Life General
26%of exam
Health General
26%of exam
Missouri Common Law
16%of exam
Missouri Life Law
16%of exam
Missouri Health Law
16%of exam
MedigapLTCTelehealthMandatesMO HealthNet
Quick Facts
- Exam
- Code 54
- License
- Life/A&H producer
- Vendor
- Pearson VUE/DCI
- Delivered
- 105 questions
- Scored
- 95 questions
- Pretest
- 10 questions
- Time
- 3 hours
- Pass
- 70%
- Exam fee
- $40
- Prelicense
- None required
- License fee
- $100 resident
- CE
- 16 plus 3 ethics
Term vs Whole
Term
- Temporary
- No cash value
- Lower premium
Whole
- Permanent
- Cash value
- Fixed premium
Temporary vs permanent
Life Product Picker
- Temporary need→Term(Low premium)
- Mortgage declines→Decreasing term(Falling face)
- Lifetime guarantee→Whole life(Cash value)
- Short pay years→Limited-pay(Paid-up)
- Flexible premium→Universal life(Adjustable)
- Market accounts→Variable life(Securities)
- Index formula→Indexed life(Caps/floors)
- Second death need→Survivorship(Estate)
Life Products
- Whole life
- Permanent fixed
- Limited-pay
- Short premium period
- Universal life
- Flexible premium
- Variable life
- Separate accounts
- VUL
- Flexible + separate
- Indexed life
- Index crediting
- Level term
- Level face
- Decreasing term
- Declining face
UL vs VUL
UL
- Flexible premium
- Interest crediting
- General account
VUL
- Flexible premium
- Separate accounts
- Securities risk
Interest vs market
Life Provisions
- Entire contract
- Policy + application
- Free look
- Refund review
- Grace period
- Late-pay window
- Reinstatement
- Restore lapse
- Incontestability
- Challenge limit
- Suicide
- Early exclusion
- Assignment
- Transfer rights
- Misstatement age
- Benefit adjusted
- Nonforfeiture
- Cash-value protection
Fixed vs Variable
Fixed
- Guarantee
- General account
- Insurer risk
Variable
- Separate account
- Owner risk
- Securities license
Guarantee vs market
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
- Reduced paid-up
- Smaller permanent
- Extended term
- Same face temporary
Life Underwriting
- Application
- Offer evidence
- Signatures
- Required consent
- Changes
- Applicant initials
- Receipt
- Conditional coverage
- MIB
- Fraud database
- FCRA
- Consumer reports
- Insurable interest
- Loss stake
- STOLI
- Investor-originated life
Annuities + Tax
- Immediate
- Pays soon
- Deferred
- Pays later
- Fixed
- Guaranteed crediting
- Variable
- Separate accounts
- Indexed
- Index formula
- 1035
- Tax-free swap
- LIFO
- Gain first
- MEC
- Overfunded life
Medicare ABCD
A hospital, B medical, C advantage, D drugs.
A: hospitalB: medicalC: AdvantageD: drugs
HMO vs PPO
HMO
- PCP gatekeeper
- Tighter network
- Lower cost
PPO
- Provider choice
- Out-network possible
- Higher cost
Gatekeeper vs choice
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)
- Medicare gaps→Medigap(Supplement)
- Custodial care→LTC(ADLs)
Health Products
- Disability income
- Lost earnings
- BOE
- Business overhead
- AD&D
- Accident benefits
- Major medical
- Broad coverage
- HMO
- Gatekeeper network
- PPO
- Preferred network
- POS
- Referral blend
- HDHP/HSA
- High deductible savings
- LTC
- Custodial care
Health Provisions
- Entire contract
- Policy contents
- Time limit
- Defense limit
- Notice claim
- Tell insurer
- Claim forms
- Insurer sends
- Proof loss
- Claim evidence
- Payment claims
- Benefits paid
- Legal actions
- Suit timing
- Renewability
- Continuation right
- Elimination
- Waiting period
Health Costs
- Deductible
- Before plan pays
- Coinsurance
- Shared percentage
- Copay
- Fixed visit cost
- URC
- Usual charge
- Preauthorization
- Advance approval
- OOP max
- Annual cap
- Exclusion
- Not covered
- Probationary
- Initial waiting
Outline Split
Life 25, health 25, Missouri 45.
Life: 25Health: 25Common: 15Life law: 15Health law: 15
DCI vs Pearson
DCI
- Regulator
- Issues licenses
- Enforces law
Pearson
- Exam vendor
- Schedules tests
- Score reports
Authority vs administration
License Flow
- Need authority→Pass code 54
- Exam passed→Wait 24-48(System load)
- Ready apply→NIPR(Uniform app)
- Resident filing→$100 fee
- Carrier sale→Appointment(Before selling)
- Renewal due→16 CE(3 ethics)
- Address changed→Notify DCI(30 days)
- Sell LTC→8-hour training
Exam Map
- Code 54
- Combined L/A&H
- Vendor
- Pearson VUE
- Time
- 3 hours
- Exam fee
- $40
- Pass
- 70%
- Testing
- US test centers
- Apply after
- 24-48 hours
- Score valid
- 1 year
CE Split
Sixteen total; three ethics.
