Insurance Terms For Success [Full Version] by Primerica



How to Pass a Life Insurance Exam

Five Parts:

Passing a life insurance exam is an attainable goal if you take the necessary steps to get ready for it. Devote ample time to studying and understanding the relevant concepts before you make an exam appointment. Be sure to visit your state's department of insurance website to get information on exam fees, pre-exam requirements, and the length of your exam. Preparing for the exam will be a lot of work, but you will reap great rewards by passing it.

Steps

Exam Help

Studying for the Exam

  1. Plan to devote about 35-40 hours of time to studying for the exam.The life insurance exam covers a number of complex topics, ranging from annuities to health maintenance organizations (HMO's). In order to pass the exam you must devote a considerable amount of time to studying prior to the test. Arrange your schedule to accommodate 35-40 hours of time that are devoted exclusively to studying for the exam.
  2. Download the State Exam Outline online.Each state provides an updated outline of their life and health exam online. These outlines give a general overview of what topics are covered on the test and how many questions are devoted to them. Visit your state's department of insurance website to download the outline and plan your studying accordingly.
  3. Focus on the core concepts of life insurance.While certain regulations will differ from state to state, the basic tenants of life insurance are universal in the U.S.. To pass your life and health exam, read about these concepts extensively enough to understand their significance and roles in the sale of insurance. The 7 concepts are:
    • Principle of Utmost Good Faith
    • Principle of Insurable Interest
    • Principle of Indemnity
    • Principle of Contribution
    • Principle of Subrogation
    • Principle of Loss Minimization
    • Principle of Causa Proxima (Nearest Cause)
  4. Take a prelicensing education course.Only some states require you to take a prelicensing education course before your exam, but it is a good idea regardless. Register to take live classes, online courses, or to obtain printed study material geared towards your exam. Taking a course will also help you organize your study material and set a realistic study schedule.
    • For instance, Kaplan University offers prelicensing education courses.
  5. Search online for free practice exams.There are a variety of free life insurance practice exams available online. Do as many practice exams as possible while you are studying to test your knowledge and to give you a feel for the structure of the exam. Use the results of your exam to see where you need to focus more study time.
    • For instance, you can try a practice test provided online by Prometric, a company that is a test provider in multiple states.
  6. Eliminate distractions while studying.Make the most of your study time by making sure you are not distracted by outside influences, Turn off your phone, television, radio, and any other distracting technology while you work. Choose a quiet study spot away from friends, family, or crowds of people and make it clear that you do not want to be disturbed.
    • For instance, visit a library to study, or choose to study at home when you have the house to yourself.

Learning the Main Concepts

  1. Study the types of life insurance policies available.It is important to understand each and every type of life insurance that may appear on the life and health exam. Aim to have a clear understanding of the guidelines that surround each type of insurance. These policies include term life insurance, whole life insurance, and variable life insurance.
  2. Understand life insurance contracts.Contracts are important because they outline the specific details of a life insurance policy in a legally binding way. To successfully tackle your life insurance exam you must learn all of the important components of a life insurance contract. Study these components, which include how beneficiaries are named, how premiums are established, and how provisions and riders are added.
  3. Learn the process of underwriting.Underwriting is how insurance providers calculate the risk involved in insuring someone and come up with a life insurance quote. This generally requires research, like looking into an individual's medical history and driving record. Study this process and prepare yourself for questions on how specific "risks" affect insurance quotes.
    • For instance, focus on how a person's prescription drug history might contribute to a high quote.
  4. Read up on tax issues related to life insurance policies.Taxation is a big consideration for many policy owners, so it is important that insurance agents are well-versed in the relevant tax laws. Study tax issues related to life insurance and their practical implications. For instance, prepare to answer questions about how life insurance proceeds are taxed, when such taxes are paid, and how excessive taxation can be avoided.

Registering for the Exam

  1. Schedule your exam 2 weeks in advance, online or by phone.Most states allow you to choose the date and time of your exam. Visit the website for your state's department of insurance to find out what scheduling options you have. Book your exam time at least 2 weeks in advance for a better chance of getting the slot you want.
  2. Pay a fee for your exam.Each state charges a fee to take their life insurance exam, which will range between -0 depending on your state. Follow the instructions given to you when you book your exam to pay the fees. Many states will allow you to pay online with a credit card and require you to pay before taking the exam.
    • Exam fees are usually not refundable in the event that you cancel your appointment less than 24 hours in advance or miss your designated test time.
  3. Submit your fingerprints for a pre-exam background check.In many states your fingerprints must be submitted as part of a background check before doing your exam. Call your state's department of insurance or visit its website to find out its specific requirements for fingerprinting, which will likely mean visiting a local law enforcement agency. Note whether an extra fee needs to be paid for the fingerprint test, or if it is included in your license application.
    • For instance, in Wyoming you will be sent a fingerprint packet by mail to be completed at the nearest law enforcement agency.
  4. Bring a piece of government-issued picture ID with you.When you arrive at the exam location, you will have to sign in. Be sure to bring a piece of photo ID to prove that you are in fact you before taking the test. If you do not have a valid, government-issued ID, you will likely have to forfeit the exam and you'll lose the fee you paid to take it.
    • For example, a driver's license or passport are good pieces of ID to bring with you.

Taking the Exam

  1. Read the questions thoroughly before answering them.Most questions on the life and health exam will have a lot of detail and qualifying information in them. Read through each question carefully at least 2 times before attempting to answer it. Focus only on the information contained in the question and avoid making assumptions to fill in any blanks.
  2. Answer the questions you know the answers to first.To use your exam time efficiently, go through the test and answer all of the questions you feel confident about first. It is better to move on than to stay focused on questions that you are stuck on. After you go through the exam, return to the questions you left blank and do your best to answer them.
  3. Guess the answer instead of leaving a difficult question blank.Do not leave any questions on the exam blank if you do not know the answer, since you will not be penalized for wrong  answers. Guess an answer, which will leave you with a 25% chance of getting it right. If you can eliminate any of the multiple choice options that you know to be incorrect, you will have any even better chance of getting the answer right.





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Date: 10.12.2018, 23:12 / Views: 63184


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