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Insurance Licensing AZ-Insurance-Producer-Life Exam Syllabus Topics:

SectionWeightObjectives
General Insurance- Risk and insurance concepts
  • 1. Insurable interest
    • 2. Risk, peril, and hazard
      • 3. Principles of indemnity and utmost good faith
        - Insurance contracts
        • 1. Policy provisions and exclusions
          • 2. Representations, warranties, and concealment
            • 3. Contract elements
              Insurance Regulation5%- Arizona Insurance Laws and Regulations
              • 1. Arizona Revised Statutes and Administrative Code
                • 2. Producer duties and responsibilities
                  • 3. Unfair trade practices and prohibited activities
                    - Licensing
                    • 1. Producer licensing laws and regulations
                      • 2. Examination requirements and eligibility
                        • 3. License application requirements
                          Life Insurance Basics- Annuities
                          • 1. Accumulation and distribution phases
                            • 2. Annuity types and contract characteristics
                              • 3. Annuity suitability and consumer protections
                                - Life Insurance Uses and Applications
                                • 1. Personal life insurance needs
                                  • 2. Life insurance taxation
                                    • 3. Business uses of life insurance
                                      - Life insurance policy provisions, options, and riders
                                      • 1. Policy exclusions and limitations
                                        • 2. Nonforfeiture options and settlement options
                                          • 3. Common policy riders
                                            • 4. Beneficiary designations
                                              - Types of life insurance policies
                                              • 1. Universal life and variable life insurance
                                                • 2. Term life insurance
                                                  • 3. Whole life insurance
                                                    - Life insurance underwriting
                                                    • 1. Policy delivery and effective dates
                                                      • 2. Risk classification and underwriting decisions
                                                        • 3. Applications and insurable interest

                                                          Insurance Licensing AZ-Insurance-Producer-Life Sample Questions:

                                                          Policy proceeds can be obtained in a lump sum and invested to create

                                                          • A. a viatical settlement.
                                                          • B. a cleanup fund.
                                                          • C. an estate.
                                                          • D. a readjustment fund.
                                                          Reveal Solution  Discussion  0

                                                          Correct Answer: C  🗳️

                                                          Explanation: Only visible for ExamBoosts members. You can sign-up / login (it's free).

                                                          Which of the following statements is TRUE regarding Waiver of Premium Rider?

                                                          • A. The policy ' s cash value will continue to grow, but at a slower rate because the insured is no longer paying premiums.
                                                          • B. The death benefit will be reduced by the amount of the unpaid premiums.
                                                          • C. The insured will automatically become eligible for Accelerated Death Benefits.
                                                          • D. There will be no change in the policy ' s rates, benefits, or options other than that the insured no longer has to pay the premiums on the policy.
                                                          Reveal Solution  Discussion  0

                                                          Correct Answer: D  🗳️

                                                          Explanation: Only visible for ExamBoosts members. You can sign-up / login (it's free).

                                                          Premiums paid on a personal life insurance policy are

                                                          • A. taxable when considered a return of premium.
                                                          • B. not tax deductible.
                                                          • C. taxable as ordinary income.
                                                          • D. considered to be a capital investment.
                                                          Reveal Solution  Discussion  0

                                                          Correct Answer: B  🗳️

                                                          Explanation: Only visible for ExamBoosts members. You can sign-up / login (it's free).

                                                          Which provides for the continuation of a business if the owner dies prematurely?

                                                          • A. Buy-sell funding
                                                          • B. Key employee life insurance
                                                          • C. Deferred compensation
                                                          • D. Executive bonuses
                                                          Reveal Solution  Discussion  0

                                                          Correct Answer: A  🗳️

                                                          Explanation: Only visible for ExamBoosts members. You can sign-up / login (it's free).

                                                          In addition to the actual policy, an entire contract includes which of the following?

                                                          • A. Provisions.
                                                          • B. Clauses.
                                                          • C. Credit report.
                                                          • D. The application.
                                                          Reveal Solution  Discussion  0

                                                          Correct Answer: D  🗳️

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