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Life and Health Insurance License Exam Cram (Exam Cram)

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Life and Health Insurance License Exam Cram (Exam Cram) Cover

 

Synopses & Reviews

Publisher Comments:

If you are studying for your life and health insurance licensing exam, we have the ultimate study tool for you. Life and Health Insurance License Exam Cram is a great resource to help you learn the concepts, laws, rate calculations and state and federal regulations that will be covered on the exam. You'll also receive a CD that includes a fully-customizable test engine, detailed score report and state-specific law supplement. No matter where you are taking your exam or which area you need to focus on during your studying, Life and Health Insurance License Exam Cram is your smartest way to get certified.

Please note: The CD-ROM and test engine is NOT Mac iOS compatible.

Synopsis:

If you are studying for your life and health insurance licensing exam, we have the ultimate study tool for you. Life and Health Insurance License Exam Cram is a great resource to help you learn the concepts, laws, rate calculations and state and federal regulations that will be covered on the exam. You'll also receive a CD that includes a fully-customizable test engine, detailed score report and state-specific law supplement. No matter where you are taking your exam or which area you need to focus on during your studying, Life and Health Insurance License Exam Cram is your smartest way to get certified.

Please note: The CD-ROM and test engine is NOT Mac iOS compatible.

About the Author

BISYS Education Services, Inc. is the premier provider of training solutions for investment and insurance professionals, supporting virtually every compliance need and stage of career development with more than 215 courses. This extensive library of exam preparation, pre-licensing, continuing education and professional development courses enables BISYS to implement training programs that directly reinforce each client's unique business strategy and market demands. The programs include Insurance Pre-licensing, Insurance Continuing Education, NASD Exam Preparation, Advanced Designations, Review, Firm Element Continuing Education and Professional Development Courses.

Table of Contents

Introduction.

Self-Assessment.

1. Introduction to Insurance.

    Risk

      Perils and Hazards

      Managing Risk

      Law of Large Numbers

      Insurable Interest

      Insurable Risks

    Insurance Coverage Concepts

      Indemnity

      Limit Of Liability

      Deductibles

      Coinsurance

    Types of Insurance

    Types of Insurers

      Commercial Insurers

      Nonprofit (Service) Organizations

      Other Types of Private Insurers

      Self-Insurers

      The United States Government as an Insurer

    Domicile and Authorization

      Insurer's Domicile (Domestic, Foreign, and Alien Insurers)

      Authorized Versus Unauthorized (Admitted Versus Nonadmitted)

    Types of Distribution Systems

      Agency System

      Mass Marketing

      Internet Insurance Sales

    Insurance Producers

      Categories of Producers

    Exam Prep Questions

    Exam Prep Answers

2. Insurance Regulation.

    Federal Regulation

      Paul Versus Virginia

      South-Eastern Underwriters Decision

      McCarran-Ferguson Act

      Privacy Act Of 1974

      Fair Credit Reporting Act

      False or Fraudulent Statements

      Financial Services Modernization Act Of 1999

      Other Regulating Agencies

    State Insurance Regulation

      Commissioner's Scope and Duties

    Regulating Insurance Companies

      Insurer Solvency

      Investments

      Taxation of Life Insurance Companies

      Company Ratings

      Examination of Insurers

      Guaranty Associations

      Marketing and Advertising Life and Health Insurance

    Producer Regulation

      Licensing Regulation

      License Required

      Exceptions To License Requirements

      Nonresident Producer Licensing

    Obtaining a License

      Application for Examination

      Issuance of License

      Temporary Agent Licenses

    Maintaining a License

      Change of Address

      Assumed Names

      Office and Records

      Continuation, Expiration, and Renewal of License

      Notice of Appointment

      Termination of Appointment

      License Denial, Nonrenewal, or Revocation

    Regulated Practices

      License for Controlled Business Prohibited

      Unfair Trade Practices

      Unfair Claims Practices

    Self-Regulation

      The NAIC

    Exam Prep Questions

    Exam Prep Answers

3. Insurance Law.

    Agency Law

      Agency Law Principles

    Formation of a Life and Health Insurance Contract

      Contract Elements

      Parts of the Insurance Contract

    Legal Requirements

      Contract Construction

      Contract Characteristics

    Exam Prep Questions

    Exam Prep Answers

4. Underwriting Basics.

    The Underwriting Process

      Selection Criteria

      Sources of Underwriting Information

      Field Underwriting

    Classification of Risks

      Standard Risks

      Preferred Risks

    Determination of Premiums (Rating Considerations)

