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Life - Series 101

Provider
PSI Services LLC
Format
Computer-administered licensing examination at a PSI testing location
Exam questions
100 scored questions; 5 to 10 additional unscored experimental questions may be administered
Time limit
120 minutes
Passing score
70% correct
Exam fee
$36.00
Examination outline
  • Louisiana Insurance Regulation (10%)
    • Licensing
    • Licensing / Requirements
    • Licensing / Types of licenses
    • Licensing / Types of licenses / Individual producer
    • Licensing / Types of licenses / Business entity
    • Licensing / Types of licenses / Resident versus nonresident
    • Licensing / Types of licenses / Temporary
    • Licensing / Maintenance and duration
    • Licensing / Maintenance and duration / Expiration
    • Licensing / Maintenance and duration / Renewal
    • Licensing / Maintenance and duration / Change of name, address, telephone number
    • Licensing / Maintenance and duration / Assumed names
    • Licensing / Maintenance and duration / Reporting of actions
    • Licensing / Maintenance and duration / Continuing education requirements including exemptions and penalties
    • Licensing / Maintenance and duration / Inactivity due to extenuating circumstances
    • Licensing / Maintenance and duration / Inactivity due to military service
    • Licensing / Disciplinary actions
    • Licensing / Disciplinary actions / Hearings
    • Licensing / Disciplinary actions / Cease and desist order
    • Licensing / Disciplinary actions / License probation, suspension, revocation, or refusal to issue or renew
    • Licensing / Disciplinary actions / Penalties with or without suspension of license
    • State regulation
    • State regulation / Commissioner's general duties and powers
    • State regulation / Company regulation
    • State regulation / Company regulation / Certificate of authority
    • State regulation / Company regulation / Unfair claims settlement practices
    • State regulation / Company regulation / Appointment
    • State regulation / Company regulation / Termination of appointment
    • State regulation / Company regulation / State of domicile
    • State regulation / Producer regulation
    • State regulation / Producer regulation / Controlled business
    • State regulation / Producer regulation / Shared commissions
    • State regulation / Producer regulation / Payment to unlicensed entities
    • State regulation / Producer regulation / Commissions, compensations, fees
    • State regulation / Producer regulation / Appointments
    • State regulation / Producer regulation / Advertising
    • State regulation / Producer regulation / Life and health Guaranty Association prohibited advertising and disclaimer
    • State regulation / Producer regulation / Illustrations
    • State regulation / Producer regulation / Replacement
    • State regulation / Unfair trade practices
    • State regulation / Unfair trade practices / Misrepresentation
    • State regulation / Unfair trade practices / False advertising
    • State regulation / Unfair trade practices / Defamation
    • State regulation / Unfair trade practices / Boycott, coercion and intimidation
    • State regulation / Unfair trade practices / False financial statements
    • State regulation / Unfair trade practices / Unfair discrimination
    • State regulation / Unfair trade practices / Rebating
    • State regulation / Unfair trade practices / Refusing to insure
    • State regulation / Unfair trade practices / Unfair Financial Planning Practices
    • State regulation / Examination of books and records
    • State regulation / Insurance fraud
    • State regulation / Privacy of Consumer Financial Information
  • Licensing and Regulation (2%)
    • Federal Regulation
    • Federal Regulation / Fair Credit Reporting Act
    • Federal Regulation / Fraud and False Statements (18 USC Sections 1033 and 1034)
    • Federal Regulation / Privacy (Gramm Leach Bliley)
    • Federal Regulation / National Do Not Call List
  • General Insurance Concepts (10%)
    • Risk
    • Risk / Methods of Handling Risk (e.g., Avoidance, Retention, Sharing, Reduction, Transfer)
    • Risk / Elements of Insurable Risks
    • Risk / Definitions (e.g., Risk, Hazard, Peril, Loss)
