Oregon Life and Health Insurance Agent Exam
Need of a License: An individual who is acting as a Producer needs a license to sell life and health insurance in Oregon.Who Grants a License: Licenses are granted by the Oregon Insurance Division.
Qualifications to receive a License: Individuals who wish to obtain an insurance license in the State of Oregon:
1. Be at least eighteen (18) years of age.
2. Be a resident of Oregon.
3. Complete prelicensing education.
4. Pass the examination.
5. Complete fingerprinting requirement.
6. Apply for the license.
Completing the Prelicensing Education: All candidates must complete 20 hours of prelicensure education per line of authority. You are required to have, in your possession, a valid school Certificate of Completion before contacting PSI to register and schedule for an examination. This certificate must have a valid school code. A list of approved prelicensing training schools is available on the Division’s Web site at www.insurance.oregon.gov.
Applying for the Producer Exam: Examinations are administered by the independent testing service, PSI Services, LLC. Registration and examination information can be found in the Oregon Candidate Information Bulletin, which should be reviewed thoroughly prior to registering for the exam. For the fastest and most convenient test scheduling process, PSI recommends that candidates register for
their exams using the Internet via PSI’s registration website at www.psiexams.com. Telephone scheduling is also available by calling (800) 733-9267. Please see the Candidate Information Bulletin for details. Additional exam questions should be directed to PSI:
PSI licensure: certification
3210 E Tropicana
Las Vegas, NV 89121
(800) 733-9267 Fax (702) 932-2666
www.psiexams.com
Completing the Fingerprinting Requirement: You must be electronically fingerprinted at one of PSI Oregon sites, during regular testing hours, on the day of your examination. The prints will be forwarded electronically to the appropriate review agencies. You will pay the fingerprinting fee at the test site on the day of testing.
Test Information: Be sure to review the appropriate exam content outline to determine what topics are covered in the comprehensive exams. At the end of your exam, your score will be shown on the screen and you will receive a printed score report. To obtain a content outline for your specific examination, visit www.psiexams.com. The following is a general outline of exam content:
Oregon Producer's Examination for Life and Health Insurance
Series 12-03 (150 questions, 2.5 hours allowed)
1.0 Insurance Regulation 5%
1.1 Licensing
1.2 State regulation
1.3 Federal regulation
2.0 General Insurance 5%
2.1 Concepts
2.2 Insurers
2.3 Producers and general rules of agency
2.4 Contracts
3.0 Life Insurance Basics 10%
3.1 Insurable interest
3.2 Personal uses of life insurance
3.3 Life settlements
3.4 Determining amount of personal life insurance
3.5 Business uses of life insurance
3.6 Classes of life insurance policies
3.7 Premiums
3.8 Producer responsibilities
3.9 Individual underwriting by the insurer
4.0 Life Insurance Policies 10%
4.1 Term life insurance
4.2 Whole life insurance
4.3 Flexible premium policies
4.4 Specialized policies
4.5 Group life insurance
4.6 Credit life insurance
5.0 Life Insurance Policy Provisions, Options and Riders 7%
5.1 Individual standard provisions
5.2 Beneficiaries
5.3 Settlement options
5.4 Nonforfeiture options
5.5 Policy loan and withdrawal options
5.6 Dividend options
5.7 Disability riders
5.8 Accelerated (living) benefit provision/rider
5.9 Riders covering additional insureds
5.10 Riders affecting the death benefit amount
6.0 Annuities 11%
6.1 Annuity principles and concepts
6.2 Immediate versus deferred annuities
6.3 Annuity (benefit) payment options
6.4 Annuity products
6.5 Uses of annuities
7.0 Federal Tax Considerations for Life Insurance and Annuities 5%
7.1 Taxation of personal life insurance
7.2 Modified endowment contracts (MECs)
7.3 Taxation of non-qualified annuities
7.4 Taxation of individual retirement annuities (IRAs)
7.5 Rollovers and transfers (IRAs and qualified plans)
7.6 Section 1035 exchanges
8.0 Qualified Plans 3%
8.1 General requirements
8.2 Federal tax considerations
8.3 Plan types, characteristics and purchasers
9.0 Health Insurance Basics 3%
9.1 Definitions of perils
9.2 Principal types of losses and benefits
9.3 Classes of health insurance policies
9.4 Limited policies
9.5 Common exclusions from coverage
9.6 Producer responsibilities in individual health insurance
9.7 Individual underwriting by the insurer
9.8 Considerations in replacing health insurance
10.0 Individual Health Insurance Policy General Provisions 4%
10.1 Required provisions
10.2 Optional provisions
10.3 Other general provisions
11.0 Disability Income and Related Insurance 2%
11.1 Qualifying for disability benefits
11.2 Individual disability income insurance
11.3 Unique aspects of individual disability underwriting
11.4 Group disability income insurance
11.5 Business disability insurance
11.6 Social Security disability
11.7 Workers compensation
12.0 Medical Plans 9%
12.1 Medical plan concepts
12.2 Types of providers and plans
12.3 Cost containment in health care delivery
12.4 Oregon requirements (individual and group)
12.5 HIPAA (Health Insurance Portability and Accountability Act) requirements
13.0 Group Health Insurance 11%
13.1 Characteristics of group insurance
13.2 Types of eligible groups
13.3 Marketing considerations
13.4 Employer group health insurance
13.5 Small employer group medical plans
14.0 Dental Insurance 2%
14.1 Types of dental treatment
14.2 Indemnity plans
14.3 Employer group dental expense
15.0 Insurance for Senior Citizens and Special Needs Individuals 9%
15.1 Medicare
15.2 Medicare supplements
15.3 Other options for individuals with Medicare
15.4 Long-term care (LTC) insurance
15.5 Oregon Medical Insurance Pool and Health Insurance Alliance
16.0 Federal Tax Considerations for Sickness and Accident Insurance 4%
16.1 Personally-owned health insurance
16.2 Employer group health insurance
16.3 Medical expense coverage for sole proprietors and partners
16.4 Business disability insurance
16.5 Health savings accounts (HSAs), Health reimbursement accounts (HRAs)
Applying for the License: Upon passing the examination, the candidate must submit a completed license application to the Oregon Insurance Division. Please see the Candidate Information Bulletin for further details.
Oregon Insurance Division
Phone: 503.947.7981
Fax: 503.378.4351
Email: dcbs.insmail@state.or.us
Web site: www.insurance.oregon.gov
License Renewal Requirements: Individual Producer licenses must be renewed every two years and there is a continuing education requirement.
Applicable Regulations: Life and health insurance Producers in Oregon are regulated by the Oregon Insurance Division.
For more information on life and health insurance agent licensing and exam preparation, go to Tests.com’s Life and Health Insurance Exam Guide.
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