      Mortality or Morbidity

      Interest

      Expenses

      Premium Mode

    Loss Ratios

    Insurance Fund Reserves

    Exam Prep Questions

    Exam Prep Answers

5. Group Insurance.

    Types of Groups

    Group Premiums

    Group Underwriting Considerations

      Adverse Selection

      Probationary Period

      Eligibility Period

    Requirements in Group Underwriting

      Statutory Requirements

      Optional Requirements

    Funding of Group Insurance

    Exam Prep Questions

    Exam Prep Answers

6. Selling Life Insurance.

    Meeting Consumer Needs

      The Importance of Insurance

      Costs Associated with Death

      Human Life Value Approach

      Needs Approach

      Income Periods

      Capital Conservation and Capital Liquidation

      Estate Planning

      Other Sources of Funds

      Living Benefits

      Advantages as Property

    Comparing Insurance Policies

      Comparative Interest Rate Method

      Interest-Adjusted Net Cost Method

    Personal Uses of Life Insurance

      Charitable Uses of Life Insurance

    Business Uses of Life Insurance

      Sole Proprietorship

      Partnership

      Corporations

    Exam Prep Questions

    Exam Prep Answers

7. Policy Issuance and Delivery.

    Collection of Premium

    Receipts for Premium

      Conditional Receipt

      Binding Receipt

      Inspection Receipt

      Temporary Insurance Agreement

    Submitting the Application and Initial Premium

      Issuing the Policy

    Delivering and Servicing the Policy

      Personal Delivery

      Mailing the Policy

    Handling a Claim

      Payment of Claims

      Payment Less than Face Amount

      Producer Responsibilities upon Insured's Death

    Policy Replacement

      Duties of Producers

      Duties of the Insurer

    Policy Retention

    Professionalism and Ethics

      Fiduciary Responsibility

      Summary of the Producer's Responsibilities

    Exam Prep Questions

    Exam Prep Answers

8. Types of Insurance Policies.

    Term Insurance

      Characteristics of Term Policies

      Types of Term Policies

      Advantages and Uses of Term Insurance

      Disadvantages of Term Insurance

    Whole Life Insurance

      Characteristics of Whole Life Policies

      Types of Whole Life Policies

      Advantages and Uses of Whole Life Insurance

      Disadvantages of Whole Life Insurance

    Flexible Policies

      Adjustable Life Insurance

      Universal Life

      Variable Life Insurance

      Variable Universal Life

      Advantages and Uses of Flexible Policies

      Disadvantages Of Flexible Policies

    Industrial Life Insurance

      Industrial Life Policy Provisions

    Credit Life Insurance

      Credit Life Policy Provisions

    Specialized Policy Forms

      Endowments

      Family Income Policies

      Family Maintenance Policies

      The Family Policy (Family Protection Policy)

      Retirement Income Policy

      Joint Life Policies

      Juvenile Policies

      Minimum Deposit Policies

      Modified Premium Policies

      Graded Premium Plan

      Mortgage Redemption

      Multiple Protection

      Index-Linked Policies

      Deposit Term Insurance

      Pre-need Funeral Insurance

      Advantages and Uses of Specialized Policies

      Disadvantages of Specialized Policies

    Insurance Policy Riders

      Accidental Death (Double Indemnity)

