Life Products
10%of exam
Whole LifeTermAnnuitiesJoint LifeSurvivorship
Life Provisions
10%of exam
RidersBeneficiariesLoansNonforfeitureExclusions
Life Underwriting
8%of exam
ApplicationReplacementDeliveryContractsSTOLI
Life Concepts
5%of exam
RetirementTaxNeedsGroup LifeSettlements
Health Products
11%of exam
DisabilityMedical ExpenseHMOLTCLimited
Health Provisions
10%of exam
ClaimsRenewabilityRidersDeductiblesExclusions
Social Insurance
4%of exam
MedicareMedicaidSocial SecurityParts A-D
Health Concepts
4%of exam
CoordinationManaged CareSubrogationTaxWorkers Comp
Field Underwriting
5%of exam
ApplicationMIBReceiptDeliveryReplacement
Florida Common Rules
13%of exam
Florida Life Rules
10%of exam
ReplacementSuitabilityFree LookGroup LifeVariable
Florida Health Rules
10%of exam
MedigapLTCSmall EmployerHealthy KidsHIV/AIDS
Quick Facts
- Exam
- 2-15
- License
- Health + Life
- Body
- Pearson / DFS
- Scored
- 150 questions
- Pretest
- 15 questions
- Time
- 2.75 hours
- Prelicense
- 60 hours
- Pass
- 70%
- CE
- 24 hours/biennium
- Appointment
- Required to transact
Term vs Whole
Term
- Temporary
- No cash value
Whole
- Permanent
- Cash value
Duration drives choice
Life Product Picker
- Temporary need→Term(Low premium)
- Refund desire→ROP term(Higher cost)
- Lifetime guarantee→Whole life(Cash value)
- Flexible premium→Universal life(Adjustable)
- Market accounts→Variable life(Securities)
- Index crediting→Indexed life(Formula)
- First death need→Joint life(Pays first)
- Estate tax need→Survivorship(Pays second)
Life Products
- Ordinary whole
- Permanent level
- Limited-pay
- Short premium period
- Universal life
- Flexible premium
- Variable whole
- Separate accounts
- VUL
- Flexible + variable
- Indexed life
- Index crediting
- Level term
- Level face
- ROP term
- Premium refund
Annuity Types
- Single premium
- One payment
- Flexible premium
- Multiple payments
- Immediate
- Pays soon
- Deferred
- Pays later
- Fixed
- Guaranteed crediting
- Variable
- Separate accounts
- Indexed
- Index formula
- Annuitization
- Payout phase
Life Provisions
- Entire contract
- Policy + application
- Insuring clause
- Coverage promise
- Free look
- Refund review
- Grace period
- Late-pay window
- Reinstatement
- Restore lapse
- Incontestability
- Challenge limit
- Suicide
- Early exclusion
- Assignment
- Transfer rights
Riders + Options
- Waiver
- Disability premium waiver
- GIR
- Future purchase
- Payor benefit
- Owner disability
- ADB
- Accidental death extra
- Term rider
- Extra temporary
- LTC rider
- Care benefit
- Cash surrender
- Take cash
- Reduced paid-up
- Smaller permanent
Contract Keys
O A C C L makes contract valid.
OfferAcceptanceConsiderationCapacityLegal purpose
Life Underwriting
- Signatures
- Required consent
- Changes
- Applicant initials
- Receipt
- Conditional coverage
- Replacement
- Existing policy swap
- HIPAA consent
- Health disclosure
- FCRA
- Consumer report
- Insurable interest
- Loss stake
- STOLI
- Investor-originated life
Contract Law
- Offer
- Application act
- Acceptance
- Insurer issue
- Consideration
- Premium + statements
- Competent parties
- Legal capacity
- Legal purpose
- Allowed object
- Conditional
- Duties required
- Unilateral
- One enforceable promise
- Aleatory
- Unequal exchange
Life Concepts
- Third-party
- Owner differs
- Life settlement
- Policy sale
- Group life
- Master policy
- Conversion
- Individual switch
- Qualified plan
- Tax favored
- Needs analysis
- Coverage target
- Key person
- Business protection
- MEC
- Overfunded life
HMO vs PPO
HMO
- Gatekeeper
- Tighter network
PPO
- Provider flexibility
- Higher cost
Freedom costs more
Health Product Picker
- Lost income→Disability income(Earnings)
- Business bills→BOE(Overhead)
- Broad medical→Major medical(Comprehensive)
- Gatekeeper care→HMO(Network)
- Provider choice→PPO(Flexible)
- Referral blend→POS(Hybrid)
- Custodial care→LTC(ADLs)
- Hospital cash→Hospital indemnity(Fixed pay)
Health Products
- Disability income
- Lost earnings
- BOE
- Business expenses
- Key employee
- Business disability
- AD&D
- Accident benefits
- Major medical
- Broad coverage
- HMO
- Gatekeeper network
- PPO
- Preferred network
- POS
- Referral blend
Limited Health
- Dental
- Oral care
- Vision
- Eye care
- Cancer
- Specified disease
- Critical illness
- Lump-sum trigger
- Worksite
- Employer sponsored
- Hospital indemnity
- Fixed hospital pay
- Short-term
- Temporary medical
- Accident
- Accidental injury
Claim Flow
Notice, forms, proof, pay, sue.
