MI Life & Health study plan

Label the parties and components of a life insurance contract (owner, insured, beneficiary, face amount, premium) on a blank diagram

Differentiate term, whole life, universal life, and variable life by cash value, premium flexibility, and death benefit structure

Trace the underwriting sequence from application through policy delivery, explaining the conditional receipt and insurable interest at each step

Distinguish participating from nonparticipating policies and explain how policy dividends are generated and taxed

Compute the annual premium for a given face amount using a rate per $1,000 and convert it to a monthly modal premium

Match each common life policy rider (waiver of premium, disability income, accelerated death benefit, long-term care, guaranteed insurability, return of premium) to the specific risk it transfers

State the time limits and triggers for the grace period, incontestability, reinstatement, misstatement of age, and suicide clauses

Apply the automatic premium loan provision to a lapsed-policy scenario and determine whether coverage stays in force

Compare the settlement options (lump sum, interest only, fixed period, fixed amount, life income) by payout pattern and beneficiary flexibility

Explain how policy loans, surrenders, and collateral versus absolute assignments affect cash value, death benefit, and taxation

Distinguish immediate from deferred annuities and fixed from variable annuities by payout start date and by who bears investment risk

Calculate the exclusion ratio and state the taxable portion of each annuity payment given premium basis and expected return

Explain how death benefits and surrenders are treated during the accumulation phase versus after annuitization

Describe the producer licensing and appointment sequence and explain an insurer's liability for the acts of its appointed producers

Summarize the purpose of the state guaranty association, replacement regulations, and the common unfair trade practices

Classify health policies by loss type (medical expense, disability income, long-term care) and by funding mechanism (individual, group, self-funded)

Define deductible, coinsurance, copayment, out-of-pocket maximum, and coordination of benefits, then compute the insured's share of a claim

State the required timeframe for each mandated uniform provision: grace period, reinstatement, claim filing, claim payment, and legal actions

Differentiate a preexisting condition clause, a probationary period, and an elimination period

Apply the entire contract, free-look, and renewal provision clauses to determine the policyholder's rights in a dispute scenario