      Waiver of Premium

      Disability Income Rider

      Payor Rider

      Guaranteed Insurability

      Return of Premium

      Return of Cash Value

      Cost of Living

      Additional Insureds

      Substitute Insured Rider

    Accelerated Benefits

      Living Benefit Provisions

      Viatical Settlements

    Exam Prep Questions

    Exam Prep Answers

9. Policy Provisions.

    Standard Provisions

      Insuring Clause

      Consideration Clause

      Execution Clause

      Payment of Premium

      Ownership Rights

      Applicant Control or Ownership Clause

      Grace Period

      Reinstatement

      Policy Loan Provisions

      Automatic Premium Loan Provision

      Incontestability Clause

      Suicide Clause

      Entire Contract

      Assignment Clause

      Misstatement of Age or Sex

      Medical Examinations and Autopsy

      Modifications Clauses

      Policy Change Provision (Conversion Option)

      Free Look

    Beneficiary Provisions

      Revocable Versus Irrevocable

      Succession of Beneficiaries

      Naming of Beneficiaries

      Designation Options

      Class Designations

      Per Capita and Per Stirpes

      The Uniform Simultaneous Death Act

      Spendthrift Clause

      Facility of Payment Provision

    Exclusions and Limitations

      Aviation Exclusion

      War or Military Service Exclusion

      Hazardous Occupation or Hobby Exclusion

    Prohibited Provisions

    Exam Prep Questions

    Exam Prep Answers

10. Policy Options.

    Settlement Options

      Interest Only Option

      Fixed Period Option

      Fixed Amount Option

      Life Income Option

      Withdrawal Provisions

      Other Settlement Arrangements

      Third-Party Rights and Creditor's Rights

      Advantages of Settlement Options

    Nonforfeiture Options (Guaranteed Values)

