7. Returning indicia of agency
8. Churning
9. Twisting
10. Restraint of competition
11. Unfair restriction of contracting parties choice of insurer
O. Insurance contracts in Wisconsin
III. Ethics -- 3 Hours
A. Fiduciary duties and responsibilities
B. Conflict of interest
C. Ethical marketing practices, including fair and ethical treatment of policyholders
D. Appropriate claims practices
E. Suitability of product to client
F. Social responsibility of insurance agent
G. Agent/company relationships
H. Maintaining appropriate insurance expertise
SECTION B
IV. Life Insurance -- 9 Hours
A. Purpose of life insurance
B. Types of policies
1. Term life
a. Level term
b. Decreasing term
c. Increasing term
d. Special features
(1) Renewable
(2) Convertible
2. Whole life
a. Ordinary life
b. Limited pay policies
c. Single pay policy
d. Modified and graded premium whole life
e. Adjustable life
3. Interest-sensitive life products
a. Variable life
b. Universal life
c. Variable universal life
d. Interest-sensitive whole life
4. Endowment
5. Combination plans
a. Family policy
b. Family income policy
c. Family maintenance policy
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
