ME Life & Health study guide
ME Life & Health · Work through your exam, one topic at a time.
The Maine Life and Health Producer License is the resident credential that allows an individual to sell, solicit, and negotiate life insurance and health insurance products in Maine. It is the entry point for people moving into insurance sales careers - career agents, independent brokers, agency staff who transact business, and financial professionals who add life or health products to their practice. The ME Life & Health study guide has 8 sections and about 2,930 words.
01Insurance Regulation, Licensing and Producer Responsibilities
Insurance regulation is primarily state-based. The McCarran-Ferguson Act (1945) confirms that states regulate the business of insurance unless Congress acts.
572 words, about 3 min02General Insurance Concepts
Risk is uncertainty about loss; peril is the cause of loss; hazard increases the chance or severity of loss. Insurance deals mainly with pure risk (loss or no loss), not speculative risk (gain or loss).
258 words, about 1 min03Life Insurance Basics
Life insurance involves the owner, the insured, and the beneficiary. The owner controls the policy, pays premiums, names beneficiaries, and may borrow or surrender; the insured is the person whose life is covered; the beneficiary receives proceeds.
293 words, about 1 min04Life Insurance Policies, Provisions, Options and Riders
Term insurance provides death protection for a stated period and may be level, decreasing, increasing, renewable, or convertible. Whole life is permanent with level premiums and guaranteed cash value; limited-pay and single-premium versions compress premiums.
518 words, about 3 min05Annuities, Retirement and Tax-Related Products
An annuity is a contract that accumulates money and then pays an income, usually for retirement. During accumulation, premiums earn interest or investment returns; during annuitization, the insurer pays benefits according to the payout option.
518 words, about 3 min06Health Insurance Basics
Health insurance transfers the financial risk of medical care. Morbidity, not mortality, is the underlying risk.
266 words, about 1 min07Health Insurance Policy Provisions and Government Programs
Individual health policies typically include required provisions on the entire contract, time limit on certain defenses, grace period, reinstatement, claim forms, proof of loss, time of payment of claims, payment of claims, physical examination, legal actions, change of occupation, misstatement of age, other insurance, and cancellation or renewal. These provisions protect consumers and standardize claim handling.
256 words, about 1 min08Disability, Long-Term Care and Senior Health Products
Disability income insurance replaces part of earned income. Key terms include benefit period, elimination period, benefit amount, and definition of disability.
249 words, about 1 min