Free Udemy Course: Life and Health Insurance Licensed Agent Practice Questions

The Life and Health insurance exam is a combined test that covers a broad range of topics. Just like other insurance exams, the exact distribution of questions is not standardized and varies by state. However, the exam is consistently structured around a national portion and a state-specific portion, with the national section being the bulk of the material.Here is a general, approximate distribution of the topics on the national portion of the Life and Health insurance exam, based on common content outlines from major exam providers.Life and Health Insurance Exam Topics and Distribution (National Portion)1. General Insurance Concepts (~10-15%)Fundamental Principles: What is insurance, risk, peril, hazard.Contract Law: The basic elements of a valid contract as they apply to insurance (offer and acceptance, consideration, legal purpose, competent parties).The Insurance Marketplace: Different types of insurers (stock vs. mutual), the role of agents and brokers, and basic insurance marketing practices.Federal Regulations: Key laws and regulations like HIPAA and the Fair Credit Reporting Act (FCRA).2. Life Insurance Policies and Provisions (~25-30%)Types of Life Insurance: Term life (level, decreasing, increasing), whole life (straight, limited payment, single premium), universal life, and variable life.Policy Provisions & Clauses: This is a heavily tested area. You must know about the grace period, incontestability clause, reinstatement, misstatement of age, and assignment.Riders and Options: Common riders like waiver of premium, accidental death benefit, guaranteed insurability, and payor benefit. Also includes nonforfeiture options (cash surrender value, extended term, reduced paid-up insurance), dividend options, and settlement options.Group Life Insurance: The difference between group and individual policies, underwriting, and conversion rights.3. Annuities and Other Retirement Concepts (~10-15%)Annuity Basics: How annuities work, their purpose, and different classifications (fixed vs. variable, immediate vs. deferred, single vs. flexible premium).Qualified Plans: The basics of qualified retirement plans like 401(k)s, 403(b)s, and IRAs.Taxation: The tax treatment of premiums, policy proceeds, dividends, and annuities.4. Health Insurance Policies and Provisions (~25-30%)Types of Health Insurance: Major medical plans (HMOs, PPOs), disability income, dental, vision, and long-term care insurance.Policy Provisions & Clauses: This is also a critical section. You will be tested on mandatory and optional provisions, such as the grace period, reinstatement, incontestability, and relation of earnings to insurance.Medical Expense and Managed Care: Understanding deductibles, copayments, coinsurance, and the differences between various managed care plans.Specialty Policies: Knowledge of Medicare supplements (Medigap) and Medicare Advantage (Part C).5. Underwriting and Producer Responsibilities (~10-15%)The Application Process: The responsibilities of an agent in taking an application and collecting premiums.Underwriting: How insurers evaluate risk, the role of the Medical Information Bureau (MIB), and different risk classifications (standard, preferred, substandard).Ethics and Regulations: The professional and ethical conduct of an agent, including prohibited practices like misrepresentation, twisting, and rebating.