Life and health insurance producer licence (national portion) flashcards

What's in it

Every deck follows the course outline, with tags you can study or suspend topic by topic. Open a deck to study its free sample right here.

Study guide

Topics covered

The decks follow the order of the course outline. Numbers are cards per topic.

• Insurance Basics 16
• Insurers & Producers 14
• Contract Law 22
• Application & Underwriting 21
• Ethics & Unfair Practices 21
• Life Policy Types 54
  • Special & Group 11
  • Term 10
  • Universal & Variable 15
  • Whole Life 14
• Life Riders 16
• Life Policy Provisions 18
• Beneficiaries 18
• Settlement & Nonforfeiture Options 23
  • Dividends & Loans 7
  • Nonforfeiture 5
  • Settlement Options 7
• Life Taxation & Business Uses 28
  • Business Uses 6
  • Taxation 18
• Annuities 37
  • Payouts & Taxation 12
  • Structure & Types 15
  • Suitability 6
• Retirement Plans 35
  • Distributions & Rollovers 7
  • Employer Plans 12
  • IRAs 8
  • Social Security 4
• Disability Income 26
  • Business Disability 3
  • Definitions & Benefits 12
  • Riders & Taxation 7
• Medical Expense & Managed Care 28
  • HSAs HRAs & FSAs 7
  • Managed Care 8
  • Plans & Cost Sharing 10
• Long-Term Care & Other Health 24
  • Long-Term Care 12
  • Other Health Coverage 9
• Health Policy Provisions 33
  • Mandatory Provisions 14
  • Optional Provisions 7
  • Renewability & Other Clauses 8
• Group Health & Federal Law 32
  • Affordable Care Act 9
  • COBRA & HIPAA 10
  • Group Health 9
• Medicare & Medicaid 27
  • Medicaid & LTC Partnership 4
  • Medicare 12
  • Medigap 7

A study plan

• 18 new cards a day covers everything in a month, leaving the last weeks for review.
• 9 new cards a day covers everything in two months, leaving the last weeks for review.
• 6 new cards a day covers everything in three months, leaving the last weeks for review.

Willys schedules reviews for you (FSRS spaced repetition), so the daily number above is only for new cards; reviews of what you have learned come back on their own. Study a topic's cards right after you meet it in class, suspend topics you have not reached yet, and use the app's quiz mode in the final two weeks.

How to get these decks

1. Install Willys on your iPhone, iPad or Mac — App Store. 14-day free trial, then $14.99 a year.
2. In Willys, tap Exam Library at the top of your Decks (or Browse Exam Library… under the + button), find the exam on its shelf or by search, tick it and tap Add.
3. Study. The exam comes in as its own collapsible folder, every card scheduled by FSRS spaced repetition. Nothing you already have is changed.

About these cards

Review status: Second-reader reviewed, with corrections applied.

Checked against:

