Life Insurance Applications (LIA) study plan

Classify the main life insurance product types (term, whole life, universal life, variable) by their core cost and benefit mechanics

Explain how level, decreasing, and increasing term structures shift risk between insurer and policyowner

Distinguish participating from nonparticipating contracts and identify which product features generate dividends

Define key product terms such as face amount, cash value, endowment age, and maturity in your own words

Trace how a whole life policy builds cash value from the first-year premium to maturity

Compute simple net premium and gross premium examples using provided mortality and expense assumptions

Explain how universal life crediting rates and cost-of-insurance charges interact over time

Identify which policy values are guaranteed and which are illustrated-only

Describe the dividend options available to participating policyowners and the tax treatment of each

Explain nonforfeiture options and when a policyowner would choose each one

Distinguish policy loans, partial withdrawals, and surrenders by their effect on the death benefit

Solve for the impact of a loan or withdrawal on a policy's net cash value

List the standard policy provisions (incontestability, grace period, reinstatement, misstatement of age) and state their time frames

Explain the suicide and incontestability clauses from the insurer's and beneficiary's perspectives

Distinguish the available settlement options and calculate a simple installment payout

Identify ownership rights and how a collateral assignment differs from an absolute assignment

Match each common rider (waiver of premium, accidental death, disability income, child term, long-term care) to the risk it transfers

Explain how riders change premium and underwriting requirements

Describe the underwriting process from application through paramedical exam to policy issue

Identify the classes of risk (preferred, standard, substandard) and how each is priced

Explain the roles of field underwriter, home office underwriter, and medical director

Apply the concepts of insurable interest, concealment, and material misrepresentation to short scenarios

Describe how medical, financial, and lifestyle factors influence risk classification

Identify when an attending physician statement or inspection report is required

Sequence the steps from fact-finding and needs analysis through application completion and delivery

Explain the purpose of the conditional receipt and when coverage becomes effective

Describe the free-look period, policy delivery methods, and the policyowner's right to return

Identify the ethical and regulatory duties around replacement, disclosures, and suitability

Review all five domains using a timed mixed-topic practice set

Re-teach the two weakest domains from your practice results in written notes

Drill high-frequency calculations: premiums, cash values, loans, and settlement options

Consolidate time frames, limits, and definitions into a single reference sheet