Life Producer — Information & Free Practice

US-WY · Examination information

150 free questions · Answer explanations · No signup required

Start free practice →

Life Producer

Provider: Pearson VUE
Format: Written, computer-delivered examination
Passing score: 70% of questions answered correctly

Examination outline

Life General — I. TYPES OF POLICIES (15 scored 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
- D. Annuities > 5. Accumulation and Annuity Periods
- D. Annuities > 6. Payout options
- 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)
Life General — II. LIFE PROVISIONS, RIDERS, OPTIONS, AND EXCLUSIONS (15 scored 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 or gender
- B. Policy provisions and options > 16. Settlement options
- B. Policy provisions and options > 17. Accelerated death benefits
- C. Policy exclusions
- C. Policy exclusions > 7. War
- C. Policy exclusions > 8. Aviation
- C. Policy exclusions > 9. Dangerous Occupation
Life General — III. COMPLETING THE APPLICATION, UNDERWRITING, AND DELIVERING THE POLICES…. (12 scored 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
Life General — IV. RETIREMENT AND OTHER INSURANCE CONCEPTS (8 scored questions)
- A. Third-party ownership
- B. Life Settlements
- C. Group life insurance
- C. Group life insurance > 1. Conversion privilege
- C. Group life insurance > 2. Contributory vs. noncontributory
- D. Retirement plans
- D. Retirement plans > 1. Qualified plans
- D. Retirement plans > 2. Nonqualified plans
- E. Life insurance needs analysis/suitability
- E. Life insurance needs analysis/suitability > 1. Personal insurance needs
- E. Life insurance needs analysis/suitability > 2. Business insurance needs
- E. Life insurance needs analysis/suitability > 2. Business insurance needs > a. Key person
- E. Life insurance needs analysis/suitability > 2. Business insurance needs > b. Buy sell
- F. Social Security benefits
- G. Tax treatment of insurance premiums, proceeds, and dividends
- G. Tax treatment of insurance premiums, proceeds, and dividends > 1. Individual life
- G. Tax treatment of insurance premiums, proceeds, and dividends > 2. Group life
- G. Tax treatment of insurance premiums, proceeds, and dividends > 3. Modified Endowment Contracts (MECs)
Life State — I. WYOMING STATUTES, RULES, AND REGULATIONS COMMON TO LIFE, ACCIDENT AND HEALTH, PROPERTY, AND CASUALTY INSURANCE (15 scored questions)
- A. Insurance Commissioner
- A. Insurance Commissioner > 1. Appointment
- A. Insurance Commissioner > 2. General powers and duties
- A. Insurance Commissioner > 3. Examinations
- A. Insurance Commissioner > 4. Orders and hearings
- A. Insurance Commissioner > 5. Penalties
- B. Definitions
- B. Definitions > 1. Domestic company
- B. Definitions > 2. Foreign company
- B. Definitions > 3. Alien company
- B. Definitions > 4. Stock and mutual companies and reciprocals
- B. Definitions > 5. Reciprocal
- B. Definitions > 6. Fraternal benefit society
- B. Definitions > 7. Certificate of authority
- C. Licensing
- C. Licensing > 1. Persons required to be licensed
- C. Licensing > 1. Persons required to be licensed > a. Producer/business entity
- C. Licensing > 1. Persons required to be licensed > b. Producer acting as broker
- C. Licensing > 1. Persons required to be licensed > c. Consultant
- C. Licensing > 1. Persons required to be licensed > d. Limited lines
- C. Licensing > 1. Persons required to be licensed > e. Surplus lines broker
- C. Licensing > 1. Persons required to be licensed > f. Nonresident
- C. Licensing > 1. Persons required to be licensed > g. Temporary license
- C. Licensing > 2. Agent appointment/termination of contract
- C. Licensing > 3. Obtaining a license
- C. Licensing > 3. Obtaining a license > a. Qualifications
- C. Licensing > 3. Obtaining a license > b. Exemptions/exceptions
- C. Licensing > 3. Obtaining a license > c. License denial
- C. Licensing > 4. Maintaining a license
- C. Licensing > 4. Maintaining a license > a. Continuing education
- C. Licensing > 4. Maintaining a license > b. Change of address
