California Life Insurance Policies Training

California Life Insurance Policies Training

California Life Insurance Policies Training examines the available types of individual life insurance policies, including ordinary whole life insurance, limited payment life insurance, single payment life insurance, variable life insurance, non-variable universal life insurance (including indexed universal life insurance), variable universal life insurance, endowments, and disability benefits in individual life insurance policies. It also examines accelerated death benefits, the common provisions and exclusions found in life insurance policies, and life settlements.

Additionally, it considers life insurance agents’ sales practices and discusses replacement regulations, the important suitability requirements, appropriate trade practices and penalties for their violation. It discusses the customary tax treatment of life insurance, the tax treatment of contracts failing to meet the definition of life insurance, and the tax treatment of life insurance policies that are deemed to be modified endowment contracts (MECs).

Upon completion, students  should be able to:

• Identify and describe the key features of permanent life insurance and the disability benefits that may become a part of them;
• Define and discuss individual modified endowment contracts (MECs) and the tax treatment of life insurance policies generally;
• Identify and explain the common provisions found in life insurance policies;

• Describe the obligations the producer has to the insurer, consumer and regulators; and
• Identify the information a producer needs to have to make a suitable life insurance recommendation.

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