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North Dakota Life and Annuity Insurance Examination — Information & Free Practice

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North Dakota Life and Annuity Insurance Examination

Provider
PSI Services LLC
Format
Computer-administered written examination
Exam questions
110 scored items; 5 to 10 additional unscored experimental questions may be administered
Time limit
150 minutes
Passing score
70%; 77 correct scored answers
Exam fee
$64
Examination outline
  • Insurance Regulation (12 items)
    • Licensing
    • Process (26.1-26-13.2, 13.3, 15; Reg 45-02-02-02)
    • Types of licensees (26.1-26-02, 03)
    • Producers (individual and business entity)(26.1-26-02, 05, 06, 07, 11)
    • Producer-agent of insured (26.1-26-07)
    • Producer-agent of insurer (26.1-26-06)
    • Consultants (26.1-26-35, 41; Reg 45-02-02-09, 10)
    • Nonresident producers (26.1-26-20,47.1)
    • Temporary (26.1-26-26)
    • Maintenance and duration
    • Renewal of appointments (26.1-26-32;Reg 45-02-02-07)
    • Termination (26.1-26-31; Reg 45-02-02-12)
    • Change of address (26.1-26-33; Reg 45-02-02-13)
    • Reporting of actions (26.1-26-45.1)
    • Assumed business names (26.1-26-25.1)
    • Continuing education (26.1-26-31.1; Reg45-02-04-03, 08–11, 13)
    • Disciplinary actions
    • Refusal of license (26.1-26-39, 40, 42)
    • Cease and desist order (26.1-01-03.1;26.1-04-13)
    • Suspension, revocation and probation (26.1-26-42–46)
    • Penalties for violations (26.1-01-03.3;26.1-04-13–17; 26.1-26-50, 51)
    • State Regulation
    • Commissioner's general duties and powers (26.1-01-03; 26.1-04-09)
    • Company regulation
    • Certificate of authority (26.1-02-02)
    • Solvency (26.1-02-02, 03; 26.1-05-32)
    • Unfair claims settlement practices (26.1-04-03(9))
    • Producer regulation
    • Sharing commissions (26.1-26-04)
    • Company and agency regulation
    • Examination of books and records (26.1-03-19.2; 26.1-26-48)
    • Producer appointment (26.1-26-13.1; Reg 45-02-02-06)
    • Termination of appointment (26.1-26-34; Reg 45-02-02-06)
    • Unfair practices
    • Misrepresentation (26.1-04-03(1), (12), 07)
    • False advertising (26.1-04-03(1), (2))
    • Defamation (26.1-04-03(3))
    • Boycott, coercion and intimidation (26.1-04-03(4), 04)
    • False financial statements (26.1-04-03(5))
    • Unfair discrimination (26.1-04-03(7), (11), 05)
    • Rebating (26.1-04-03(8), 05, 06)
    • Prohibited inducements (26.1-04-05, 06)
    • Twisting (26.1-04-03(1))
    • Insurance fraud regulation (26.1-02.1-01–11)
  • North Dakota Laws and Regulations Pertaining to Life Insurance and Annuities (28 items)
    • Producer and company responsibilities
    • Solicitation and sales presentations (Ref: Reg 45-04-01-01–07; Reg 45-04-10-01–08))
    • Advertising (Ref: Reg. 45-04-10-01 through 08)
    • Life and Health Insurance Guaranty Association (26.1-38.1-16(1))
    • Illustrations (Ref: Reg. 45-04-05-05(02))
    • Policy summary (Ref: Reg. 45-04-01-03(7), 45-04-05-05-01)
    • Buyer's guide (Ref: Reg. 45-04-01-03(01) Appendix, 04))
    • Field underwriting requirements
    • Insurable interest (Ref: 26.1-29-09.1)
    • Notice, consent and disclosure for lab tests including HIV (Reg 45-03-11-01–05)
    • Company responsibilities
    • Verification of insurable interest (26.1-29-09.1)
    • Life insurance disclosure regulation (26.1-33-02)
    • Guaranty association disclaimer (Ref: 26.1-38.1-16)
    • Individual life insurance
    • Standard provisions (Ref: 26.1-33-05)
    • Entire contract (Ref: 26.1-33-05 (3))
    • Free look provision (Ref: 26.1-33-02.1)
    • Payment of premiums (Ref: 26.1-33-05 (1))
    • Grace period (Ref: 45-04-04-03-03-b-(02))
    • Reinstatement (Ref: 26.1-33-05 (8))
    • Incontestability (Ref: 26.1-33-05 (3))
    • Misstatement of age (Ref: 26.1-33-05 (5))
    • Statements of the insured (Ref: 26.1-33-05 (4))
    • Dividend options (Ref: 26.1-33-05 (6))
    • Loan provisions (Ref: 26.1-33-05 (7))
    • Nonforfeiture provision (Ref: 26.1-33-18)
    • Exclusions (Ref: 26.1-33-12)
    • Suicide no defense (Ref: 26.1-33-37)
    • Payment of claims and interest (Ref: 26.1-33-05(9), 26.1-33-05(13)
    • Assignment (Ref: 26.1-33-33)
    • Prohibited provisions including backdating (Ref: 26.1-33-06)
    • Group life insurance
    • Standard provisions (Ref: 26.1-33-11)
    • Conversion rights (Ref: 26.1-33-12)
    • Annuities
    • Free look provision (26.1-34-01.1)
    • Nonforfeiture provision (26.1-34-02)
    • Death claim settlement and interest (26.1-34-01(5))
  • Federal Laws and Regulations (3 Items)
    • Fair Credit Reporting Act - Purpose
