Washington Law
30%of exam
General Concepts
6%of exam
RiskContractsAgencyFederal RulesAuthority
Life Products
33%of exam
Annuities + Tax
7%of exam
AnnuitiesBest InterestBuyer GuideSurrenderTax
Health + Group
21%of exam
Seniors + LTC
3%of exam
MedigapLTCWA CaresSHIBAGuaranty Trap
Quick Facts
- Exam
- Life + Disability
- Body
- OIC / PSI
- Items
- 150 items
- Time
- 195 min
- Fee
- $55
- Pass
- 70%
- PLE
- Not required
- Apply
- 180 days
- CE
- 24 CE + 3 ethics
- Term
- Health = disability
OIC Powers
Elect, license, investigate, discipline, protect.
ElectedLicensingMarket conductComplaintsEnforcement
License vs Appointment
License
- Line authority
- OIC issued
- Producer status
Appointment
- Insurer link
- Carrier representation
- Before acting
Authority vs representation
Licensing Picker
- Need exam facts→PSI bulletin(Current outline)
- Need line authority→Producer license(OIC issued)
- Need insurer link→Appointment(Before acting)
- Passed exam→Apply promptly(180 days)
- Resident applicant→Fingerprints(Before license)
- Nonresident applicant→No WA prints(Still licensed)
- Renewing resident→24 CE(3 ethics)
Exam Map
- Combo
- Life + disability
- 150 items
- Scored exam
- 195 min
- Time limit
- $55
- Combo fee
- 70%
- Passing score
- 45 items
- WA law
- 3 items
- Federal law
- PSI
- Exam vendor
Producer Path
Exam, prints, apply, appoint, renew.
PassFingerprints180 daysAppointmentCE
Resident vs Nonresident
Resident
- WA fingerprints
- WA CE
- Birth-month renewal
Nonresident
- No WA prints
- Home-state CE
- WA license still
Duties differ
Sales Duty Picker
- Client replaces policy→Replacement forms(Compare clearly)
- New annuity→Best interest(Profile based)
- Senior needs cash→Liquidity check(Surrender risk)
- Projected values shown→Illustration rules(Separate guarantees)
- Premium collected→Trust handling(No commingling)
- Insurer status unknown→Verify authority(Before placement)
- OIC asks records→Respond promptly(Duty continues)
License Basics
- Age
- 18 minimum
- PLE
- Not required
- PLE date
- July 23 2023
- Application
- Complete within 180
- Resident prints
- $49 processing
- Nonresident
- No WA prints
- NIPR
- Application route
- Retakes
- New fee
Renewal + CE
- Resident producer
- 24 CE credits
- Ethics
- 3 credits
- Cycle
- Renewal period
- Birth month
- Expiration cue
- Carryover
- Not allowed
- Certificate
- 24 months
- Nonresident CE
- Usually exempt
- Product training
- May still apply
Producer Duties
- License
- Line authority
- Appointment
- Insurer link
- Sell
- Exchange insurance
- Solicit
- Urge purchase
- Negotiate
- Advise terms
- Premiums
- Trust funds
- OIC request
- Respond promptly
- Authorization
- Verify insurer
Unfair Practices
- Misrepresentation
- False policy facts
- Twisting
- Misleading replacement
- Churning
- Commission replacement
- Rebating
- Illegal inducement
- Defamation
- False insurer attack
- Boycott
- Coercive refusal
- Discrimination
- Unfair class treatment
- Commingling
- Mixed premium funds
Risk + Contracts
- Pure risk
- Loss or no loss
- Speculative
- Gain possible
- Peril
- Loss cause
- Hazard
- Increases loss
- Moral
- Dishonesty
- Morale
- Carelessness
- Aleatory
- Unequal exchange
- Adhesion
- Insurer drafted
Agency + Federal
- Express
- Written authority
- Implied
- Necessary authority
- Apparent
- Public appearance
- Fiduciary
- Trust duty
- FCRA
- Consumer reports
- GLBA
- Privacy notices
- HIPAA
- Health privacy
- 1033
- Felony consent
Replacement Watch
Compare costs, values, charges, limits, timing.
CostsCash valueSurrenderExclusionsRecords
Replacement vs Twisting
Replacement
- Disclosed switch
- Documented comparison
- May be suitable
Twisting
- Misleading switch
- Omitted costs
- Unfair practice
Disclosure changes outcome
Life Policy Types
- Term
- Temporary protection
- Whole life
- Lifetime guarantees
- Universal life
- Flexible premiums
- Variable life
- Separate accounts
- VUL
- Flexible + market
- Group life
- Certificate coverage
- Credit life
- Pays debt
- Final expense
- Small burial policy
Life Provisions
- Free look
- Cancel review
- Grace
- Late premium window
- Incontestability
- 2-year limit
- Suicide
- 2-year exclusion
- Age error
- Adjust benefits
- Entire contract
- Policy + application
- Reinstatement
- Revive lapse
- Conversion
- 31-day group right
Beneficiaries + Riders
- Revocable
- Owner can change
- Irrevocable
- Consent required
- Per stirpes
- By family branch
- Assignment
- Transfer rights
- Collateral
- Loan security
- Waiver premium
- Disability rider
- ADB
- Early death benefit
- GI rider
- Future purchase
Replacement + Illustrations
- Replacement
- Document comparison
- Twisting
- Misleading switch
- Churning
- Commission churn
- Existing notice
- 5 business days
- Records
- 5-year retention
- Surrender
- Lost value
- Illustrations
- Separate guarantees
- Conservation
- Existing insurer effort
Annuity Profile
Age, income, liquidity, risk, horizon.
