Life & Health case studies
Life & Health · Put your knowledge to work in context.
The Life & Health Insurance Producer License Examination is the combined licensing test that a candidate must pass before applying for a state-issued producer (agent) license to sell life insurance, health insurance, or both. It is designed for new entrants to the insurance business - career changers, agency hires, bank and call-center staff, and independent agents adding lines - as well as for currently licensed producers who are adding a line of authority. The Life & Health case studies are 5 cases and about 4,209 words.
1The Reinstated Term Policy: Suicide Clause, Age Misstatement, and the Grace Period
Marcus, 47, bought a 500,000 20-year level term policy with an accidental death benefit (ADB) rider in March 2021, paying monthly. He skipped his August 2023 premium, and the policy lapsed at the end of the 31-day grace period in October 2023.
771 words, about 4 min2Turning a Deferred Annuity into Income: Exclusion Ratio vs. LIFO Withdrawals
Denise, 67, owns a nonqualified fixed deferred annuity she bought eight years ago with a single 250,000 premium. The contract is now worth 400,000.
820 words, about 4 min3The Surgeon Who Can No Longer Operate: Own-Occupation, Residual Benefits, and Coordination
Patel, 42, is an orthopedic surgeon earning 30,000 a month. Four years ago she bought an individual noncancelable disability income policy with a 12,000 monthly benefit, a 90-day elimination period, benefits to age 65, and a residual disability benefit.
901 words, about 5 min4A Resignation, a COBRA Window, and a Husband Turning 65
Lena, 58, resigns on March 31 from a marketing firm that has 32 full-time employees and offers a fully insured group medical plan. She and her husband Tomas, 61, have been covered as employee and spouse.
836 words, about 4 min5Section 1035, LIFO Withdrawals, and a Sale to a Business Partner
Robert, 55, owns a 100,000 whole life policy with a 60,000 cash value and 45,000 of premiums paid, and separately a nonqualified deferred annuity worth 300,000 with a 180,000 cost basis. Neither contract has a loan against it.
881 words, about 4 min