    • National Do Not Call List
  • General Insurance Concepts (8 Items)
    • Risk
    • Methods of Handling Risk (Avoidance, Retention, Sharing, Reduction, Transfer)
    • Elements of Insurable Risks
    • Definitions (Risk, Hazard, Peril, Loss)
    • Classifications of Insurers
    • Mutual, Stock, Fraternals
    • Admitted, Non-Admitted
    • Foreign, Domestic, Alien
    • Elements of a Contract
    • Consideration
    • Competent Parties
    • Legal Purpose
    • Offer
    • Acceptance
    • Authority and Powers of Producers
    • Express
    • Implied
    • Apparent
    • The Law of Agency
    • Legal Interpretations Affecting Contracts
    • Reasonable Expectations - good faith
    • Indemnity
    • Good Faith
    • Fraud
    • Warranties, Representations, Misrepresentations, and Concealment
  • Life Insurance Basics (13 Items)
    • Insurable Interest
    • Personal Uses of Life Insurance
    • Survivor Protection
    • Liquidity
    • Determining Amount of Personal Life Insurance
    • Human Life Value Approach
    • Needs Approach
    • Business Uses of Life Insurance
    • Buy-Sell Funding
    • Key Person
    • Executive Bonuses
    • Factors in Premium Determination
    • Mortality
    • Interest
    • Expense
    • Premium Frequency
    • Field Underwriting
    • Application Procedures
    • Warranties and Representations
    • Policy Delivery
    • Effective Date of Coverage
    • Policy Review
    • Premium Collection
    • Statement of Good Health
    • Company Underwriting
    • Sources of Information
    • Classifications of Risk (Preferred, Standard, Substandard, Declined)
  • Types of Life Insurance Policies (14 Items)
    • Term Life Insurance
    • Level
    • Decreasing
    • Increasing Term
    • Whole (Permanent, Ordinary) Life Insurance
    • Single Premium
    • Continuous Premium
    • Limited Payment
    • Adjustable Life
    • Universal Life
    • Variable Life
    • Variable Universal
    • Indexed Universal Life
    • Specialized Policies
    • Joint Life
    • Survivorship Life
    • Juvenile
    • Group Life Insurance
    • Eligible Groups
    • Characteristics of Group Life Insurance
  • Life Insurance Policy Provisions, Options, and Riders (20 Items)
    • Standard Life Insurance Provisions
    • Ownership
    • Assignment
    • Right to Examine (Free Look)
    • Payment of Premiums
    • Grace Period
    • Misstatement of Age/Sex
    • Incontestability
    • Reinstatement
    • Entire Contract
    • Beneficiary Designation Options
    • Individuals
    • Classes
    • Minors
    • Types of Beneficiaries
    • Primary and Contingent
    • Beneficiary-Related Clauses
    • Common Disaster
    • Settlement Options
    • Cash Payment (Lump Sum)
    • Interest Only
    • Life Income
    • Fixed-Period
    • Fixed-Amount Installments
    • Joint
    • Last Survivor
    • Nonforfeiture Options
    • Cash Surrender Value
    • Extended Term
    • Reduced Paid-Up Insurance
    • Policy Loan and Withdrawal Options
    • Loans
    • Automatic Premium Loans
    • Withdrawals Partial Surrenders
    • Dividend Options
    • Paid-Up Additions
    • Cash Payment (Lump Sum)
    • One Year Term
    • Reduction of Premium
    • Accumulation at Interest
    • Disability Riders
    • Waiver of Premium
    • Disability Income Benefit
    • Payor Benefit Life
    • Riders Covering Additional Insureds
    • Spouse
    • Children
    • Family term rider
    • Riders Affecting Death Benefit Amount
    • Accidental Death
    • Guaranteed Insurability
    • Cost of Living
    • Return of Premium
    • Accelerated (Living) Benefit Provision Rider
    • Long-Term Care Rider
    • Policy Exclusions
  • Annuities (8 Items)
    • Annuity Principles and Concepts
    • Accumulation Period versus Annuity Period
    • Owner, Annuitant, and Beneficiary
    • Immediate versus Deferred Annuities
    • Annuity (Benefit) Payment Options
    • Life Contingency Options
    • Annuities Certain
    • Pure Life versus Life with Guaranteed Minimum
    • Single Life versus Multiple Life
    • Annuity Products
    • Fixed Annuities
    • Equity Indexed Annuities
    • Variable Annuities
    • Uses of Annuities
    • Lump-Sum Settlements
    • Retirement Income
    • Long-Term Care Rider
    • Guaranteed Minimum Withdrawal Benefit (GMWB)
  • Federal Tax Considerations for Life Insurance (4 Items)
    • Taxation of Personal Life Insurance and Annuities
    • Premiums
    • Dividends
    • Settlements
    • Last In First Out (LIFO) and First In First Out (FIFO)
    • Surrenders and Withdrawals
    • Modified Endowment Contracts (MECs)
Examination sources

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