Pennsylvania Life Insurance Exam Prep

This course will provide life insurance licensing candidates in Pennsylvania with the materials needed to successfully prepare for the life insurance license examination. This 24 -hour course covers all of the topics included within the Pennsylvania 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. The topics covered in the course begin with General insurance, continues with Insurance Regulation in the Commonwealth and then explores the basics of life insurance, which will introduce the candidate to terms, definitions and concepts that are the foundation of life insurance coverage. The course continues with information on individual and group life insurance policies, including provisions that are important to this section. Life insurance provisions, options and riders are detailed in the course. Annuities are heavily covered, including the different types of annuities, the payout options, and how the parties to the contract relate to the premiums and benefits provided.

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. The course explains various qualified and nonqualified retirement plans, such as IRAs and group retirement plans. Insurance regulation and general insurance in the state is detailed, as well as laws and regulations related to life insurance. The course includes material on everything necessary to successfully prepare for the exam:

• General Insurance: This lesson includes information on general insurance topics and definitions, including risk handling methods, classifications of insurers, contract elements, the authorities and powers of producers, and legal interpretations affecting insurance contracts.
• Insurance Regulation: This lesson covers insurance regulations in the Commonwealth, including licensing, maintenance and duration, disciplinary actions, what are insurance transactions, the Commissioner’s general duties, fiduciary responsibilities, appointments, unfair insurance practices and federal regulations used in the insurance industry.
• Life Insurance Basics, including insurable interest requirements, determining the proper amount of life insurance, life insurance settlements, types of policies and the responsibilities of licensees.
• Life Insurance Policies include term and permanent insurance, specialized policies and a discussion of group life insurance and 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, and various riders that may be attached to life insurance contracts.
• Annuities: A large section of the exam, annuities are discussed in detail. Included are types 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, taxation of traditional and ROTH IRAs, and rollovers and transfers of funds from one account to another.
• 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.
• Ethics: This required portion of pre license education details ethics for insurance professionals. The lesson explores ethical concepts and duties that are expected of insurance producers. Topical definitions are included, as well as numerous ethical situations and potential outcomes. Different types of ethical decision-making scenarios are presented with suggested solutions. Ethics in the agency and of insurance companies are included.

This updated course includes many illustrations, examples, and quizzes associated with the state test, and provides a well-rounded approach to test preparation. The topics covered in the course begin with the basics of general insurance and insurance regulations in the state. It will introduce the candidate to terms, definitions and concepts that are the foundation of life insurance coverage.

Each lesson will include a practice examination with complete explanations and details to help the student retain information. There is a 100 question final examination designed to mimic the state examination, and must be successfully completed in order to receive credit for the course.