • Dividend options / Reduction of premium
    • Dividend options / Accumulation at interest
    • Dividend options / One-year term
    • Dividend options / Paid-up additions
    • Disability riders
    • Disability riders / Waiver of premium
    • Disability riders / Disability income benefit
    • Disability riders / Payor benefit life
    • Accelerated (living) benefit provision/rider (ORS 743.154; OAR 836-051-0300–0380, 836-052–0646)
    • Accelerated (living) benefit provision/rider (ORS 743.154; OAR 836-051-0300–0380, 836-052–0646) / Qualifying events
    • Accelerated (living) benefit provision/rider (ORS 743.154; OAR 836-051-0300–0380, 836-052–0646) / Disclosure
    • Accelerated (living) benefit provision/rider (ORS 743.154; OAR 836-051-0300–0380, 836-052–0646) / Effect of benefit payment
    • Riders covering additional insureds
    • Riders covering additional insureds / Spouse
    • Riders covering additional insureds / Children
    • Riders covering additional insureds / Family term rider
    • Riders affecting the death benefit amount
    • Riders affecting the death benefit amount / Accidental death
    • Riders affecting the death benefit amount / Guaranteed insurability
    • Riders affecting the death benefit amount / Cost of living
    • Riders affecting the death benefit amount / Return of premium
    • Riders affecting the death benefit amount / Accelerated (living) benefit provision rider
    • Riders affecting the 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
    • Annuity principles and concepts / Suitability in the sale of annuities (OAR 836-080-0090)
    • Immediate versus deferred annuities
    • Annuity (benefit) payment options
    • Annuity (benefit) payment options / Life contingency options
    • Annuity (benefit) payment options / Pure life versus life with guaranteed minimum
    • Annuity (benefit) payment options / Single life versus multiple life
    • Annuity (benefit) payment options / Annuities certain
    • 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 (6%)
    • Taxation of personal life insurance and annuities
    • Taxation of personal life insurance and annuities / Dividends
    • Taxation of personal life insurance and annuities / Settlements
    • Taxation of personal life insurance and annuities / Values included in insured's estate
    • Taxation of personal life insurance and annuities / Premiums
    • 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