Illinois Administrative Code
Title 50 - INSURANCE
Part 3119 - PRE-LICENSING AND CONTINUING EDUCATION
Exhibit E - COURSOF STUDY - LIFE
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Course of Study Content Requirements |
Time Distribution Requirements |
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I. |
Types of policies and coverages |
32% |
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A. |
Endowment |
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B. |
Term |
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1. |
Level term |
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2. |
Decreasing term |
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C. |
Whole Life |
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D. |
Limited Pay policies |
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E. |
Combination plan |
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F. |
Other types of policies: |
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1. |
Modified life |
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2. |
Family plans |
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3. |
Deposit term |
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4. |
Universal life |
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G. |
Annuity |
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H. |
Accidental death and dismemberment |
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I. |
Uses for term insurance |
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J. |
Uses for whole life insurance |
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K. |
Group life |
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L. |
Industrial insurance |
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II. |
Policy provisions, options and benefits |
40% |
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A. |
Entire contract |
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B. |
Insuring clause |
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C. |
Free look |
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D. |
Consideration clause |
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E. |
Owner's rights |
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F. |
Primary and contingent beneficiaries |
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G. |
Change of beneficiary |
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H. |
Grace period |
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I. |
Automatic premium loan |
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J. |
Reinstatement |
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K. |
Policy loan |
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L. |
Nonforfeiture options |
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M. |
Dividends and dividends options |
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N. |
Guaranteed insurability options |
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O. |
Incontestability |
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P. |
Assignment |
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Q. |
Suicide |
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R. |
Misstatement of age |
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S. |
Settlement options |
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T. |
Waiver of premiums |
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U. |
Accidental death benefit |
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V. |
Term riders |
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W. |
Exclusions |
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X. |
Conversion Options (individual and group) |
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III. |
Completing the application and delivering the policy |
16% |
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A. |
Completing the application and obtaining necessary signatures |
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B. |
Warranties and Representations |
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C. |
Complying with provision of Fair Credit Reporting Act and Illinois Insurance Privacy Act |
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D. |
Explaining the effect of the application with money |
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E. |
Explaining the effect of the application without money |
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F. |
The underwriting process |
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G. |
Delivery and explanation of the policy |
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IV. |
Taxes, retirement and other insurance concepts |
12% |
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A. |
Insurable interest |
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B. |
Third party ownership |
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C. |
Individual tax shelter plans, IRA, Keogh and TSA |
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D. |
Social Security benefits and taxes |
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E. |
Tax treatment of premiums and proceeds of insurance contracts |
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F. |
Determination of premiums |
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1. |
Mortality |
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2. |
Interest |
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3. |
Mortality |
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G. |
Policy reserves |
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