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Washington Life Producer — Information & Free Practice

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Washington Life Producer

Provider
PSI Services LLC
Format
Computer examination
Exam questions
100 scored items; additional unscored experimental items may be administered
Time limit
150 minutes
Passing score
70% correct
Exam fee
$38
Examination outline
  • Federal Laws and Regulations (2 items)
    • 18 United States Code (USC) Sections 1033 and 1034 - Purpose (Letter of Written Consent)
    • 18 United States Code (USC) Sections 1033 and 1034 - Purpose (Letter of Written Consent) / Prohibited Persons in Insurance, waiver required
    • National Do Not Call List
  • Washington Laws, Rules, and Regulations (30 items)
    • Ref: References are from the revised Code of Washington Title 48 (RCW-48) and the Washington Administrative Code (WAC) Title 284.
    • Washington Laws, Rules, and Regulations Common to Life Insurance
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Commissioner
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Commissioner / Broad powers (Ref: 48.02.010, .020, .060, .080, .100, .160; 48.18.310; WAC 284-02-010)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Commissioner / Examination of records (Ref: 48.03.010-.030; WAC 284-03-015)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Commissioner / Rates and forms (Ref: 48.18.100; 48.19.010, .040)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Commissioner / Penalties (Ref: 48.17.530-.560)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Commissioner / Unlicensed activities (Ref: 48.17.063)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Terms and Concepts
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Terms and Concepts / Insurance (Ref: 48.01.040)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Terms and Concepts / Insurer (Ref: 48.01.050; 48.09.110,.120, .300)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Terms and Concepts / Insurance transaction (Ref: 48.01.060)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Terms and Concepts / Authorized and unauthorized certificate of authority (Ref: 48.15, .020, .040; 48.05.215; 48.05.030)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Terms and Concepts / Guaranty Association
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Terms and Concepts / Guaranty Association / Life - Disability (Ref: 48.32A 015-.085)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Licensing
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Licensing / Persons required to be licensed (Ref: 48.17.060, .063, .090, .490)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Licensing / Persons required to be licensed (Ref: 48.17.060, .063, .090, .490) / Producer (Ref: 48.17.010; 48.17.420; 48.17.060; 48.17.250; WAC 284-17-015)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Licensing / Persons required to be licensed (Ref: 48.17.060, .063, .090, .490) / Temporary (Ref: 48.17.510)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Licensing / Persons required to be licensed (Ref: 48.17.060, .063, .090, .490) / Nonresident (Ref: 48.17.173; WAC284-17-122)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Licensing / Persons required to be licensed (Ref: 48.17.060, .063, .090, .490) / Exemptions (Ref: 48.17.010, .062, .110)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Licensing / Appointments/termination of appointments (Ref: 48.17.160; 48.17.250; WAC 284-17- 429, .435, .439,.443,445,449,467,473,476,483, 490)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Licensing / Penalties for noncompliance
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Licensing / Penalties for noncompliance / Refusal/nonrenewal (Ref: 48.17.530, .540)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Licensing / Penalties for noncompliance / Suspension/revocation/probation (Ref: 48.17.530, .535, .540, .550)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Licensing / Penalties for noncompliance / Fines (Ref: 48.17.560)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Licensing / Maintenance and duration of license
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Licensing / Maintenance and duration of license / Renewal (Ref: WAC 284-17-423, 490; 48.14.010)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Licensing / Maintenance and duration of license / Continuing education (Ref: WAC 284-17-220-265)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Licensing / Maintenance and duration of license / Late renewal/reinstatement (Ref: WAC 284-17-490; RCW 48.17.170)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Licensing / Maintenance and duration of license / Reporting of actions (Ref: 48.17.597)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Licensing / Maintenance and duration of license / Licensing Process (Ref: WAC 284-17-,.005, .065)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Licensing / Designated Responsible Licensed Person (DRLP) (Ref: 48.17.090(3)(b), WAC284-17-603)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Marketing Practices
