Life and Health Insurance
Commissioner
Administers and enforces insurance laws and regulations, conducts examinations of insurers
Life and Health Insurance Guaranty Association
Association that protects policyowners and beneficiaries against financially impaired or insolvent insurers
Reinsurance Intermediaries
Brokers who place reinsurance cessions or retrocessions on behalf of insurers
Business Entity Producers
Business entity must designate licensed producer for compliance
Solvency
Commissioner may supervise insurers if their condition is hazardous to policyholders or if fraud is suspected
Producer Termination
Commissioner must be notified of termination, and producer must receive notice within a certain timeframe
Rates and Policy Forms
Commissioner regulates premium rates and must approve policy forms
Continuation of Group Health
Coverage continuation for individuals leaving a group or in case of death, layoff, plant closing, or separation/divorce
Dependent Coverage
Coverage for eligible dependents under age 26
Group Life Conversion
Eligibility and requirements for converting group life insurance to individual permanent policies
Licensing Exemptions
Exemptions from licensing requirements for certain individuals
State Law Supplement
Focuses on state-specific statutes and regulations on state exam content outline
Stranger-Originated Life (STOLI)
Illegal act of initiating life insurance policy for benefit of third-party investor with no insurable interest
Mental or Nervous Condition
Insurers may not disclose information about insured's mental or nervous conditions without consent
Public Insurance Adjuster
Licensed individuals who handle property loss adjustments
Insurance Advisers
Licensed individuals who provide advice, counsel, or recommendations regarding insurance
Address Change
Licensees must inform the Commissioner of a change of address within 30 days
Backdating
Limitations on issuing life insurance policies with retroactive effective dates
Maximum Benefits for Any One Life
Maximum benefits for different types of insurance policies
Cost Comparison Methods
Methods for comparing costs of life insurance policies
Producer's License
Minimum age of 18, completion of prelicensing course, passing licensing exams
Detailed Text
Most detailed section covering all topics in the state's exam content outline
Nonresident Producers
Must be licensed and in good standing in home state
Information and Privacy Protection
Penalties for intentional violations of privacy statutes
Disciplinary Actions
Penalties for violations, including fines and license suspension or revocation
Special Brokers
Place property or casualty insurance with unauthorized foreign insurers
Reinstatement and Renewal
Process for reinstating and renewing a lapsed license
Assumed Names
Producers doing business under a name other than their legal name must notify the Commissioner
Producer Appointments
Producers must be appointed by insurers to act as their agents
Reporting of Actions
Producers must report administrative actions, criminal prosecutions, and change of legal name or address
Fraudulent Life Settlement Acts
Prohibited practices related to life settlements
Unfair Trade Practices
Prohibited practices, such as misrepresentation, twisting, false advertising, and coercion
Marketing
Regulations and prohibited practices for marketing Medicare supplement policies
Equity-Indexed Products
Regulations and requirements for equity-indexed life insurance and annuity products
Life Settlement Act
Regulations and requirements for viatical and life settlements
Solicitation and Sales
Regulations for advertising and sales practices of insurance producers
Replacement
Regulations for replacing existing insurance policies
Medicare Supplements
Requirements and regulations for Medicare supplement policies
Continuing Education (CE)
Requirements for initial and subsequent renewal periods, including ethics hours
Regulation of Variable Products
Requirements for insurers issuing variable life insurance policies
Advertisements
Requirements for truthful and non-misleading advertising of insurance policies
State Exam
Sections to study based on the type of insurance exam being prepared for
Accident and Health Insurance Only
Specific laws and regulations pertinent to accident and health insurance policies
Life Insurance Only
Specific laws and regulations pertinent to life insurance policies
Cram Sheets
Summarize specific details for state-specific insurance laws
Class Notes
Summary of key topics in the law supplement
Temporary Producer
Temporary license issued for up to 180 days in case of death, disability, or military service
Practice Exams
Test retention of material in the law supplement
License Examinations
Tests knowledge of national License Exam Manual and state-specific supplement
Life Settlements
Third-party sales of existing life insurance policies