      Cash Surrender Value

      Reduced Paid-Up Insurance Option

      Extended Term Option

    Insurance Dividends

    Policy Dividend Sources

    Dividend Options

      Cash Dividend Option

      Accumulation at Interest Option

      Paid-Up Additions Option

      Reduce Premium Dividend Option

      Accelerated Endowment

      Paid-Up Option

      One-Year Term Dividend Option

    Exam Prep Questions

    Exam Prep Answers

11. Annuities.

    Purposes of Annuities

      Distribution of a Lifetime Income

      Accumulation of a Retirement Fund

    How Annuities Work

      The Accumulation Period

      The Annuity Period

      Nonforfeiture Options

    Immediate and Deferred Annuities

    Deferred Annuity Death Benefits

    Annuity Premiums

      Single Premium

      Level Premium

      Flexible Premium

      Determining Annuity Payouts

    Variable Annuities

      Regulation as Securities

      Accumulation Units

      Annuity Units

    Annuity Settlement Options

      Life Annuities

      Guaranteed Minimum Payouts

      Joint Life and Survivorship and Joint Life Annuities

      Temporary Annuity Certain

    Two-Tiered Annuities

    Tax-Sheltered Annuities

    Retirement Income Annuities

    Equity-Indexed Annuities

    Market-Value Adjusted Annuities

    Exam Prep Questions

    Exam Prep Answers

12. Group Life Insurance.

    Legal Requirements

    Standard Provisions

    Certificates of Insurance

    Policy Forms

    Dependent Coverage

    Group Conversion Option

    FEGLI and SGLI

    Exam Prep Questions

    Exam Prep Answers

13. Social Security and Tax Considerations.

    Social Security

      Covered Workers

      Types of Benefits

      Eligibility for Social Security

      Insured Status

      Primary Insurance Amount

      Normal Retirement Age

      Dual Benefit Eligibility

      Retirement Benefits

      Survivor Benefits

      Disability Benefits

      Maximum Family Benefit

      Earnings Limit

    Social Security Payroll Taxes

      Taxation of Social Security Benefits

    Income Tax Treatment of Life Insurance

      Individual Life Insurance

      Group Life Insurance Proceeds

    Doctrine of Economic Benefit

    Federal Estate Tax

    Charitable Uses of Life Insurance

    Other Gifts of Life Insurance

    Transfer for Value Rules

    Section 1035 Policy Exchanges

    Business Insurance

    Exam Prep Questions

    Exam Prep Answers

14. Retirement Plans.

    Qualified and Nonqualified Retirement Plans

    Vesting Rules

    Defined Benefits Plans

      Group Deferred Annuity

      Individual Deferred Annuity

    Defined Contribution Plans

      Profit-Sharing Plans

      Pension Plans

    Individual Retirement Accounts and Annuities-IRAs

      Roth IRAs

      Savings Incentive Match Plan for Employees (SIMPLE)

      Simplified Employee Pensions (SEPs)

    KEOGH Plans

    Tax-Deferred Annuity Arrangements-403(B)

      Arrangements

    Plan Distributions

    Incidental Limitations

    Taxation of Plan Benefits

      Rollovers

    The Employee Retirement Income Security Act (ERISA)

      Fiduciary Responsibility

      Reporting and Disclosure

    Exam Prep Questions

    Exam Prep Answers

15. Health Insurance Basics.

    Types of Losses and Benefits

      Loss of Income from Disability

      Accidental Death and Dismemberment (AD&D)

      Medical Expense Benefits

      Dental Expense Benefits

      Long-Term Care Insurance (LTC)

      Limited Health Exposures and Insurance Contracts

      Prescription Coverage

    Determining Insurance Needs

    Health Care Providers

    Health Care Plans

      Commercial Insurers

      Blue Cross and Blue Shield

      Health Maintenance Organizations (HMOs)

      Federal Requirements

      HMO Organization

      Basic and Supplemental Services

      Important Features Of HMOs

    Preferred Provider Organizations (PPOs)

    Point-of-Service Plans

      Exclusive Provider Organizations (EPOs)

      Emerging Variations

      Multiple Option Plans

    Employer-Administered Plans

      Self-Funding

      501(c)(9) Trusts

      Small Employers

      Cafeteria Plans

      Multiple Employer Trusts (METs)

      Multiple Employer Welfare Arrangements (MEWAs)

