NIA Micro Life Agent study plan

Define risk, peril, hazard, and pure versus speculative risk, and classify ten everyday scenarios by risk type.

State the six characteristics of an insurable risk and test each against life insurance and one non-life example.

Explain indemnity, insurable interest, utmost good faith, subrogation, and contribution, and identify which apply to life insurance and which do not.

Distinguish stock, mutual, fraternal, and reinsurance structures and describe how each handles surplus and dividends.

Sequence the steps of contract formation and label offer, acceptance, and consideration in a completed life application scenario.

Differentiate representations, warranties, and concealment, and predict the insurer remedy for material misrepresentation in each of three fact patterns.

Identify who must sign a life insurance contract and explain why an agent's signature does not bind the insurer until delivery and initial premium.

Explain the doctrine of reasonable expectations and give two examples of ambiguity resolved against the insurer.

Describe the roles of the applicant, owner, insured, beneficiary, and agent in a single policy.

Compare term, whole life, universal life, and variable life on premium, cash value, death benefit, and risk bearer in a four-column matrix.

Explain how universal life crediting rates, cost of insurance charges, and corridor tests interact to change a policy's death benefit.

Describe the separate account structure of variable products and why the owner bears investment risk.

Calculate the death benefit payable in three scenarios involving loans, partial withdrawals, and outstanding premiums.

Identify which product type suits a stated client need (temporary protection, estate liquidity, flexible premium funding).

Match each of the twelve common riders (waiver of premium, accelerated death benefit, accidental death, guaranteed insurability, child term, and similar) to the risk it transfers.

Explain nonforfeiture options, dividend options, and settlement options, and compute the payout under each settlement option for a fixed lump sum.

Describe the grace period, reinstatement, incontestability, misstatement of age, and suicide clauses and state the practical effect of each on a claim.

Analyze how policy loans and automatic premium loans erode cash value and can cause lapse.

Distinguish immediate, deferred, fixed, and variable annuities and identify who bears investment risk in each.

Explain the accumulation, annuitization, and payout phases and the role of the exclusion ratio in taxation.

Compare life-only, period-certain, and refund life payout options by payment size and survivor protection.

Describe surrender charges, free withdrawal provisions, and the 10 percent early withdrawal penalty before age 59 and one-half.

Explain suitability duties for annuity sales to seniors, including replacement concerns.

Compare major medical, disability income, long-term care, and accidental death and dismemberment coverage on benefit trigger, benefit form, and typical exclusions.

Explain coinsurance, deductibles, out-of-pocket maximums, and coordination of benefits, and calculate a member's cost in two claim scenarios.

Describe the underwriting process from application and paramedical exam through attending physician statement, inspection report, and the MIB, and state the field underwriter's duty.

Classify risk as preferred, standard, substandard, or declined and identify which impairments typically drive each outcome.

Sequence the claim process from notice of loss through proof of death, contestability review, and settlement, and list the beneficiary's obligations.

Apply the fiduciary duties of the agent, including needs-based selling, disclosure of compensation, and the prohibition on twisting and rebating.

Explain replacement regulation and the disclosures required when a client replaces an existing policy.

Describe unfair claim settlement practices and the state market conduct examination process.

Identify the roles of the state insurance department, the commissioner, and the guaranty association, and explain producer licensing and continuing education requirements.

Explain privacy obligations for consumer financial and health information and the limits on sharing it.

Complete two full-length timed practice exams under exam conditions and record a scaled score and a per-domain accuracy breakdown for each.

Rank domains by accuracy and re-study the two weakest using condensed notes rather than rereading the full text.

Recite from memory the definitions and thresholds most often tested, including incontestability, grace period, free-look, and the annuity penalty age.

Review every missed question, write the correct rule in one sentence, and confirm the error was knowledge, reading, or calculation.