d. Joint life
e. Survivorship life
6. Annuities - non-qualified
a. Single, level, and flexible premium
b. Immediate and deferred
c. Fixed and variable
7. Retirement plans - qualified
a. Individual Retirement Account (IRA)
b. 403(b) Plan - Tax Sheltered Annuity (TSA)
c. Simplified Employee Pension (SEP)
d. Self-employed Keogh (HR-10) Plans
e. 401 (k) Plans
f. Defined contribution plan
g. Defined benefit plan
8. Group life insurance
9. Life insurance sold to fund prearranged funeral plans
10. Viatical settlements
C. Other insurance concepts
1. Business insurance
a. Key employee life
b. Buy and sell agreement
c. Split dollar plan
2. Third-party ownership
3. Accelerated death benefits - living benefits
D. Social security benefits and taxes
1. Retirement benefits
2. Survivorship benefits
3. Disability benefits
4. Tax treatment of insurance premiums,
proceeds, dividends
a. Individual life
b. Group life
c. 1035 exchange form
E. Policy Riders, provisions, options, and exclusions
1. Policy riders
a. Waiver of premium
b. Guaranteed insurability
c. Payor benefit
d. Accidental death and dismemberment
e. Term riders
f. Other insureds
2. Policy provisions and options
a. Entire contract provision
b. Insuring clause
c. Free look
d. Consideration
e. Owner's rights
f. Beneficiary designations
(1) Primary, contingent, and tertiary
(2) Revocable and irrevocable
(3) Changes
(4) Common disaster
g. Premium payment
(1) Modes
(2) Grace period
(3) Automatic premium loan
(4) Level or flexible
h. Reinstatement
i. Policy Loans, withdrawals, partial surrenders
j. Nonforfeiture options
k. Dividends and dividend options
l. Incontestability
m. Assignments
n. Suicide
o. Misstatement of age
p. Settlement options
3. Policy exclusions
F. Completing and application, underwriting, and delivering the policy
1. Completing the application
a. Required signatures
b. Changes in the application
c. Consequences of incomplete applications
d. Warranties and representations
e. Collecting the initial premium and issuing the receipt
2. Underwriting
a. Insurable interest
b. Medical information and consumer reports
c. Fair Credit Reporting Act
d. Risk classification
3. Delivering the policy
a. When coverage begins
b. Explaining the policy and its provisions,
riders, exclusions, and ratings to the client
V. Wisconsin Life Insurance Law -- 3 Hours
A. Life insurance marketing
1. Bonuses
2. Policy replacement
3. Backdating
4. Proposal requirements
5. Life insurance sold with a mutual fund
6. disclosure requirements - life insurance
