WI Life & Health study guide
WI Life & Health · Work through your exam, one topic at a time.
The Wisconsin Life and Health Insurance Producer License is the credential that allows an agent to sell life insurance, annuities, and accident and health products in Wisconsin. It is aimed at new entrants to the insurance business, career changers, and currently licensed staff who need to add a life or health line of authority. The WI Life & Health study guide has 10 sections and about 3,035 words.
01Insurance Regulation and Licensing
Insurance is regulated principally by the states under the McCarran-Ferguson Act. In Wisconsin, the Office of the Commissioner of Insurance (OCI) administers producer licensing, market conduct, and consumer-protection rules.
265 words, about 1 min02General Insurance Concepts
Insurance transfers pure risk-chance of loss only-from an individual to an insurer. Speculative risk (chance of gain or loss) is generally uninsurable.
250 words, about 1 min03Life Insurance Basics
Life insurance protects against the economic loss caused by premature death. Premiums reflect three main factors: mortality (the probability of death), interest (earnings on reserves), and expense (insurer operating costs).
268 words, about 1 min04Life Insurance Policies
Term insurance provides a death benefit for a set period and generally no cash value. Level term has a constant face amount; decreasing term falls over time, often used with mortgages; increasing term rises.
312 words, about 2 min05Life Insurance Policy Provisions, Options and Riders
The incontestability clause generally prevents the insurer from contesting the policy after it has been in force for two years, except for nonpayment of premium. The suicide clause limits payment if death by suicide occurs within a stated period, commonly two years.
285 words, about 1 min06Annuities
An annuity is a contract with an insurer that pays income, usually for life. During accumulation, premiums grow tax-deferred; at annuitization, the insurer converts the account into periodic payments.
263 words, about 1 min07Health Insurance Basics and Policy Provisions
Health insurance reimburses or pays for medical expenses. Key cost-sharing terms are deductible (amount paid before benefits), coinsurance (percentage split after deductible), copayment (flat fee), and out-of-pocket maximum (cap on covered cost sharing).
280 words, about 1 min08Disability Income and Medical Expense Insurance
Disability income insurance replaces part of earned income when the insured cannot work. 'Own occupation' is more favorable because benefits continue if the insured cannot perform their own occupation; 'any occupation' is stricter.
265 words, about 1 min09Group Health Insurance
Group health insurance covers a group under one master contract, with employees receiving certificates. Underwriting focuses on the group's characteristics-size, industry, age and gender mix, claims experience-rather than individual medical underwriting.
269 words, about 1 min10Taxation, Retirement Plans and Business Uses of Life Insurance
Death benefits paid to a named beneficiary are generally income-tax free. The estate tax result is separate: proceeds may be included in the insured's estate if the insured held incidents of ownership, such as the right to change the beneficiary or borrow against the policy.
578 words, about 3 min