Louisiana Regulation
23%of exam
Life Insurance & Annuities
42%of exam
Policy TypesProvisions & RidersNonforfeiture OptionsAnnuitiesBeneficiaries
Health, Disability & Senior
25%of exam
Health ProvisionsDisability IncomeMedical PlansMedicare & SeniorLTC & Medigap
General, Federal & Tax
10%of exam
Insurance ConceptsFederal RulesTaxationMEC & 1035
Quick Facts
- Exam
- Series 103
- Credential
- Life, Health & Accident
- Questions
- 150
- Time
- 160 minutes
- Pass
- 70% (105/150)
- Fee
- $53 combined line
- Regulator
- LDI / PSI
- Testing
- In-person only
LA Free-Look Ladder
Life 10, Replace 20, LTC 30
Life: 10 daysReplacement: 20 daysSenior 65+: 20Medigap: 30 daysLTC: 30 days
Producer vs Adjuster
Producer
- Sells/solicits insurance
- Series 103 exam
- Needs appointment
Adjuster
- Settles claims
- Series 201-301
- Different license
Sell versus settle claims
LA Free-Look Picker
- New life policy→10 days
- Replacing existing policy→20 days
- Applicant age 65+→20 days
- Individual health policy→10 days
- Medicare Supplement→30 days
- Long-term care policy→30 days
Official PSI Blueprint Weights
- LA Regulation
- 23%
- Federal Regulation
- 1%
- General Concepts
- 7%
- Life/Health Basics
- 14%
- Life Policy Types
- 8%
- Provisions & Riders
- 13%
- Annuities
- 7%
- Health Provisions
- 7%
- Disability Income
- 4%
- Medical Plans
- 4%
- Group Health
- 3%
- Senior & Medicare
- 7%
- Federal Tax
- 2%
Unfair Trade Acts
Twist, Churn, Rebate, Defame, Coerce
Twisting: misrepresentChurning: same insurerRebating: illegal inducementDefamation: false statementsCoercion: force purchase
Twisting vs Churning
Twisting
- Misrepresent to replace
- Different insurer
- Deceptive comparison
Churning
- Replace within insurer
- Uses existing values
- Same company
Both illegal replacement tactics
LA Licensing Basics
- Regulator
- LDI enforces Title 22
- Commissioner
- Elected, 4-year term
- Exam vendor
- PSI, in-person only
- Pre-license ed
- None required since 2022
- Minimum age
- 18 years old
- Apply via
- NIPR after passing
- Fingerprint
- Exam day at PSI
- Report changes
- Within 30 days
LLHIGA Caps
Life 300k, Cash 100k, Health 500k
Life death: $300kCash value: $100kAnnuity: $250kHealth: $500kAggregate: $500k
LA CE & Renewal
- Cycle
- 2-year biennial
- Due date
- End of birth month
- CE hours
- 24 hours
- Ethics
- 3 hours minimum
- Renewal fee
- $75 per line
- Legislative update
- 2 hours (July 2027)
- Records
- Keep 5 years
LA Free-Look Periods
- Life policy
- 10 days
- Replacement
- 20 days
- Senior 65+
- 20 days
- Annuity
- 10 days
- Individual health
- 10 days
- Medicare Supplement
- 30 days
- Long-term care
- 30 days
LLHIGA Coverage Caps
- Life death benefit
- $300,000
- Cash surrender
- $100,000
- Annuity present value
- $250,000
- Health insurance
- $500,000
- Aggregate per person
- $500,000
- Advertising
- Prohibited (R.S. 22:2098)
Unfair Trade Practices
- Statute
- R.S. 22:1961-1973
- Rebating
- Prohibited; gifts ≤$25
- Twisting
- Misrepresent to replace
- Churning
- Replace for commission
- Claim payment
- 30 days; else penalty
- Bad-faith penalty
- Up to 50% (22:1892)
- Willful fine
- Up to $25,000
Life Policy Timeline
Grace 31, Incontestable 2yr, Suicide 2yr
Grace: 31 daysIncontestable: 2 yearsSuicide: 2 years
Term vs Whole Life
Term
- Temporary coverage
- No cash value
- Lowest cost
Whole Life
- Permanent coverage
- Builds cash value
- Level premium
Temporary versus permanent
Life Policy Picker
- Temporary need, low cost→Term(No cash value)
- Lifelong + guarantees→Whole life(Fixed premium)
- Flexible premiums→Universal life(Adjustable)
- Market-based growth→Variable life(Securities license)
- Insure two lives→Survivorship(Second-to-die)
- Employer coverage→Group life(Master contract)
Life Policy Types
- Term
- Temporary, no cash value
- Whole life
- Permanent, level premium
- Universal life
- Flexible premium/death benefit
- Variable life
- Separate account investments
- Adjustable life
- Convert term/whole
- Group life
- Employer master policy
- Survivorship
- Pays at second death