    Other Forms of Group Insurance

      Blanket Policies

      Franchise Policies

    Government Health Insurance

      Workers Compensation

      Medicaid

      TRICARE

    Exam Prep Questions

    Exam Prep Answers

16. Health Insurance Policy Underwriting, Issuance, and Delivery.

    Underwriting Objectives

    Premium Payments

      Definition of Premium

      Earned and Unearned Premium

      Payment Modes

      Initial Premium

      Policy Effective Date

      Policy Term

      Policy Fee

    Delivering the Policy

    Servicing the Policy

    Replacement Policies

    Professionalism and Ethics

      Fiduciary Responsibility

      Summary of the Producer's Responsibilities

    Exam Prep Questions

    Exam Prep Answers

17. Health Insurance Policy Provisions.

    Mandatory Provisions

      Required Provision 1: Entire Contract; Changes

      Required Provision 2: Time Limit on Certain Defenses; Incontestability

      Required Provision 3: Grace Period

      Required Provision 4: Reinstatement

      Required Provision 5: Notice of Claim

      Required Provision 6: Claim Forms

      Required Provision 7: Proof of Loss

      Required Provision 8: Time of Payment of Claims

      Required Provision 9: Payment of Claims

      Required Provision 10: Physical Examination and Autopsy

      Required Provision 11: Legal Actions

      Required Provision 12: Change of Beneficiary

    Optional Policy Provisions

      Optional Provision 1: Change of Occupation

      Optional Provision 2: Misstatement of Age

      Optional Provision 3: Other Insurance in This Insurer

      Optional Provisions 4 and 5: Insurance with Other Insurers

      Optional Provision 6: Relation of Earnings to Insurance-Average Earnings Clause

      Optional Provision 7: Unpaid Premium

      Optional Provision 8: Cancellation

      Optional Provision 9: Conformity with State Statutes

      Optional Provision 10: Illegal Occupation

      Optional Provision 11: Narcotics

    Other Health Insurance Provisions

      The Policy Face

      Free Look

      Insuring Clause

      Consideration Clause

      Policy Continuation

      Benefit Payment Clause

      Preexisting Conditions

      Nonoccupational Coverage

      Case Management Provisions

    Exam Prep Questions

    Exam Prep Answers

18. Disability Income Insurance.

    Financial Planning Considerations

    Alternatives to Disability Income Insurance

    Definitions and Benefits

      Probationary Period

      Elimination Period

      Benefit Period

      Defining Total Disability

      Presumptive Disability

      Partial Disability

      Residual Disability

      Recurrent Disability

      Permanent Disability

      Temporary Disability

      Confining Versus Nonconfining Disability

      Accidental Means

      Definition of Sickness

    Types of Disability Benefits

      Short-Term Disability

      Long-Term Disability (LTD)

      Lump-Sum Benefits

    Disability Exclusions

    Optional Disability Income Policy Benefits and Riders

      Rehabilitation Benefit

      Future Increase Option

      Cost of Living Benefit

      Lifetime Benefits

      Social Security Rider

      Social Insurance Supplements

      Additional Monthly Benefit (AMB) Riders

      Hospital Confinement Rider

      Impairment Rider

      Nondisabling Injury Rider

      Waiver of Premium (with Disability Income)

      Accidental Death and Dismemberment (AD&D)

      Other Provisions

    Business Uses of Disability Income Insurance

      Business Overhead Expense (BOE)

      Key Person Disability Insurance

      Disability Buy-Sell Insurance

      Disability Reducing Term Insurance

    Exam Prep Questions

    Exam Prep Answers

19. Medical Expense Insurance.

    Basic Medical Expense

      Hospital Expense Benefits

      Surgical Expense Benefits

      Regular Medical Expense Benefits

      Other Medical Expense Benefits

      Common Exclusions and Limitations

    Major Medical Insurance

      Comprehensive Major Medical Benefits

      Supplemental Major Medical Benefits

      Covered Expenses

      Other Major Medical Concepts

      Medical Expense Limitations

    Benefits for Other Practitioners

    Medical Expense Exclusions

    Optional Features and Benefits

      Prescription Drugs

      Vision Care

      Hospital Indemnity Rider

      Nursing/Convalescent Home

      Organ Transplants

    Exam Prep Questions

    Exam Prep Answers

20. Special Types of Medical Expense Policies.

    Dental Care Insurance

      Traditional Dental Coverage

      Exclusions and Limitations

      Minimizing Adverse Selection

      Prepaid Dental Plans

    Limited Policies

      Dread Disease

      Travel Accident Insurance

      Hospital Income (Indemnity) Insurance

      Vision Care Insurance

      Prescription Drug Policies

    Credit Insurance

      Notice of Proposed Insurance

      Credit Life: A Corollary Coverage

    Exam Prep Questions

    Exam Prep Answers

21. Group Health Insurance.

    Group Health Insurance Policy Types

    Group Coverage Provisions

      Conversion Privilege

      Dependent Coverage

      Coordination of Benefits Provision

      Records and Clerical Errors

    Federal and State Regulations Affecting Group Policies

      Health Insurance Portability and Accountability Act (HIPAA)

      Continuation of Benefits (COBRA)

    Omnibus Budget Reconciliation Act (OBRA)

    Tax Equity and Fiscal Responsibility Act (TEFRA)

    Employee Retirement Income Security Act (ERISA)

      Age Discrimination in Employment Act (ADEA)

      The Americans with Disabilities Act (ADA)

      Pregnancy Discrimination

      State Regulation

    Exam Prep Questions

    Exam Prep Answers

22. Social Health Insurance.

    Medicare

      Enrollment

      Benefits Under Medicare Part A

      What Part A Does Not Cover

      Benefits Under Medicare Part B

      What Part B Does Not Cover

      Claims and Appeals

    Medicare Supplement Insurance

    Standardized Medicare Supplement Benefits

      Core Benefits

      Optional Benefits

      Standardized Policy Forms

      Other Standard Provisions

    Medicare+Choice

      Fee-for-Service Plans

      Health Maintenance Organizations (HMOs)