• Checked against the NAIC Uniform Individual Accident and Sickness Policy Provision Law and NAIC model laws and regulations on life insurance replacement, unfair trade practices and annuity suitability, as commonly adopted; state versions vary.
• Federal items checked against the Fair Credit Reporting Act, the Genetic Information Nondiscrimination Act, the Gramm-Leach-Bliley Act, 18 U.S.C. 1033 and the FinCEN anti-money-laundering rule for insurance companies (31 CFR 1025); public domain U.S. government sources.
• State-law and practice points (insurable interest, consent to insure, application changes, representations, backdating, premium funds, sliding, fraternal societies, credit insurance) checked against sample state insurance codes (Florida, Texas, Virginia, Washington, Hawaii), the NAIC Producer Licensing and Consumer Credit Insurance model acts, FinCEN's 2005 insurance AML questions and answers, MIB's consumer pages and an insurer's published new-business application rules.
• General insurance principles written from author knowledge; no textbook, prep-course or question-bank text copied. National content only: state insurance law, fees and figures indexed yearly are excluded.
• Variable-product items checked against SEC and FINRA investor publications on variable life insurance and the Securities Act of 1933; tax qualification items against IRC 7702 and 7702A; public domain U.S. government sources.
• Accidental death rider items checked against the Interstate Insurance Product Regulation Commission's accidental death benefit rider standards (2014, amended 2026); named, not quoted.
• Tax items checked against the Internal Revenue Code (sections 72, 79, 101, 1035, 7702 and 7702A); public domain U.S. government sources.
• Simultaneous death items checked against the Uniform Simultaneous Death Act and its 1991 revision; nonforfeiture items against the NAIC Standard Nonforfeiture Law for Life Insurance, as commonly adopted; state versions vary.
• Policy provision items (entire contract, misstatement of age or sex, incontestability and related clauses) checked against the Interstate Insurance Product Regulation Commission's individual whole life policy standards and, as one state's example, Texas Insurance Code chapter 1101 (public law; named, not quoted).
• Checked against the NAIC Suitability in Annuity Transactions Model Regulation (2020 best-interest revision), as commonly adopted; state versions vary.
• Federal items checked against the Internal Revenue Code (sections 72, 401, 403, 408, 408A, 411, 457 and the SECURE 2.0 Act of 2022), IRS retirement-plan publications and final RMD regulations (July 2024), ERISA and Social Security Administration publications; public domain U.S. government sources. No contribution limits or other yearly-indexed figures are given.
• Checked against the NAIC Uniform Individual Accident and Sickness Policy Provision Law, the NAIC Accident and Sickness Insurance Minimum Standards Model Regulation, and the NAIC Long-Term Care Insurance Model Act and Model Regulation, as commonly adopted; state versions vary. Individual disability income, business overhead expense and accidental death and dismemberment items also checked against the Interstate Insurance Product Regulation Commission's product standards (2018 and 2026).
• Federal items checked against the Internal Revenue Code (sections 104, 105, 106, 162, 213, 223, 265 and 7702B), IRS publications on HSAs, HRAs, FSAs, medical expenses and small-business expenses, an IRS Chief Counsel advice on business-owned disability insurance, the federal employees' group life insurance statute (5 U.S.C. 8704) and OPM handbook, the Social Security Act's Medicare exclusions, CMS's Medicare & You, the Bureau of Labor Statistics glossary and Social Security Administration disability publications; public domain U.S. government sources. No yearly-indexed limits are given.
• Checked against the NAIC Uniform Individual Accident and Sickness Policy Provision Law, the NAIC Group Coordination of Benefits Model Regulation, the NAIC Group Health Insurance Standards Model Act, Group Health Insurance Mandatory Conversion Privilege Model Act and Small Group Market Health Insurance Coverage Model Act, and the NAIC Medicare Supplement Insurance Minimum Standards Model Act and its model regulation, as commonly adopted; state versions vary.
• Federal items checked against the Internal Revenue Code, ERISA, COBRA, HIPAA, the Affordable Care Act and their regulations (26 CFR 54, 29 CFR 2590, 45 CFR 147, 156, 160 and 164, 42 CFR 407, 409, 411 and 422), and CMS Medicare publications (Medicare & You, Choosing a Medigap Policy); public domain U.S. government sources.
• Federal items checked against the Internal Revenue Code, ERISA, COBRA, HIPAA, the Affordable Care Act and CMS Medicare publications; public domain U.S. government sources.
• Original questions written for this deck; no official exam, textbook, prep-course or question-bank items were copied. National content only: state insurance law, fees and figures indexed yearly are excluded. All worked math computed by the author with hypothetical numbers.

These are independent study notes written for Willys. They are not official exam material, may contain mistakes, and are no substitute for your course, your teacher or the exam owner's own publications. Found an error? Tell us — corrections ship as a new version of the deck.

Not insurance or legal advice. These cards cover the national portion of the producer licensing exam only. State insurance law and your state's exam content are not included; check your state's insurance department and its candidate handbook.

Use of these pages is covered by our Terms of Use.