Free Look vs Grace
Free Look
- Examine new policy
- Full refund
- 10-30 days
Grace Period
- Pay overdue premium
- Policy stays active
- 31 days
Cancel versus keep active
Life Policy Provisions
- Free look
- Examine and refund
- Grace period
- 31 days
- Incontestability
- 2 years
- Suicide clause
- 2-year exclusion
- Reinstatement
- Restore lapsed policy
- Misstatement of age
- Adjust death benefit
- Entire contract
- Policy plus application
Nonforfeiture & Dividends
- Cash surrender
- Take cash value
- Reduced paid-up
- Smaller paid policy
- Extended term
- Term for period
- APL
- Auto premium loan
- Paid-up additions
- Dividend buys insurance
- Accumulate interest
- Dividends earn interest
- Waiver of premium
- Disability pays premium
Annuity Concepts
- Accumulation phase
- Pay-in period
- Annuitization
- Payout phase
- Immediate annuity
- Payout within year
- Deferred annuity
- Payout starts later
- Fixed annuity
- Guaranteed rate
- Indexed annuity
- Index-linked growth
- Life-only option
- Highest income, no refund
Medicare Parts
A hospital, B medical, C advantage, D drugs
A: hospitalB: medicalC: AdvantageD: drugs
HMO vs PPO
HMO
- PCP gatekeeper
- In-network only
- Needs referrals
PPO
- No referral needed
- Out-of-network allowed
- Higher cost
Restrictive versus flexible
Senior Coverage Picker
- Inpatient hospital→Part A
- Doctor/outpatient→Part B(Medical)
- All-in-one plan→Part C(Advantage)
- Prescription drugs→Part D
- Fill Medicare gaps→Medigap(Standardized)
- Custodial long-term care→LTC/Medicaid
Health Policy Provisions
- Elimination period
- Waiting before benefits
- Probationary period
- New-condition wait
- COB
- Coordinate duplicate coverage
- Guaranteed renewable
- Insurer can't cancel
- Proof of loss
- Claim documentation
- Time limit defenses
- Like incontestability
- Grace period
- 31 days typical
Medicare vs Medicaid
Medicare
- Age 65+ or disabled
- Federal program
- Not income-based
Medicaid
- Income-based eligibility
- State + federal
- Covers long-term care
Age versus income need
Medicare & Senior Coverage
- Part A
- Hospital coverage
- Part B
- Medical, doctor visits
- Part C
- Medicare Advantage
- Part D
- Prescription drugs
- Medigap OEP
- 6 months, guaranteed issue
- Medicaid
- Income-based, state/federal
- LTC training
- 8-hour + 4-hour
Own vs Any Occupation
Own Occupation
- Your specific job
- Broader definition
- Pays more often
Any Occupation
- Any suitable job
- Stricter definition
- Harder to claim
Broad versus strict disability
Disability & Medical Plans
- Own occupation
- Can't do your job
- Any occupation
- Can't do any job
- Residual
- Partial disability benefit
- Presumptive
- Automatic total disability
- HMO
- Network, PCP gatekeeper
- PPO
- Flexible network, no referral
- HDHP + HSA
- Tax-advantaged savings
General Concepts & Tax
- Insurable interest
- Required at issue (life)
- Adverse selection
- Bad risks seek coverage
- Indemnity
- Restore, not profit
- Death benefit tax
- Income tax-free
- MEC
- Loses tax advantages
- 1035 exchange
- Tax-free policy swap
- HIPAA
- Portability and privacy
Common Traps
Free look vs grace
Free look = examine/refund ≠ Grace = pay late premium
Combined vs single fee
Series 103 = $53 ≠ Single line = $30
Producer vs adjuster
Producer sells policies ≠ Adjuster settles claims
Annuity vs LTC training
Annuity = 4-hour course ≠ LTC = 8-hour + 4-hour
Incontestable vs grace
Incontestable = 2 years ≠ Grace = 31 days
Medicare vs Medicaid
Medicare = age/disability ≠ Medicaid = income need
Guaranty fund not a pitch
LLHIGA covers insolvency ≠ Never a sales inducement
Last Minute
- 1.150 Qs, 160 min, 70% pass
- 2.Fee: $53 combined, $30 single
- 3.In-person testing only
- 4.LA law = 23%, heaviest section
- 5.Life free look = 10 days
- 6.Replacement/senior = 20 days
- 7.LTC/Medigap free look = 30
- 8.Grace 31, incontestable 2 years
- 9.CE: 24 hrs, 3 ethics
- 10.Renewal $75/line, birth month
- 11.LLHIGA: life $300k, health $500k
- 12.Rebating banned; gifts ≤$25
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