16 total3 ethics2-year cycle
License vs Appointment
License
- State qualification
- Line authority
- DCI issued
Appointment
- Insurer authority
- Before selling
- Register entry
Need both active
Licensing Path
- Age
- 18 minimum
- Education
- None required
- Application
- NIPR filing
- Resident fee
- $100
- License term
- 2 years
- Renewal
- $100 biennial
- Appointment
- Before selling
- Lines
- Match authority
License Flow
Test, wait, NIPR, appoint, sell.
Pass examWait 24-48NIPR appAppointment
Twisting vs Churning
Twisting
- Misleading replacement
- False comparison
- Deception focus
Churning
- Excessive replacement
- Commission motive
- Client harm
Lie vs churn
DCI Law Map
- DCI
- State regulator
- Director
- Governor appointed
- Chapter 374
- Department powers
- Chapter 375
- Companies/practices
- Chapter 376
- Life/health statutes
- Chapter 381
- Producer licensing
- Cease order
- Stop violations
- Record exam
- Books inspection
Guaranty Limits
Death 300, cash 100, annuity 250.
Life: 300KCash: 100KAnnuity: 250KHealth: 500K
Rebate vs Nominal
Rebate
- Off-contract value
- Induces purchase
- Generally banned
Nominal item
- Small marketing
- Not premium return
- Limited exception
Inducement controls
Maintenance + Reporting
- CE total
- 16 hours
- Ethics
- 3 hours
- Cycle
- Every 2 years
- Duplicate CE
- No repeat credit
- Address change
- 30 days
- Name change
- 30 days
- Admin action
- 30 days
- Felony report
- 30 days
Guaranty vs Sales
MOLHIGA
- Insolvency backup
- Limits apply
- Member funded
Sales pitch
- Prohibited use
- Not FDIC
- Never compare
Safety net only
Unfair Practices
- Misrepresentation
- False policy facts
- Rebating
- Off-contract inducement
- Twisting
- Misleading replacement
- Churning
- Excessive replacement
- Defamation
- False insurer attack
- Discrimination
- Unfair class treatment
- Commingling
- Mixed premium funds
- Unlicensed pay
- License activity pay
Guaranty Limits
- MOLHIGA
- Insolvency safety net
- Life death
- $300,000
- Life cash
- $100,000
- Annuity value
- $250,000
- Health benefits
- $500,000
- Disability/LTC
- $300,000
- Member insurers
- Fund assessments
- Sales pitch
- Prohibited use
Replacement Care
Forms, reasons, charges, lost benefits.
NoticeComparisonSurrender chargesNew period
Missouri Rule Picker
- Producer licensing→DCI(Chapter 381)
- Existing policy swap→Replacement(Forms)
- Annuity sale→Best interest(Profile)
- Client funds→Trust handling(No commingle)
- Insolvent insurer→MOLHIGA(Limits)
- Medicare gaps→Medigap(Letters)
- Health mandate→MO statutes(Chapter 376)
- LTC partnership→Training(8 then 4)
Missouri Life Rules
- Replacement forms
- Required notices
- Producer duties
- Disclose comparison
- Replacing insurer
- Notify existing
- Policy loans
- Rate rules
- Assignability
- Transfer rights
- Suicide exclusion
- State rule
- Variable products
- Securities risk
- Advertising
- Disclosure rules
Annuity Suitability
- Best interest
- Consumer first
- Age
- Profile factor
- Income
- Profile factor
- Objectives
- Profile factor
- Time horizon
- Profile factor
- Liquidity
- Need tested
- Risk tolerance
- Need tested
- Training
- Product knowledge
Advantage vs Medigap
Part C
- Replaces Original
- Private plan
- Often networked
Medigap
- Supplements Original
- Standard letters
- Pays gaps
Replace vs supplement
Missouri Health Rules
- Standard provisions
- Required clauses
- Newborns
- Coverage rule
- Adopted children
- Coverage rule
- Mental health
- Parity theme
- Telehealth
- State mandate
- Cancer screening
- Mandated topic
- Utilization review
- Health oversight
- Small employer
- Group rules
Medigap + LTC
- Medigap
- Medicare gaps
- Plan letters
- Standard benefits
- Open enrollment
- 6 months
- Free look
- 30 days
- Select products
- Network Medigap
- LTC training
- 8 initial hours
- LTC ongoing
- 4 renewal hours
- Partnership
- Asset protection
Common Traps
Fee Trap
Current exam fee $40 ≠ Application fee separate
Prelicense Trap
Education not required ≠ Exam still required
Appointment Trap
License qualifies ≠ Appointment authorizes
CE Trap
16 total hours ≠ 3 ethics included
Replacement Trap
Forms required ≠ Not verbal only
Annuity Trap
Best interest applies ≠ Document profile factors
Guaranty Trap
Safety net only ≠ Never sales inducement
Medigap Trap
Letters standardize benefits ≠ Premiums still vary
MOLHIGA Trap
Limits cap coverage ≠ Not full guarantee
Funds Trap
Premiums are fiduciary ≠ No commingling
Last Minute
- 1.Code 54 = combined L/A&H
- 2.Delivered = 105 questions
- 3.Scored = 95 questions
- 4.Exam fee = $40
- 5.Time limit = 3 hours
- 6.Pass = 70%
- 7.Prelicense education = none
- 8.Apply after 24-48 hours
- 9.Exam scores valid one year
- 10.CE = 16 plus 3 ethics
- 11.Appointment before selling
- 12.Address changes within 30 days
- 13.Medigap letters standardize benefits
- 14.MOLHIGA is not a pitch
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