NoticeFormsProofPaymentLegal action
Deductible vs Coinsurance
Deductible
- First dollars
- Before plan pays
Coinsurance
- Shared percent
- After deductible
Order is tested
Health Provisions
- Entire contract
- Policy contents
- Time limit
- Defense limit
- Grace period
- Late-pay window
- Notice claim
- Claim trigger
- Proof loss
- Claim evidence
- Payment claims
- Benefits paid
- Legal actions
- Suit timing
- Change beneficiary
- Recipient change
Health Costs
- Deductible
- Before plan pays
- Coinsurance
- Cost percentage
- Copayment
- Fixed cost share
- URC
- Usual charge
- Preauthorization
- Advance approval
- Elimination
- Waiting period
- Exclusion rider
- Specific bar
- Renewability
- Continuation right
Medicare ABCD
A hospital, B medical, C advantage, D drugs.
HospitalMedicalAdvantageDrugs
Medicare vs Medicaid
Medicare
- Age/disability
- Federal program
Medicaid
- Need based
- State/federal
Eligibility differs
Health Concepts
- Total disability
- Cannot work
- Partial
- Limited duties
- Residual
- Income loss
- Coordination
- Primary order
- Managed care
- Network controls
- Subrogation
- Recover from third
- Occupational
- Work related
- Nonduplication
- No double pay
Field Underwriting
- Application
- Primary source
- MIB
- Fraud database
- Initial premium
- Receipt trigger
- Submit app
- Underwriting start
- Policy delivery
- Explain policy
- Replacement
- Disclose swap
- Warranties
- Guaranteed truth
- Representations
- Best statements
DFS/OIR Split
DFS licenses people; OIR watches companies.
DFSAgentsOIRCompanies
DFS vs OIR
DFS
- Agent licensing
- Consumer services
OIR
- Rates/forms
- Company solvency
Regulator role matters
Florida Rule Picker
- Agent license→DFS(Bureau)
- Rate/form filing→OIR(Company)
- Fraud concern→DFS fraud(Investigation)
- Insolvent insurer→FLAHIGA(Limits)
- Need transact→Appointment(Required)
- CE due→MyProfile(Check status)
- Life replacement→Comparison(Disclose)
- Annuity sale→Best interest(Suitability)
Exam Map
- 2-15
- Health + life
- Scored
- 150 questions
- Pretest
- 15 questions
- Time
- 2.75 hours
- DFS
- Agent licensing
- Pearson
- Exam vendor
- Manual
- Outline controls
- Pass
- 70%
CE Split
Four law plus twenty electives.
4 law/ethics20 electives24 total
License vs Appointment
License
- State qualification
- DFS issued
Appointment
- Insurer authority
- Required to transact
Need both active
Licensing Path
- Age
- 18 minimum
- Resident
- Bona fide Florida
- Work auth
- Required status
- Prelicense
- 60 approved hours
- Course age
- Within four years
- Fingerprints
- Background check
- MyProfile
- DFS portal
- Appointment
- Needed to transact
Twisting vs Churning
Twisting
- Misleading statements
- Replacement induced
Churning
- Same insurer
- Commission motive
Motive and deception differ
DFS + OIR
- CFO
- DFS head
- DFS
- Licensing/fraud
- Consumer services
- DFS function
- Receivership
- DFS function
- OIR
- Rates/forms
- OFR
- Financial regulation
- FSC
- Governor/cabinet
- Market conduct
- OIR exam
License Maintenance
- CE total
- 24 hours
- Law/ethics
- 4-hour update
- Electives
- 20 hours
- Birth month
- CE due
- Unappointed
- 48-month termination
- Appointment
- Insurer authority
- Records
- Maintain files
- Department reply
- Respond promptly
Unfair Practices
- Sliding
- Hidden coverage
- Coercion
- Forced purchase
- Misrepresentation
- False statement
- Defamation
- False attack
- Twisting
- Misleading replacement
- Churning
- Commission replacement
- Rebating
- Illegal inducement
- Concealment
- Hidden material fact
Guaranty Limits
- Life death
- $300,000
- Life cash
- $100,000
- Deferred annuity
- $250,000
- Annuity benefit
- $300,000
- Major medical
- $500,000
- LTC
- $300,000
- Variable risk
- Often excluded
- Sales pitch
- Prohibited use
Florida Life Rules
- Buyer guide
- Required disclosure
- Policy summary
- Life disclosure
- Suitability
- Best interest
- Replacement
- Duties apply
- Free look
- Refund review
- Secondary addressee
- Lapse notice
- Group conversion
- Individual right
- Divorce effect
- Beneficiary issue
Conversion vs Continuation
Conversion
- Individual policy
- Coverage switch
Continuation
- Same group plan
- Temporary extension
Policy form differs
Florida Health Rules
- Minimum standards
- Required benefits
- Continuation
- Keep coverage
- Conversion
- Individual switch
- Certificate
- Group evidence
- Medigap
- Standard plans
- LTC
- Care policy
- Small employer
- Guaranteed issue
- HIV/AIDS
- Special rules
Common Traps
DFS/OIR Trap
DFS licenses agents ≠ OIR regulates companies
Appointment Trap
License qualifies ≠ Appointment authorizes
Sliding Trap
Hidden add-on ≠ Not legal bundle
Replacement Trap
Existing policy swap ≠ Not simple comparison
Guaranty Trap
Safety net ≠ Not sales inducement
Receipt Trap
Conditional coverage ≠ Not automatic issue
Medigap Trap
Supplements Medicare ≠ Not Advantage plan
Continuation Trap
Same group coverage ≠ Not conversion policy
Last Minute
- 1.2-15 = 150 scored
- 2.Fifteen pretest questions
- 3.Time limit 2.75 hours
- 4.Prelicense course = 60 hours
- 5.DFS licenses agents
- 6.OIR regulates companies
- 7.Appointment required to transact
- 8.CE = 4 + 20
- 9.Unappointed expires after 48 months
- 10.Twisting uses misleading replacement
- 11.Sliding hides add-ons
- 12.Healthy Kids = CHIP
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