life and health insurance study guide

Studying life and health insurance can be a crucial step in becoming a licensed insurance professional or increasing your knowledge in this field. 
life and health insurance
life and health insurance
Here's a study guide to help you get started:

1. Understanding Life Insurance

  • Definition of life insurance and its purpose.
  • Types of life insurance policies (term life, whole life, universal life, variable life) and their features.

Key terms:

  • premium, death benefit, cash value, beneficiaries.
  • Factors that affect life insurance premiums.
  • Riders and endorsements: examples and their impact on policy coverage.

2. Health Insurance Basics

  • Introduction to health insurance and its importance.
  • Types of health insurance plans (individual, group, government-sponsored) and their characteristics.
  • Key terms: deductible, copayment, coinsurance, out-of-pocket maximum.
  • Understanding health insurance networks: PPO, HMO, EPO, POS.
  • Pre-existing conditions and their impact on health insurance coverage.
  • Essential health benefits under the Affordable Care Act (ACA).

3. Health Insurance Marketplace

  • Overview of the Health Insurance Marketplace (also known as the Exchange).
  • Enrollment periods and special enrollment periods.
  • Eligibility requirements for subsidies and cost-sharing reductions.
  • Navigating and comparing health insurance plans on the Marketplace.
  • How to apply for health insurance through the Marketplace.

4. Insurance Underwriting and Risk Assessment

  • The role of underwriting in insurance.
  • Risk factors considered during underwriting for life and health insurance.
  • Medical underwriting process and the role of medical exams.
  • Importance of disclosing accurate information during the underwriting process.
  • Underwriting decisions: standard, substandard, preferred, and declined.

5. Policy Provisions and Riders

  • Common policy provisions and their significance (grace period, policy reinstatement, incontestability clause).
  • Optional policy riders (waiver of premium, accelerated death benefit, accidental death benefit) and their benefits.
  • Policy exclusions and limitations to be aware of.

6. Claims and Benefits

  • Process of filing insurance claims for life and health insurance.
  • Understanding benefit payments and claim settlements.
  • Coordination of benefits when covered under multiple insurance plans.
  • Explanation of Benefits (EOB) and its role in claims processing.

7. Ethical and Legal Considerations

  • Ethical responsibilities of insurance professionals.
  • Laws and regulations governing the insurance industry.
  • Consumer protection laws and rights.
  • Privacy and confidentiality of customer information.

8. Other Insurance Concepts


  • types, features, and uses.

Disability insurance

  • definition, types, and benefit calculations.
  • Long-term care insurance: coverage and eligibility.
  • Medicare and Medicaid: overview and differences.
Remember to review your textbook, lecture notes, and practice exam questions to reinforce your understanding of these topics. Good luck with your studies! 
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