      Preferred Provider Organizations (PPOs)

      Provider-Sponsored Organizations (PSOs)

    Medicare and Employer Coverage

    Medicaid

      Financial Tests

      Spousal Impoverishment Rule

      Medicare Cost Assistance

    Social Security Disability

    TRICARE

    Workers Compensation

      Types of Benefits

      Compensable Injuries

      Occupational Diseases

      Types of Disability

      Compulsory and Elective Compensation Laws

      Extraterritorial Provisions

      Second Injury Funds

    Exam Prep Questions

    Exam Prep Answers

23. Long-Term Care.

    History of LTC Coverage

    Suitable Purchasers

    Probability of Needing Care

    Options Other than Insurance

    Rating Factors

    Types of Benefits

    Common Provisions

      Eligibility

      Renewability

      Premiums

      Waiver of Premium

      Prior Hospitalization

      Care Level

      Hospice Care

      Respite Care

      Home Health Care

      Adult Day Care

      Professional Care Advisor

      Benefit Amount

      Benefit Periods

      Exclusions

      Preexisting Conditions

      Elimination Period

    Benefit Triggers

      Activities of Daily Living (ADL)

      Cognitive Impairment

      Medical Necessity

    Qualified Plans

    Regulation

    Emerging LTC Issues

      Inflation Protection

      Nonforfeiture Provisions

    Marketing LTC Coverage

    Exam Prep Questions

    Exam Prep Answers

24. Health Insurance and Taxation.

    Social Security Disability Benefits

      Tax Treatment of Social Security Contributions

    Health Insurance

      Individual Policies

      Group Policies

      Sole Proprietors and Partnerships

      Business Policies

    Disability Insurance

    Medicare Supplement and Long-Term Care Insurance

    Exam Prep Questions

    Exam Prep Answers

25. Practice Exam 1.

26. Answer Key 1.

27. Practice Exam 2.

28. Answer Key 2.

Appendix A. What's on the CD-ROM.

    Review Questions and Exam Simulator

    Installing the CD

    Customer Service and Ordering

Appendix B. Need to Know More?

Glossary.

Index.

Product Details

ISBN:
9780789732606
Author:
Not Available (na)
Publisher:
Pearson It Certification
Author:
Que Publishing
Author:
Educational Services, Bisys
Author:
Anderson, Eric Alan
Author:
Services, Bisys Educational
Subject:
Insurance - Life
Subject:
Insurance - General
Subject:
Insurance, health
Subject:
Professional - General
Subject:
Tests
Subject:
United states
Subject:
Law and legislation
Subject:
Health insurance -- United States.
Subject:
Life insurance - United States
Subject:
Exams-Professional
Copyright:
Edition Description:
Trade paper
Series:
Exam Cram 2
Publication Date:
March 2005
Binding:
TRADE PAPER
Grade Level:
General/trade
Language:
English
Illustrations:
Y
Pages:
600
Dimensions:
9 x 6 x 1.27 in 830 gr

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Life and Health Insurance License Exam Cram (Exam Cram) New Trade Paper
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Product details 600 pages Que - English 9780789732606 Reviews:
"Synopsis" by ,

If you are studying for your life and health insurance licensing exam, we have the ultimate study tool for you. Life and Health Insurance License Exam Cram is a great resource to help you learn the concepts, laws, rate calculations and state and federal regulations that will be covered on the exam. You'll also receive a CD that includes a fully-customizable test engine, detailed score report and state-specific law supplement. No matter where you are taking your exam or which area you need to focus on during your studying, Life and Health Insurance License Exam Cram is your smartest way to get certified.

Please note: The CD-ROM and test engine is NOT Mac iOS compatible.

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