    • Classifications of Insurers
    • Classifications of Insurers / Mutual, Stock
    • Classifications of Insurers / Admitted, Non-Admitted
    • Classifications of Insurers / Foreign, Domestic, Alien
    • Elements of a Contract
    • Elements of a Contract / Consideration
    • Elements of a Contract / Competent Parties
    • Elements of a Contract / Legal Purpose
    • Elements of a Contract / Offer
    • Elements of a Contract / Acceptance
    • Authority and Powers of Producers
    • Authority and Powers of Producers / Express
    • Authority and Powers of Producers / Implied
    • Authority and Powers of Producers / Apparent
    • Authority and Powers of Producers / The Law of Agency
    • Legal Interpretations Affecting Contracts
    • Legal Interpretations Affecting Contracts / Reasonable Expectations
    • Legal Interpretations Affecting Contracts / Indemnity
    • Legal Interpretations Affecting Contracts / Good Faith
    • Legal Interpretations Affecting Contracts / Fraud
    • Legal Interpretations Affecting Contracts / Warranties, Representations, Misrepresentations, and Concealment
  • Life Insurance Basics (16%)
    • Insurable Interest
    • Personal Uses of Life Insurance
    • Personal Uses of Life Insurance / Survivor Protection
    • Personal Uses of Life Insurance / Estate Creation
    • Personal Uses of Life Insurance / Liquidity
    • Personal Uses of Life Insurance / Estate Conservation
    • Determining Amount of Personal Life Insurance
    • Determining Amount of Personal Life Insurance / Human Life Value Approach
    • Determining Amount of Personal Life Insurance / Needs Approach
    • Business Uses of Life Insurance
    • Business Uses of Life Insurance / Buy-Sell Funding
    • Business Uses of Life Insurance / Key Person
    • Business Uses of Life Insurance / Executive Bonuses
    • Factors in Premium Determination
    • Factors in Premium Determination / Mortality
    • Factors in Premium Determination / Interest
    • Factors in Premium Determination / Expense
    • Premium Frequency
    • Field Underwriting
    • Field Underwriting / Application Procedures
    • Field Underwriting / Warranties and Representations
    • Policy Delivery
    • Policy Delivery / Effective Date of Coverage
    • Policy Delivery / Policy Review
    • Policy Delivery / Premium Collection
    • Policy Delivery / Statement of Good Health
    • Company Underwriting
    • Company Underwriting / Sources of Information
    • Company Underwriting / Classifications of Risk (Preferred, Standard, Substandard, Declined)
  • Types of Life Insurance Policies (17%)
    • Term Life Insurance
    • Term Life Insurance / Level
    • Term Life Insurance / Decreasing
    • Term Life Insurance / Increasing Term
    • Whole (Permanent, Ordinary) Life Insurance
    • Whole (Permanent, Ordinary) Life Insurance / Single Premium
    • Whole (Permanent, Ordinary) Life Insurance / Continuous Premium
    • Whole (Permanent, Ordinary) Life Insurance / Limited Payment
    • Whole (Permanent, Ordinary) Life Insurance / Adjustable Life
    • Universal Life
    • Variable Life
    • Variable Universal
    • Index Whole Life
    • Specialized Policies
    • Specialized Policies / Joint Life
    • Specialized Policies / Survivorship Life
    • Specialized Policies / Juvenile
    • Specialized Policies / Return of Premium Term Insurance
    • Group Life Insurance
    • Group Life Insurance / Eligible Groups
    • Group Life Insurance / Characteristics of Group Life Insurance
    • Group Life Insurance / Conversion from Group to Individual
    • Credit Life
    • Credit Life / Individual
    • Credit Life / Group
  • Life Insurance Policy Provisions, Options, and Riders (26%)
    • Standard Life Insurance Provisions
    • Standard Life Insurance Provisions / Ownership
    • Standard Life Insurance Provisions / Assignment
    • Standard Life Insurance Provisions / Right to Examine (Free Look)
    • Standard Life Insurance Provisions / Payment of Premiums
    • Standard Life Insurance Provisions / Grace Period
    • Standard Life Insurance Provisions / Misstatement of Age/Sex
    • Standard Life Insurance Provisions / Incontestability
    • Standard Life Insurance Provisions / Reinstatement
    • Standard Life Insurance Provisions / Entire Contract
