III IC-29 study plan

Explain the core features of term, whole life, universal life, and variable life policies, including premium structure, cash value accumulation, and death benefit options.

Identify and describe the standard life insurance policy provisions (e.g., incontestability, grace period, reinstatement, misstatement of age) and their legal implications.

Distinguish between the rights of the owner, insured, and beneficiary, and explain how beneficiary designations function.

Define key contract law concepts (offer, acceptance, consideration, legal purpose, competent parties) as they apply to insurance contracts.

Summarize the principle of indemnity and how it applies differently to life insurance versus property insurance.

Analyze the impact of policy loans, partial withdrawals, and surrenders on cash value and death benefit.

Explain the tax treatment of life insurance proceeds, including the death benefit exclusion and taxation of cash value withdrawals.

Describe the purpose and mechanics of riders such as waiver of premium, accidental death, guaranteed insurability, and long-term care.

Apply the concepts of representations, warranties, concealment, and fraud to hypothetical underwriting scenarios.

Outline the process and legal requirements for policy reinstatement and the consequences of lapse.

Describe the underwriting process from application to policy issue, including the roles of the agent, underwriter, and medical examiners.

Identify the types of information used in risk selection (medical history, lifestyle, occupation, hobbies) and how they affect insurability.

Explain the concepts of risk classification, adverse selection, and the use of actuarial tables in premium determination.

Define insurable interest and explain its necessity at the time of application.

Differentiate between the major types of risk (pure vs. speculative, fundamental vs. particular) and methods of handling risk (avoidance, retention, transfer, reduction).

Summarize the key provisions of state insurance regulation, including licensing, market conduct, and rate filing.

Explain the role of the NAIC and its model regulations in promoting uniformity among states.

Describe the purpose and functions of state guaranty associations.

Identify unfair trade practices and prohibited acts under insurance law (e.g., rebating, twisting, misrepresentation).

Outline the privacy protections afforded to consumers under federal and state laws (e.g., Gramm-Leach-Bliley Act, HIPAA).

Compare and contrast major medical, disability income, long-term care, and accidental death and dismemberment insurance.

Explain the provisions common to health insurance policies, such as deductibles, coinsurance, copayments, and coordination of benefits.

Describe the claims process for health insurance, including preauthorization, claim submission, and appeals.

Outline the steps in the life insurance claims process, from notification to payment, including required proofs of death.

Identify the ethical considerations in claims handling, such as prompt payment and fair evaluation.

Explain the fundamental concepts of property and casualty insurance, including coverage triggers, policy structure, and limits.

Distinguish between named-peril and all-risk policies and describe common exclusions.

Describe the claims settlement process for property and casualty claims, including investigation, proof of loss, and appraisal.

Apply the principles of indemnity, subrogation, and salvage to property claims scenarios.

Explain how liability insurance responds to claims, including the duty to defend and duty to indemnify.

Define the fiduciary responsibilities of insurance producers and the ethical standards expected in client interactions.

Analyze ethical dilemmas commonly faced by producers, such as conflicts of interest, suitability, and confidentiality.

Explain the disciplinary process for producers who violate insurance regulations.

Describe the role of continuing education in maintaining professional competence.

Summarize consumer protection provisions, including the free-look period and the right to return policies.

Review and synthesize key concepts from all domains, focusing on areas of weakness identified in previous weeks.

Complete a full-length practice exam under timed conditions.

Analyze incorrect answers to identify knowledge gaps and reinforce understanding.

Create a one-page summary sheet of essential facts, definitions, and formulas for final review.

Practice explaining complex concepts aloud to reinforce retention.