OpenExamsFREE PRACTICE — ANY EXAM

Life Insurance Producer — Information & Free Practice

US-MO · Examination information

143 free questions · Answer explanations · No signup required

Start free practice →

Life Insurance Producer

Provider
Pearson VUE
Format
Multiple choice; general product knowledge and Missouri statutes, rules, and regulations
Exam questions
50 scored plus 5 pretest general questions; 40 scored plus 5 pretest Missouri-specific questions
Time limit
2 hours
Passing score
70 on the 0–100 scaled score; not a raw percentage
Exam fee
$32
Examination outline
  • I. TYPES OF POLICIES (15 questions)
    • A. Traditional whole life products
    • A. Traditional whole life products / 1. Ordinary whole life
    • A. Traditional whole life products / 2. Limited-pay and single-premium life
    • B. Interest/market-sensitive/adjustable life products
    • B. Interest/market-sensitive/adjustable life products / 1. Universal life
    • B. Interest/market-sensitive/adjustable life products / 2. Variable whole life
    • B. Interest/market-sensitive/adjustable life products / 3. Variable universal life
    • B. Interest/market-sensitive/adjustable life products / 4. Interest-sensitive whole life
    • B. Interest/market-sensitive/adjustable life products / 5. Indexed life
    • C. Term life
    • C. Term life / 1. Types
    • C. Term life / 1. Types / a. Level
    • C. Term life / 1. Types / b. Decreasing
    • C. Term life / 1. Types / c. Return of premium
    • C. Term life / 1. Types / d. Annually renewable
    • C. Term life / 2. Special features
    • C. Term life / 2. Special features / a. Renewable
    • C. Term life / 2. Special features / b. Convertible
    • D. Annuities
    • D. Annuities / 1. Single and flexible premium
    • D. Annuities / 2. Immediate and deferred
    • D. Annuities / 3. Fixed and variable
    • D. Annuities / 4. Indexed
    • E. Combination plans and variations
    • E. Combination plans and variations / 1. Joint life (first to die)
    • E. Combination plans and variations / 2. Survivorship life (second to die)
  • II. LIFE PROVISIONS, RIDERS, OPTIONS, AND EXCLUSIONS (15 questions)
    • A. Policy riders
    • A. Policy riders / 1. Waiver of premium and waiver of monthly deduction
    • A. Policy riders / 2. Guaranteed insurability
    • A. Policy riders / 3. Payor benefit
    • A. Policy riders / 4. Accidental death and/or accidental death and dismemberment
    • A. Policy riders / 5. Term riders
    • A. Policy riders / 6. Other insureds
    • A. Policy riders / 7. Long term care
    • A. Policy riders / 8. Return of premium
    • A. Policy riders / 9. Disability
    • A. Policy riders / 10. Cost of Living
    • B. Policy provisions and options
    • B. Policy provisions and options / 1. Entire contract
    • B. Policy provisions and options / 2. Insuring clause
    • B. Policy provisions and options / 3. Free look
    • B. Policy provisions and options / 4. Consideration
    • B. Policy provisions and options / 5. Owner’s rights
    • B. Policy provisions and options / 6. Beneficiary designations
    • B. Policy provisions and options / 6. Beneficiary designations / a. Primary and contingent
    • B. Policy provisions and options / 6. Beneficiary designations / b. Revocable and irrevocable
    • B. Policy provisions and options / 6. Beneficiary designations / c. Common disaster
    • B. Policy provisions and options / 6. Beneficiary designations / d. Minor beneficiaries
    • B. Policy provisions and options / 6. Beneficiary designations / e. Designation by class
    • B. Policy provisions and options / 7. Premium Payment
    • B. Policy provisions and options / 7. Premium Payment / a. Modes
    • B. Policy provisions and options / 7. Premium Payment / b. Grace period
    • B. Policy provisions and options / 7. Premium Payment / c. Automatic premium loan
    • B. Policy provisions and options / 7. Premium Payment / d. Level or flexible
    • B. Policy provisions and options / 8. Reinstatement
    • B. Policy provisions and options / 9. Policy loans, withdrawals, partial surrenders
    • B. Policy provisions and options / 10. Non-forfeiture options
    • B. Policy provisions and options / 11. Dividends and dividend options (eg. participating, non-participating)
    • B. Policy provisions and options / 12. Incontestability
    • B. Policy provisions and options / 13. Assignments
    • B. Policy provisions and options / 14. Suicide
    • B. Policy provisions and options / 15. Misstatement of age and gender
    • B. Policy provisions and options / 16. Settlement options
    • B. Policy provisions and options / 17. Accelerated death benefits
    • C. Policy exclusions
  • III. COMPLETING THE APPLICATION, UNDERWRITING, AND DELIVERING THE POLICES…. (12 questions)
    • A. Completing the application
    • A. Completing the application / 1. Required signatures
    • A. Completing the application / 2. Changes in the application
    • A. Completing the application / 3. Consequences of incomplete applications
    • A. Completing the application / 4. Warranties and representations
    • A. Completing the application / 5. Collecting the initial premium and issuing the receipt
    • A. Completing the application / 6. Replacement
    • A. Completing the application / 7. Disclosures at point of sale (e.g., HIPAA, HIV consent)
