ID Life & Health study guide
ID Life & Health · Work through your exam, one topic at a time.
The Idaho Life & Health producer license is a state credential issued by the Idaho Department of Insurance (DOI) that allows a person to solicit, negotiate, and sell life insurance, annuities, and health insurance products in Idaho. Candidates typically enter the field as new agents, agency staff, or career-changers moving into financial services, and must pass a licensing exam before applying for the license. The ID Life & Health study guide has 10 sections and about 3,449 words.
01Insurance Regulation, Licensing, and Idaho Law
Insurance in the United States is regulated chiefly by the states, a division of authority preserved by the McCarran-Ferguson Act (1945). That Act did not exempt insurers from antitrust law; it confirmed state authority to tax and regulate the business.
352 words, about 2 min02General Insurance Concepts
Risk is uncertainty about loss. Peril is the cause of loss (fire, death, accident).
338 words, about 2 min03Life Insurance Basics
Insurable interest must exist at policy issue - a close family or financial relationship - but not at the time of death. That distinction separates legitimate coverage from STOLI/IOLI arrangements.
349 words, about 2 min04Life Insurance Policies
Term covers a stated period with no cash value. Level term keeps a constant face amount; decreasing term (often used for mortgages) shrinks; increasing term grows; annually renewable term (ART) steps up in cost each year.
362 words, about 2 min05Life Insurance Policy Provisions, Options, and Riders
The entire contract clause limits the agreement to the policy plus the application. The insuring clause states the insurer's promise.
323 words, about 2 min06Annuities
An annuity is a contract that liquidates a sum of money over time, protecting against the risk of living too long (longevity risk), while life insurance protects against dying too soon. The two phases are accumulation (premiums build a fund) and annuitization (payout).
347 words, about 2 min07Health Insurance Basics
Health underwriting deals with morbidity (illness and injury rates) rather than mortality. Adverse selection drives waiting periods, preexisting-condition rules where permitted, and open-enrollment rules.
331 words, about 2 min08Health Insurance Policy Provisions, Riders, and Benefits
Health policies contain required uniform provisions. The entire contract clause limits the agreement to the policy and attached papers.
340 words, about 2 min09Disability Income and Long-Term Care Insurance
Disability income replaces a portion of earned income, typically 60–70%, because replacing all income removes the incentive to return to work. Key terms: elimination period (waiting time before benefits), benefit period, definition of disability, and residual or partial disability.
319 words, about 2 min10Medical Plans, Medicare, and Federal Tax Considerations
Indemnity plans reimburse a share of charges. Managed care plans - HMO, PPO, POS - control cost through networks and utilization review.
388 words, about 2 min