This course is designed to meet the life insurance training requirements of California Senate Bill SB 263. It 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.

It considers life insurance agents&#x2019 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).

The course is heavily notated and linked to applicable California law.

The topics include:

• Life Insurance Policies
• Disability Benefits in Life Insurance Policies
• Life Insurance Provisions & Operation
• Life Insurance Taxation
• Sales Practices
• Unfair Trade Practices