    • Beneficiary Designation Options
    • Beneficiary Designation Options / Individuals
    • Beneficiary Designation Options / Classes
    • Beneficiary Designation Options / Estates
    • Beneficiary Designation Options / Minors
    • Beneficiary Designation Options / Trusts
    • Types of Beneficiaries
    • Types of Beneficiaries / Revocable versus Irrevocable
    • Types of Beneficiaries / Primary and Contingent
    • Beneficiary-Related Clauses
    • Beneficiary-Related Clauses / Common Disaster
    • Beneficiary-Related Clauses / Spendthrift
    • Settlement Options
    • Settlement Options / Cash Payment (Lump Sum)
    • Settlement Options / Interest Only
    • Settlement Options / Life Income
    • Settlement Options / Fixed-Period
    • Settlement Options / Fixed-Amount Installments
    • Nonforfeiture Options
    • Nonforfeiture Options / Cash Surrender Value
    • Nonforfeiture Options / Extended Term
    • Nonforfeiture Options / Reduced Paid-Up Insurance
    • Policy Loan and Withdrawal Options
    • Policy Loan and Withdrawal Options / Loans
    • Policy Loan and Withdrawal Options / Automatic Premium Loans
    • Policy Loan and Withdrawal Options / Withdrawals Partial Surrenders
    • Dividend Options
    • Dividend Options / Paid-Up Additions
    • Dividend Options / Cash Payment (Lump Sum)
    • Dividend Options / One Year Term
    • Dividend Options / Reduction of Premium
    • Dividend Options / Accumulation at Interest
    • Disability Riders
    • Disability Riders / Waiver of Premium
    • Disability Riders / Disability Income Benefit
    • Disability Riders / Payor Benefit Life
    • Riders Covering Additional Insureds
    • Riders Covering Additional Insureds / Spouse
    • Riders Covering Additional Insureds / Children
    • Riders Covering Additional Insureds / Family
    • Riders Affecting Death Benefit Amount
    • Riders Affecting Death Benefit Amount / Accidental Death
    • Riders Affecting Death Benefit Amount / Guaranteed Insurability
    • Riders Affecting Death Benefit Amount / Cost of Living
    • Riders Affecting Death Benefit Amount / Return of Premium
    • Riders Affecting Death Benefit Amount / Accelerated (Living) Benefit Provision Rider
    • Riders Affecting Death Benefit Amount / Long-Term Care Rider
    • Policy Exclusions
  • Annuities (11%)
    • Annuity Principles and Concepts
    • Annuity Principles and Concepts / Accumulation Period versus Annuity Period
    • Annuity Principles and Concepts / Owner, Annuitant, and Beneficiary
    • Immediate versus Deferred Annuities
    • Annuity (Benefit) Payment Options
    • Annuity (Benefit) Payment Options / Life Contingency Options
    • Annuity (Benefit) Payment Options / Annuities Certain
    • Annuity (Benefit) Payment Options / Pure Life versus Life with Guaranteed Minimum
    • Annuity (Benefit) Payment Options / Single Life versus Multiple Life
    • Annuity Products
    • Annuity Products / Fixed Annuities
    • Annuity Products / Equity Indexed Annuities
    • Annuity Products / Variable Annuities
    • Uses of Annuities
    • Uses of Annuities / Lump-Sum Settlements
    • Uses of Annuities / Retirement Income
    • Uses of Annuities / Education
    • Uses of Annuities / Long-Term Care Rider
  • Federal Tax Considerations for Life Insurance (8%)
    • Requirements of Life Insurance Qualified Plans
    • Federal Tax Considerations for Qualified Plans
    • Federal Tax Considerations for Qualified Plans / Withdrawals
    • Federal Tax Considerations for Qualified Plans / Rollovers versus Transfers
    • Qualified Plan Types, Characteristics, and Purchasers
    • Qualified Plan Types, Characteristics, and Purchasers / Individual Retirement Accounts (IRAs; Traditional versus Roth)
    • Qualified Plan Types, Characteristics, and Purchasers / 401k
    • Qualified Plan Types, Characteristics, and Purchasers / 403b
    • Qualified Plan Types, Characteristics, and Purchasers / SEP
    • Qualified Plan Types, Characteristics, and Purchasers / SIMPLE
    • Taxation of Personal Life Insurance
    • Taxation of Personal Life Insurance / Premiums
    • Taxation of Personal Life Insurance / Dividends
    • Taxation of Personal Life Insurance / Settlements
    • Modified Endowment Contracts (MECs)
Examination sources