Oregon Life & Health Pre-License Course (40 Hr)

This course will provide life and health insurance licensing candidates in Oregon with the materials needed to successfully prepare for the life license examination. This 40-hour course covers all of the topics included within the Oregon Candidate Information Bulletin, and will give the student a solid base of knowledge and understanding for the license examination.

This updated course includes many illustrations, examples, and quizzes associated with the state test, and provides a well-rounded approach to test preparation.

We start with material on insurance regulation in the state, and then follow this lesson with a discussion on specific federal regulations. General insurance concepts and terms follow, and then the course begins to discuss life insurance specifically.

After the first sections, the topics covered in the course begin to discuss the basics of life insurance, and will introduce the candidate to terms, definitions and concepts that are the foundation of life insurance coverage. The course then dives into the life insurance policies you will be expected to know, including term, permanent, flexible and indexed policies. The course continues with information on life insurance provisions, options and riders seen in policies, and continues with in-depth material on annuities. The life insurance course series concludes with a discussion of life insurance taxation and state laws and rules related to life insurance.

Accident and Health insurance discussions are next in the course, and we will start with the basics of accident and health. Individual policy provisions are next and the course continues with a consideration of disability income and related insurance. Medical plans are in the next lesson, which is followed by group health insurance and insurance for specialized insurance for qualified individuals. The health insurance section concludes with information on federal health insurance taxation and the laws and rules associated with accident and health insurance in the state.

Federal taxation of life insurance, annuities and retirement plans are discussed, with an emphasis on examples and other tools to assist the producer in determining taxable events. Finally, the course explains various qualified and nonqualified retirement plans, such as IRAs and group retirement plans.The course includes material on everything necessary to successfully prepare for the exam:

• Life Insurance Basics, including insurable interest requirements, determining the proper amount of life insurance, life insurance settlements, types of policies, business insurance, factors in determining the premium, sales presentations, policy delivery, field underwriting, sources of information and underwriting, risk classification, and responsibilities of licensees.
• Types of life insurance policies include term and permanent insurance, flexible and indexed contracts, policies and a discussion of group life insurance including the differences between group and individual coverage.
• Life insurance provisions, options, and riders: This lesson contains material on the different provisions that are included within life insurance contracts. Policy options are discussed, including dividends, beneficiary designations, loans and withdrawals from permanent policies, nonforfeiture options, standard life insurance provisions, settlement options for death benefits, and various riders that may be attached to life insurance contracts.
• Annuities: Annuities are discussed in detail. Included are annuity principles and concepts, immediate vs. deferred annuities, annuity products, uses of annuities, the parties to the contract, payout options, fixed and variable products, and how annuities relate to insurance.
• Federal Tax Considerations for Life Insurance: The course explains various life insurance tax implications and how they affect policyholders. Detailed are cash value growth within life insurance policies and annuities, surrenders, Modified Endowment contracts and the Seven-Pay test, “LIFO” principles and application, surrenders and withdrawals, taxes on life insurance settlements, and values included in the insured’s estate.
• Health Insurance Basics, including types of products and benefits, types of policies, exclusions and producer responsibilities and individual underwriting.
• Individual Health Insurance Policy General Provisions: Uniform required and optional provisions and other general provisions.
• Disability Income Insurance, including qualifying for benefits, individual disability underwriting/unique aspects, occupational and nonoccupational considerations, and riders and other cash benefits.
• Medical plans include medical plan concepts, types of providers and medical plans, health care reform: Patient Protection and Affordable Care Act (PPACA), the Health Insurance Exchange and SHOP Marketplace and Health Insurance Portability and Accountability Act (HIPAA).
• Group Health insurance. This lesson includes the purpose of group insurance,types of eligible groups, marketing considerations, employer group health insurance, the coordination of benefits provision, and small employer medical plans.
• Specialized Health Insurance for Qualified Individuals: This lesson includes material on Medicare and Medicaid, Medicare Supplements/Medigap plans, other options for people with Medicare, Long-term care insurance policies, Qualified long-term care plans, and exclusions and conditions.
• Federal Tax Considerations for Health Insurance: Personally-owned health insurance, employer group health insurance, medical expense for sole proprietors and partners, Health Savings Accounts and Health Reimbursement Accounts and business disability insurance.
• Insurance for Senior Citizens and Special Needs Individuals: This lesson includes material on Medicare and Medicaid, Medicare Supplements/Medigap plans, other options for people with Medicare, Long-term care insurance policies, Qualified long-term care plans, and exclusions and conditions.
• Federal Tax Considerations for Health Insurance: Personally-owned health insurance, employer group health insurance, medical expense for sole proprietors and partners, Health Savings Accounts and Health Reimbursement Accounts and business disability insurance.

The course will also contain material on the laws and rules that are mandated in Oregon for insurance producers, insurance companies, and others in the insurance business. In the lessons for laws and rules, the course covers insurance regulation in Oregon, general insurance concepts, terms and definitions, and material specific to health insurance laws and rules.

• General Insurance includes material on concepts, methods of handling risk including elements of an insurable risk, adverse selection and the Law of Large Numbers, Producers and general rules of agency, contracts and required elements, the distinct characteristics of insurance contracts and more.
• Insurance Regulation: Licensing and purpose, maintenance and duration of license, including continuing education requirements and renewal procedures, state regulations, unfair trade practices,
• Federal regulation, including the Fair Credit Reporting Act, Fraud and False Statements: U.S. Civil Code Sections 1033 and 1034, the National Do-Not-Call list, Privacy and Gramm-Leach-Bliley legislation, the Affordable Care Act and the CAN-SPAM Act.
• Laws and rules specific to life insurance, such as disclosures, marketing and advertising concerns, licensing requirements, and state rules that regulate provisions found in life insurance policies.
• Laws and rules specific to health insurance, such as disclosures, marketing and advertising concerns, licensing requirements, state rules that regulate provisions found in health insurance policies and more.
• Each lesson will include a practice examination with complete explanations and details to help the student retain information. There is a 150 question final examination designed to mimic the state examination, and must be successfully completed in order to receive credit for the course.

Credit Type: Life, Health

Course ID(s): 10015026 (PL)

Approved By: Oregon Higher Education Coordinating Commission (HECC)