ME Life & Health study plan

Define the core risk-management vocabulary (peril, hazard, pure versus speculative risk, insurable interest, indemnity, adverse selection) and use each term correctly in a written sentence.

Differentiate the three main methods of handling risk (avoidance, retention, transfer) and classify ten everyday scenarios into the correct method.

Explain the underwriting concept of insurable interest as it applies to life insurance, including who must have it and when it must exist.

Identify the parties to a life insurance contract (owner, insured, beneficiary, insurer) and describe the rights each holds.

Distinguish term, whole life, universal life, variable life, and indexed universal life by premium flexibility, cash value guarantees, and death benefit mechanics.

State the exact time periods and conditions for the incontestability clause, grace period, reinstatement provision, and misstatement-of-age and misstatement-of-gender adjustments.

Explain the nonforfeiture options, dividend options, and settlement options, and match each to a client situation.

Match each common rider (waiver of premium, accelerated death benefit, long-term care, child term, guaranteed insurability, accidental death) to its function and its typical eligibility limits.

Compute a pro-rated death benefit for a misstatement-of-age case and a reduced paid-up value using a worked example.

Explain how policy loans, partial surrenders, and automatic premium loans affect a policy's cash value and death benefit, and identify the tax treatment of each.

Describe the structure of annuity contracts (accumulation versus annuity period, immediate versus deferred, fixed versus variable versus indexed) and who bears the investment risk in each.

Apply the taxation rules for annuity accumulation, the exclusion ratio, the 10% early-withdrawal penalty, and the annuitization payout options.

Summarize qualified versus nonqualified retirement plan treatment, including contribution limits, deductibility, and distribution rules at a conceptual level.

Explain the purpose and structure of the state insurance department, the role of the commissioner, and the model-law role of the NAIC without citing specific statute numbers.

Describe producer licensing requirements, appointment and termination procedures, and the definitions of fiduciary duty, commingling, and misappropriation.

Identify prohibited practices (rebating, twisting, misrepresentation, unfair discrimination, defamation) and recognize an example of each in a scenario.

Explain the purpose of state guaranty associations, replacement regulations, and the privacy and fraud-reporting obligations placed on producers.

Contrast indemnity, managed care (HMO, PPO, POS), and consumer-driven health plans by network rules, referral requirements, and cost-sharing structure.

Define the cost-sharing terms (deductible, coinsurance, copayment, out-of-pocket maximum, coordination of benefits) and calculate a member's out-of-pocket cost for a given claim.

Explain the standard health policy provisions covering eligibility, preexisting conditions, claims filing, and continuation of coverage.

Distinguish individual, group, and blanket health insurance by underwriting method, enrollment rules, and who holds the master policy.

Map the four parts of Medicare (A, B, C, D) to what each covers, how enrollment works, and what the late-enrollment penalties are.

Differentiate Medicare Supplement policies from Medicare Advantage plans by network rules, cost-sharing, and enrollment periods.

Explain Medicaid eligibility categories and how it interacts with Medicare for dual-eligible beneficiaries.

Summarize the core consumer protections of the Affordable Care Act, including essential health benefits, guaranteed issue, open enrollment, and premium tax credits.

Identify the federal and state programs and requirements that most often appear in exam scenarios and state the correct eligibility rule for each.

Define disability income insurance terms (own occupation versus any occupation, elimination period, benefit period, residual and partial disability) and apply them to a claim scenario.

Explain the taxation of disability benefits based on who paid the premiums.

Describe long-term care insurance coverage triggers, benefit structures, inflation protection, and the common exclusions in a policy.

Compare the senior health products (Medicare-related coverage, LTC, specified-disease and hospital indemnity policies) by purpose and typical limitations.

Explain suitability and disclosure obligations when recommending LTC or disability coverage to an older client.

Re-teach your five weakest topics from the previous seven weeks by writing a plain-language explanation of each without notes.

Complete two full-length practice exams under timed conditions and review every missed item against the source material.

Build a one-page rapid-review sheet covering time periods, penalties, and numeric limits across all eight domains.

Confirm scheduling logistics for the exam and lock in a test-day pacing plan of roughly one minute per question with a review pass.