Term Life Insurance
Term Lengths

Explain Renewability

Explain Convertibility

Name the 5 risk classifications for Life Insurance

All the rights in the policy belong to who?

Explain the three types of beneficiaries

The entire contract is made up of three parts - name them

Explain Contestability and how it suicide relates to it?

Explain Waiver of premium in regards to Life Insurance

Explain the Children's Insurance Rider in regards to life insurance
(3 bullets)

Universal Life
Flexible Premium Payments

Describe Differences between option 1 and 2

Interest Rates
Current Rate?
Guaranteed Rate?
Loan Rate?
Credited/Net Loan rate?

What is the smallest policy we can write?
What is the smallest increase we can make?

Minimum face amount to get preferred rates?

Surrender charges last for how long?
Why do we have surrender charges?

Length of time for contestability?

Loans and Partial Surrenders - When does it make more sense for someone to do one over the other?

What is the surrender fee?
How do both options pay it out?

Universal Life Insurance Children's Rider
(3 Points)

Universal Life Insurance
Waiver of Cost of Insurance - Explain
(3 additional Points)

Option to Increase Rider - Explain
-(4 additional Points)

Disability Income
What percentage of disabilities come from sickness/illness?

Disability Income
1 in how many people have a disability for at least 90 days between ages of 30-65

At what point do we have to verify income for disability income?

What are the two parts of the disability payment? Which part is guaranteed?
Which part of the benefit corresponds with social insurance? And what is the Max?

Be able to explain an example of how the SIS benefit is reduced by social insurance kicking in.

Income Includes what 3 parts?

What is the range of income Federated covers?

Explain a Non-Cancellable
Does Fed have this policy or the competitors?

Guaranteed Renewable (Most Competitors)

Disability must lead to (Loss of what) for the benefit to be paid out?

Disability Income - Own occupation last for how long?

Benefit period for Disability Income Period

-Explain what the waiting period is for DI?
-What are the waiting periods available for Disability Income?
-When will the death benefit be paid out

Explain Regular Occupation in regards to Disability

Occupation class B - Give an example

Occupation class 1A
- What is the percentage of hands on threshold?

Occupation Class 2A - Example and the hands on threshold?

Occupation 3A - Example

Occupation Class 4A - Example

Waiver of Premium - Explain
Is it (automatically/non automatically) included on DI policy

Explain Rehabilitation benefits in regards to DI
Is it (automatically/non automatically) included on DI policy?

Disability Income Riders
GMI Rider - What does it stand for
4 Points

Disability Income Rider
EROR stands for?
What does it do?

Disability Income Rider
COLA what does it stand for?

Disability Income Rider
Business Owner Benefit Rider
(3 to 4 points)

Explain Key Person Life Insurance?
- Name examples of expenses
- How is this taxed?

Explain Executive Bonus
-How is taxed

Explain the Split Dollar Endorsement

Explain the Private Bonus Plan

Key Person
Owner?
Payor?
Beneficiary
Tax implication?

Executive Bonus
Owner?
Payor?
Beneficiary?
Tax Implication?

Endorsement Split Dollar
Owner?
Payor?
Beneficiary?
Tax Implication?

Private Bonus
Owner?
Payor?
Beneficiary?
Tax Implication?

Explain the purpose of the Value estimator?
What do we need from the business?

What is the purpose of the agreement evaluator?
What do we need to know?
What do we need to get a copy of?

What is an Estate? How is it valued?
Is Life insurance included?

What is the annual gift tax exclusion?
Lifetime exclusion?
What is the maximum per couple?

Why is getting rid of some of your estate used?

If the estate exceeds the limits what is the max percentage it can be taxed?

What is the Marital and Charitable deduction?

Explain Intestacy

3 reasons why Probate Sucks?
What is a way to avoid Probate?

Explain the LS5 - what it is and how the rating works?

LS5 - what is the guaranteed rate? Current Rate?
Explain the loyalty Bonus?
Surrender charges last how long?

LS5
Explain the 4 Year Term Rider?

Life Link - Know how to do a
- Term and Universal Life illustration
- Combination of Term and Perm
- Term vs. Perm Comparison
- Disability Income Illustration

Group Health
4 tiers of plan levels and name their participation percentage?

Group Health
How many hours must a person work to be eligible for group health?

Group Health
Explain the following
HMO's
PPO's

Group Health
Explain the following
POS
EPO

Group Health
Prescription Drug Program is available on what two types of plans?
What are the 4 levels of drugs?

Life Insurance
How long do Expense Charges last?

Life Insurance
Explain the premium load year 1-3

Explain the Closed Formulary concept for group health

Explain the coverage for:
Preventative care
Diagnostic Care

Group Health
What two dates can the employer change their plan?

Group Health
When is open enrollment? When is the effective date typically?

Group Health
Large Group requirements
Small Group requirements

Group Health
What goes towards the Max OOP in an ACA plan (name the components)

What goes towards the Max OOP for Non-ACA plans?

Group Health
Explain Coinsurance in regards to Group Health

Dawns explanation of LS5 - 4 Year term rider.

Estate Planning
5 options to pass your estate at death - Name them

Estate Planning
Be able to explain the Holding Title Option

Estate Planning
3 Year Rule

Estate Planning
What does the following mean?
- Financial Power of Attorney
- Health Care Power of Attorney
- Advanced Directive or Living Will

Why is putting this in a Trust a good idea?

Cross purchase - Who owns the policy, how does the pay out work?

Stock Redemption - Who owns the policy, how does the pay out work?

Business Succession
Disadvantage of Stock Redemption plan

Step up in Basis - explain

Increase in basis - Explain