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Marketing Practices / Unfair practices and frauds (RCW 48.30)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Marketing Practices / Unfair practices and frauds (RCW 48.30) / Trade practices (Ref: WAC284-30-350, 360 to 380, 400, 570-590, 660,670)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Marketing Practices / Unfair practices and frauds (RCW 48.30) / Trade practices (Ref: WAC284-30-350, 360 to 380, 400, 570-590, 660,670) / Life – Disability (Ref: WAC284-30-450, 600 to 650)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Marketing Practices / Producer’s Compensation Disclosure (Ref: RCW 48.17.270)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Marketing Practices / Rebating and inducements (Ref: 48.30.140-150, .170, .190)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Marketing Practices / Twisting (Ref: 48.30.180)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Marketing Practices / Misrepresentation (Ref: 48.30.090, .210)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Marketing Practices / Defamation of insurer (Ref: 48.30.080)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Marketing Practices / Discrimination (Ref: 48.30.300; 48.18.480)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Marketing Practices / Failure to issue proper receipts (Ref: WAC284-30-550)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Marketing Practices / Advertising (Ref: 48.30.040-.080)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Marketing Practices / Public interest (Ref: 48.01.030; WAC284-30-355)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Producer responsibilities
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Producer responsibilities / Policy delivery (Ref: WAC284-30-580; 48.18.260, 48.185.005(2))
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Producer responsibilities / Premium accountability (Ref: 48.17.480)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Producer responsibilities / Reply to the Insurance Commissioner (Ref: 48.17.475)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Producer responsibilities / Burden of determining authorization (Ref: 48.17.067)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Producer responsibilities / Display of License (Ref. 48.17.460)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Compensation of licensees
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Compensation of licensees / Receiving compensation (Ref: 48.17.490)
    • Washington Laws, Rules, and Regulations Common to Life Insurance / Compensation of licensees / Charges for extra services (Ref: 48.30.157; 48.17.270)
    • Marketing methods and practices
    • Marketing methods and practices / Replacement
    • Marketing methods and practices / Replacement / Purpose (Ref: WAC284-23-400)
    • Marketing methods and practices / Replacement / Definition (Ref: WAC284-23-410, 420)
    • Marketing methods and practices / Replacement / Duties of insurers (Ref: WAC284-23-440, 450, 455)
    • Marketing methods and practices / Replacement / Exemptions (Ref: WAC284-23-430)
    • Marketing methods and practices / Disclosure (Ref: 48.23.020)
    • Marketing methods and practices / Disclosure (Ref: 48.23.020) / Purpose (Ref: WAC284-23-200)
    • Marketing methods and practices / Disclosure (Ref: 48.23.020) / Definitions (Ref: WAC284-23-220)
    • Marketing methods and practices / Disclosure (Ref: 48.23.020) / Requirements (Ref: WAC284-23-230, 240, 320, 350, 360(2))
    • Marketing methods and practices / Disclosure (Ref: 48.23.020) / Exemptions and Policy Summary (Ref: WAC284-23-210)
    • Marketing methods and practices / Life Insurance Policy Illustration (Ref: 48.23A.005, .010, .015 .020, .060, .070, .090)
    • Marketing methods and practices / Annuities Suitability (Ref: 284-23-390, 48.23.015)
    • Marketing methods and practices / Annuity Suitability Education (Ref: WAC284-17-265)
    • Policy clauses and provisions
    • Policy clauses and provisions / Return of policy and refund of premium (Ref: 48.23.380)
    • Policy clauses and provisions / Policy loans (Ref: 48.23.085)
    • Policy clauses and provisions / Policy settlement (Ref: 48.23.300, .310)
    • Policy clauses and provisions / Purchase or exchange of annuities (Ref: 48.23.015)
    • Policy clauses and provisions / Grace period (Ref: 48.23.030)
    • Policy clauses and provisions / Entire contract (Ref: 48.23.040, 48.18.080)
    • Policy clauses and provisions / Incontestability (Ref: 48.23.050)
    • Policy clauses and provisions / Misstatement of age (Ref: 48.23.060)
    • Policy clauses and provisions / Limitation of liability (Ref: 48.23.260)
    • Group life
    • Group life / Eligible groups (Ref: 48.24.010, .020, .030(1), .045, .050, .060)
    • Group life / Grace Period (Ref: 48.24.110)
    • Group life / Incontestability (Ref: 48.24.120)
    • Group life / The contract – Representations (Ref: 48.24.130)
    • Group life / Insurability (Ref: 48.24.140)
    • Group life / Certificates (Ref: 48.24.170)
    • Group life / Limitation of liability (Ref: 48.24.210)
    • Group life / Conversion (Ref: 48.24.180)
  • General Insurance Concepts (9 items)
    • 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, Fraternals
    • 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 (13 items)
    • 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 (14 items)
    • 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 (20 items)
    • 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 (8 items)
    • 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 (4 items)
    • 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