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Section 1
Apply ownership, assignment, beneficiary, premium, grace, reinstatement, incontestability, exclusion, and misstatement provisions
Preview
Preview: Life Insurance Policy Provisions, Options, and Riders (10%)
Preview includes- 4 of 5 lesson topics
- 1 overview segment
- 3 core concepts
- 2 exam tips
Lesson Topics
- Ownership, assignment and entire contract
- Premium, grace, reinstatement and incontestability
- Misstatement, exclusions and applicant statements
- Beneficiary forms and succession
Overview
This card focuses on: Apply ownership, assignment, beneficiary, premium, grace, reinstatement, incontestability, exclusion, and misstatement provisions.
Core Concepts
- The policyowner—not necessarily the insured—holds contractual ownership rights, including beneficiary changes (subject to irrevocable rights), assignment, loans, and surrender where the policy permits.
- Assignment transfers specified policy rights. Absolute assignment transfers all assignable ownership rights; collateral assignment gives a creditor a limited priority interest.
- Under New York §3204, the policy plus an attached application and properly incorporated documents form the entire contract; an oral promise does not unilaterally rewrite the policy.
Exam Tips
- For every provision, memorize trigger → right → consequence.
- For nonforfeiture, ask: cash now, full face temporarily, or smaller permanent coverage?
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Section 2
Determine personal or business life-insurance needs and identify the controlling insurable-interest or underwriting fact
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Section 3
Match term, whole, universal, indexed, joint, survivorship, group, or credit life coverage to the stated need
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Section 4
Apply New York life, accident and health producer licensing, appointment, maintenance, and disciplinary requirements
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Section 5
Distinguish immediate, deferred, fixed, indexed, and variable annuities by accumulation, payout, guarantees, and investment risk
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Section 6
Apply own-occupation, any-occupation, presumptive, total, partial, residual, elimination-period, and benefit-period terms
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Section 7
Distinguish indemnity, HMO, PPO, POS, and EPO plans by network, referral, emergency, and cost-sharing rules
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Section 8
Apply Marketplace eligibility, enrollment, premium-tax-credit, cost-sharing-reduction, metal-level, and catastrophic-plan facts
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Section 9
Distinguish skilled, intermediate, custodial, home, adult-day, respite, nursing-facility, and assisted-living care
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Section 10
Apply New York Medicare supplement standardization, eligibility, enrollment, marketing, replacement, renewability, and suitability rules
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Section 11
Distinguish accidental injury, sickness, disability income, medical expense, long-term care, and limited-benefit coverage
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Section 12
Determine eligible group, employee, dependent, certificate, experience-rating, community-rating, and plan-funding facts
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Section 13
Distinguish Workers’ Compensation, Social Security disability, and New York Disability Benefits Law eligibility and benefits
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Section 14
Distinguish risk, peril, hazard, loss, indemnity, reinsurance, and insurer classifications in a transaction
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Section 15
Apply New York individual health entire-contract, grace, reinstatement, claim, legal-action, beneficiary, and conformity provisions
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Section 16
Select the correct settlement, nonforfeiture, dividend, loan, withdrawal, disability, accelerated-benefit, or additional-insured option
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Section 17
Apply New York life-settlement licensing, disclosure, privacy, advertising, and prohibited-transaction requirements
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Section 18
Apply New York life solicitation, illustration, suitability, replacement, delivery, and field-underwriting duties
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Section 19
Distinguish premium, cash-value, conversion, participation, investment-risk, and death-benefit characteristics
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Section 20
Apply the stated basis, withdrawal, surrender, loan, death-benefit, rollover, or exchange facts without inventing tax advice
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Section 21
Apply New York producer conduct, compensation, privacy, fraud, advertising, and prohibited-practice rules
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Section 22
Select an annuity payout, surrender, withdrawal, death-benefit, or life-contingency option from the stated objective
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Section 23
Distinguish defined-benefit and defined-contribution arrangements and common qualified-plan distribution forms
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Section 24
Match individual, group, key-person, buy-sell, business-overhead, statutory, or Social Security disability coverage to the need
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Section 25
Apply deductibles, copayments, coinsurance, utilization review, mandated benefits, exclusions, and provider-access facts
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Section 26
Apply essential-benefit, preventive-care, preexisting-condition, annual-limit, medical-loss-ratio, and employer-responsibility concepts
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Section 27
Apply ADL triggers, benefit periods, reimbursement or indemnity design, inflation, nonforfeiture, replacement, suitability, and Partnership facts
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Section 28
Distinguish Original Medicare, Medicare Advantage, Part D, employer coverage, Medicare secondary rules, Medigap, and other senior options
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Section 29
Match individual, group, private, government, limited, or comprehensive coverage to the stated loss exposure
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Section 30
Apply ERISA, FMLA, COBRA or New York continuation, conversion, coordination, termination, FSA, and HSA concepts
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Section 31
Distinguish Medicare, Medicaid, and Child Health Plus administration, eligibility, enrollment, coverage, and coordination roles
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Section 32
Apply agency authority, legal-contract elements, representations, concealment, fraud, waiver, and estoppel to stated facts
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Section 33
Apply renewability, cancellation, coordination, unpaid-premium, occupation, earnings, intoxicant, and free-look facts
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Section 34
Evaluate a life settlement from the owner’s interests, alternatives, compensation, rescission, creditor, tax, and public-benefit facts
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Section 35
Distinguish tax deferral from tax-free treatment and identify when qualified tax guidance is required
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Section 36
Apply participant, beneficiary, spousal-annuity, rollover, and plan-document facts to a retirement-plan scenario
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