- C. Licensing > 4. Maintaining a license > c. Fees/renewal/reinstatement
- C. Licensing > 4. Maintaining a license > d. License expiration/termination
- C. Licensing > 4. Maintaining a license > e. Suspension or revocation of licenses
- C. Licensing > 4. Maintaining a license > f. Reporting of actions
- C. Licensing > 4. Maintaining a license > g. Penalties
- D. Producer responsibilities
- D. Producer responsibilities > 1. Fiduciary capacity
- D. Producer responsibilities > 1. Fiduciary capacity > a. Premium accountability
- D. Producer responsibilities > 1. Fiduciary capacity > b. Separate account requirements
- D. Producer responsibilities > 2. Commissions and compensation
- D. Producer responsibilities > 3. Place of business of licensees/display of licenses/records
- D. Producer responsibilities > 4. Agency vs. individual licensee
- D. Producer responsibilities > 5. Military sales practices
- E. Unfair trade practices
- E. Unfair trade practices > 1. Boycott, coercion, intimidation
- E. Unfair trade practices > 2. Controlled business
- E. Unfair trade practices > 3. Defamation
- E. Unfair trade practices > 4. False advertising
- E. Unfair trade practices > 5. False financial statements
- E. Unfair trade practices > 6. Fraud
- E. Unfair trade practices > 7. Misrepresentation
- E. Unfair trade practices > 8. Rebates/illegal inducements
- E. Unfair trade practices > 9. Unfair discrimination
- E. Unfair trade practices > 10. Twisting (Life and AH only)
- E. Unfair trade practices > 11. Unfair claims settlement practices
- F. Wyoming Insurance Guaranty Association
- G. Consumer privacy regulation
Life State — II. WYOMING STATUTES, RULES, AND REGULATIONS PERTINENT TO LIFE INSURANCE ONLY (20 scored questions)
- A. Policy replacement
- A. Policy replacement > 1. Purpose
- A. Policy replacement > 2. Definitions
- A. Policy replacement > 3. Exemptions
- A. Policy replacement > 4. Duties of agent and broker
- A. Policy replacement > 5. Duties of replacing insurer
- B. Individual life and annuity contracts
- B. Individual life and annuity contracts > 1. Standard provisions
- B. Individual life and annuity contracts > 1. Standard provisions > a. Assignment
- B. Individual life and annuity contracts > 1. Standard provisions > b. Grace period
- B. Individual life and annuity contracts > 1. Standard provisions > c. Incontestability
- B. Individual life and annuity contracts > 1. Standard provisions > d. Misstatement of age
- B. Individual life and annuity contracts > 1. Standard provisions > e. Policy loan
- B. Individual life and annuity contracts > 1. Standard provisions > e. Policy loan > (1) Interest rates
- B. Individual life and annuity contracts > 1. Standard provisions > f. Reinstatement
- B. Individual life and annuity contracts > 1. Standard provisions > g. Prohibited provisions
- B. Individual life and annuity contracts > 2. Policy settlement
- C. Group Life
- C. Group Life > 1. Standard provisions/required provisions
- C. Group Life > 2. Conversion rights
- C. Group Life > 3. Types of groups/eligible groups
- C. Group Life > 4. Dependent coverage
- C. Group Life > 5. Assignment
- D. Variable products
- D. Variable products > 1. Separate accounts
- D. Variable products > 2. Variable contracts
- D. Variable products > 3. Reinstatement
- D. Variable products > 4. Required reports (8)
- D. Variable products > 5. Producer licensing requirements
- E. Credit Life

Examination sources

Wyoming Insurance Examination Content Outlines
S1, Examination Content Outlines, effective-date header
Wyoming Insurance Examination Content Outlines
S1, LIFE CONTENT OUTLINE, assigned sections
Wyoming Insurance Examination Content Outlines
S1, LIFE CONTENT OUTLINE, state section assignment
Wyoming Insurance Examination Content Outlines
S2, standalone Life Producer state outline identity
Wyoming Insurance Licensing Candidate Handbook
Page 14, Score Explanation, passing score paragraph
Wyoming Insurance Licensing Candidate Handbook
Back cover, Available Examinations and Fees, code 01
Pearson VUE — Wyoming Insurance Find an Exam
Test Center delivery, 12-WY-01