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Section 1
Match life policy or annuity structures to the client’s need, risk, time horizon, liquidity, and funding facts
Preview
Preview: Life: Life Insurance and Annuities (49 of 75; 65%)
Preview includes- 4 of 5 lesson topics
- 1 overview segment
- 3 core concepts
- 2 exam tips
Lesson Topics
- Needs analysis: protection vs. accumulation vs. income
- Term, whole life, universal, variable/VUL and indexed life
- Immediate, deferred, fixed, variable and indexed annuities
- Guarantees, nonguarantees and investment risk
Overview
Choose the product only after identifying the client's objective. Life insurance primarily transfers premature-death risk; annuities primarily accumulate funds and/or convert value into an income stream.
Core Concepts
- Level term: death benefit generally remains level for the stated term; coverage is temporary and normally has no cash value.
- Annual renewable term: renewable in short increments without new evidence of insurability when the contract permits; premium generally rises as attained age increases.
- Convertible term: allows conversion to an eligible permanent contract during the stated conversion period without new evidence of insurability; the new premium reflects the converted contract and applicable age/basis.
Exam Tips
- Write the client's goal in one phrase before looking at choices: temporary death protection, permanent guarantee, flexible permanent, market participation, or lifetime income.
- Look for the words guaranteed, illustrated, projected, variable, indexed, separate account, surrender charge, and conversion period.
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Section 2
Compare individual, group, ACA, managed-care, Medicare, Medicare supplement, and other senior health arrangements
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Section 3
Apply risk, loss, indemnity, insurable interest, contract, producer, insurer, market-regulation, and claims principles
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Section 4
Apply risk, contract, distribution, producer, insurer, market-regulation, and claims principles to health coverage
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Section 5
Apply ownership, beneficiary, premium, cash value, nonforfeiture, settlement, replacement, taxation, group, underwriting, and claims rules
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Section 6
Apply eligibility, enrollment, network, cost-sharing, continuation, coordination, replacement, and claims constraints
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Section 7
Choose the licensed and ethical producer action required by the stated California transaction
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Section 8
Choose the licensed and ethical producer action required by the stated California health transaction
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Section 9
Select the rider that addresses the stated risk without changing unrelated coverage
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Section 10
Distinguish medical expense and disability income risks, benefits, cost sharing, and coordination concepts
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Section 11
Apply disability income underwriting, elimination period, benefit, renewability, exclusion, and claim concepts
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Section 12
Apply California long-term-care benefit triggers, suitability, disclosure, replacement, training, and policy provisions
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Section 13
Apply rider triggers, limitations, costs, and interactions with the base contract
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Section 14
Apply policy terminology to the insured’s stated loss without importing an unrelated coverage rule
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Section 15
Match individual disability coverage to the applicant’s occupation, income risk, and stated need
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Section 16
Distinguish long-term care coverage from medical expense, Medicare, Medicaid, and disability income coverage
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