AgeIncomeLiquidityRiskHorizon
Fixed vs Variable
Fixed
- Insurer risk
- General account
- Minimum guarantee
Variable
- Owner risk
- Separate account
- Securities license
Guarantee vs market
Annuity Rules
- Best interest
- Consumer profile
- Buyer Guide
- Before application
- Training
- Required before sale
- Liquidity
- Senior trap
- Fixed
- Insurer risk
- Variable
- Owner risk
- Indexed
- Formula crediting
- SPIA
- Immediate income
Tax Cues
- Life proceeds
- Usually tax-free
- MEC
- Fails 7-pay
- MEC loans
- LIFO taxation
- Penalty
- Pre-59.5 cue
- Nonqualified
- After-tax premium
- Annuity withdrawal
- Earnings first
- Exclusion ratio
- Tax-free portion
- HSA
- HDHP paired
Apple Health vs Healthplanfinder
Apple Health
- WA Medicaid
- Income eligibility
- Public coverage
Healthplanfinder
- State marketplace
- ACA plans
- Tax credits
Program vs portal
Health Program Picker
- Low-income resident→Apple Health(Medicaid)
- Individual marketplace→Healthplanfinder(ACA plans)
- Coverage denial→External review(IRO path)
- Small employer loss→Mini-COBRA(18 months)
- Medicare gaps→Medigap(WAC 284-66)
- LTC public benefit→WA Cares(Limited benefit)
- Medicare confusion→SHIBA(Free counseling)
Health Provisions
- Disability
- WA health line
- Outline
- Coverage summary
- Time limit
- Defenses clause
- Proof loss
- Claim evidence
- Notice claim
- Start claim
- Reinstatement
- Restore coverage
- External review
- Independent review
- Parity
- Mental health equal
Medical + Group
- HMO
- Network gatekeeping
- PPO
- Network discounts
- POS
- Hybrid plan
- Indemnity
- Fee-for-service
- Mini-COBRA
- Under 20 workers
- Duration
- 18 months
- Certificate
- Group evidence
- Coordination
- Avoid duplicate pay
State Programs
- Apple Health
- WA Medicaid
- Expansion
- Adults to 138%
- Healthplanfinder
- State marketplace
- Open enrollment
- Nov 1-Jan 15
- Tax credits
- Income based
- SEP
- Qualifying event
- SHIBA
- Free counseling
- IRO
- External review
LTC Trigger
Two ADLs or severe cognitive impairment.
BathingDressingEatingToiletingTransferringContinence
Medigap vs Advantage
Medigap
- Supplements Original Medicare
- WAC 284-66
- Replacement forms
Advantage
- Part C plan
- Network rules
- Not Medigap
Supplement vs replacement
Seniors + LTC
- Medigap
- Medicare supplement
- WAC 284-66
- Medigap standards
- Guaranteed issue
- Limited underwriting
- Replacement forms
- Required disclosures
- LTC training
- Product education
- ADLs
- 2 of 6
- Cognitive
- Supervision trigger
- Elimination
- Waiting period
WA Cares vs Private LTC
WA Cares
- Payroll funded
- Limited benefit
- Public program
Private LTC
- Policy premium
- Contract benefits
- Underwritten product
Public vs policy
WA Cares + Guaranty
- WA Cares
- Public LTC
- Payroll
- 0.58% wages
- Benefit
- $36,500 in 2026
- Benefits
- Start July 2026
- Vesting
- Contribution pathway
- Guaranty
- Insolvency safety net
- Advertising
- Never sell with it
- Limits
- Statutory caps
Guaranty vs Solvency
Guaranty
- After insolvency
- Statutory limits
- No advertising
Solvency
- Company strength
- OIC oversight
- Before sale
Safety net only
Common Traps
Pass vs License
Passed exam ≠ Not yet licensed
No PLE Trap
Study recommended ≠ PLE not required
Fingerprint Trap
Resident fingerprints ≠ Nonresident no prints
Guaranty Trap
Safety net ≠ Not sales point
Replacement Trap
Disclosed replacement ≠ Misleading twisting
Annuity Trap
Best interest ≠ Not commission first
Health Term Trap
Washington disability ≠ Common health line
WA Cares Trap
Limited benefit ≠ Not full LTC
Last Minute
- 1.Know 150 items
- 2.Budget 195 minutes
- 3.Pass needs 70%
- 4.WA law has 45
- 5.PLE not required
- 6.Apply within 180
- 7.Residents fingerprint first
- 8.CE is 24 plus ethics
- 9.Health means disability
- 10.Appointment follows license
- 11.Premiums are trust funds
- 12.Replacement needs documentation
- 13.Guaranty never sells policies
- 14.WA Cares is limited
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