    • A. Completing the application / 8. USA PATRIOT Act/anti-money laundering
    • A. Completing the application / 9. Gramm-Leach-Bliley Act (GLBA) Privacy
    • B. Underwriting
    • B. Underwriting / 1. Insurable interest
    • B. Underwriting / 2. Medical information and consumer reports
    • B. Underwriting / 3. Fair Credit Reporting Act
    • B. Underwriting / 4. Risk classification
    • B. Underwriting / 5. Stranger/Investor-owned life insurance (STOLI/IOLI)
    • C. Delivering the policy
    • C. Delivering the policy / 1. When coverage begins
    • C. Delivering the policy / 2. Explaining the policy and its provisions, riders, exclusions, and ratings to the client
    • D. Contract law
    • D. Contract law / 1. Elements of a contract
    • D. Contract law / 1. Elements of a contract / a. Consideration
    • D. Contract law / 1. Elements of a contract / b. Offer and Acceptance
    • D. Contract law / 1. Elements of a contract / c. Competent parties
    • D. Contract law / 1. Elements of a contract / d. Legal purpose
    • D. Contract law / 2. Unique aspects of the insurance contract
    • D. Contract law / 2. Unique aspects of the insurance contract / a. Conditional
    • D. Contract law / 2. Unique aspects of the insurance contract / b. Unilateral
    • D. Contract law / 2. Unique aspects of the insurance contract / c. Adhesion
    • D. Contract law / 2. Unique aspects of the insurance contract / d. Aleatory
  • IV. RETIREMENT AND OTHER INSURANCE CONCEPTS (8 questions)
    • A. Third-party ownership
    • B. Viatical Settlements
    • C. Life Settlements
    • D. Group life insurance
    • D. Group life insurance / 1. Conversion privilege
    • D. Group life insurance / 2. Contributory vs. noncontributory
    • E. Retirement plans
    • E. Retirement plans / 1. Qualified plans
    • E. Retirement plans / 2. Nonqualified plans
    • F. Life insurance needs analysis/suitability
    • F. Life insurance needs analysis/suitability / 1. Personal insurance needs
    • F. Life insurance needs analysis/suitability / 2. Business insurance needs
    • F. Life insurance needs analysis/suitability / 2. Business insurance needs / a. Key person
    • F. Life insurance needs analysis/suitability / 2. Business insurance needs / b. Buy sell
    • G. Social Security benefits
    • H. Tax treatment of insurance premiums, proceeds, and dividends
    • H. Tax treatment of insurance premiums, proceeds, and dividends / 1. Individual life
    • H. Tax treatment of insurance premiums, proceeds, and dividends / 2. Group life
    • H. Tax treatment of insurance premiums, proceeds, and dividends / 3. Modified Endowment Contracts (MECs)
  • MISSOURI STATUTES, RULES, AND REGULATIONS COMMON TO ALL LINES (20 questions)
    • I. DIRECTOR OF COMMERCE AND INSURANCE
    • I. DIRECTOR OF COMMERCE AND INSURANCE / A. General powers and duties
    • I. DIRECTOR OF COMMERCE AND INSURANCE / B. Examination of records
    • I. DIRECTOR OF COMMERCE AND INSURANCE / C. Cease and desist orders
    • I. DIRECTOR OF COMMERCE AND INSURANCE / D. Interstate Insurance Product Regulatory Commission (aka, “The Compact”)
    • II. LICENSING REQUIREMENTS
    • II. LICENSING REQUIREMENTS / A. Persons required to be licensed
    • II. LICENSING REQUIREMENTS / A. Persons required to be licensed / 1. Producer
    • II. LICENSING REQUIREMENTS / A. Persons required to be licensed / 2. Nonresident producer
    • II. LICENSING REQUIREMENTS / B. Obtaining a license
    • II. LICENSING REQUIREMENTS / B. Obtaining a license / 1. Qualifications
    • II. LICENSING REQUIREMENTS / B. Obtaining a license / 2. Examinations
    • II. LICENSING REQUIREMENTS / C. Maintaining a license
    • II. LICENSING REQUIREMENTS / C. Maintaining a license / 1. Continuing education
    • II. LICENSING REQUIREMENTS / C. Maintaining a license / 2. Change of address
    • II. LICENSING REQUIREMENTS / C. Maintaining a license / 3. Renewal
    • II. LICENSING REQUIREMENTS / C. Maintaining a license / 4. Temporary
    • II. LICENSING REQUIREMENTS / D. License suspension, revocation, denial, cancellation
    • III. MARKETING PRACTICES
    • III. MARKETING PRACTICES / A. Unfair and deceptive practices
    • III. MARKETING PRACTICES / B. Rebating
    • III. MARKETING PRACTICES / C. Misrepresentation
    • III. MARKETING PRACTICES / D. Defamation
    • III. MARKETING PRACTICES / E. Unfair discrimination
    • IV. CERTIFICATE OF AUTHORITY
    • V. FIDUCIARY RESPONSIBILITIES
    • VI. COMMISSIONS AND COMPENSATION
    • VII. MISSOURI INSURANCE GUARANTY ASSOCIATION
  • MISSOURI STATUTES, RULES, AND REGULATION PERTINENT TO LIFE INSURANCE ONLY (20 questions)
    • I. POLICY REPLACEMENT
    • I. POLICY REPLACEMENT / A. Replacement forms
    • I. POLICY REPLACEMENT / B. Duties of producer
    • I. POLICY REPLACEMENT / C. Duties of replacing insurance company
    • II. POLICY PROVISIONS
    • II. POLICY PROVISIONS / A. Policy loan rates
    • II. POLICY PROVISIONS / B. Assignability
    • II. POLICY PROVISIONS / C. Suicide Exclusion
    • II. POLICY PROVISIONS / D. War and Aviation Exclusion
    • III. VARIABLE PRODUCTS
    • IV. GROUP INSURANCE
    • V. CREDIT LIFE INSURANCE
    • VI. GRADED DEATH BENEFITS
    • VII. UNIVERSAL LIFE
    • VIII. SUITABILITY / BEST INTEREST STANDARD
    • IX. ADVERTISING
Examination sources