Vermont Life and Health Insurance Agent Exam

Need of a License: An individual who is acting as an agent or producer needs a license to sell life and health insurance in Vermont.

Who Grants a License: Licenses are granted by the Vermont Department of Financial Regulation.
Life and Health Insurance Agent Exam
Qualifications to receive a License: Individuals who wish to obtain an insurance license in the State of Vermont:
 
1. Be at least eighteen (18) years of age.
2. Be a resident of Vermont.
3. Pay fees and pass the examination.
4. Apply for a license.

Applying for the Producer Exam:  Examinations are administered by the independent testing service, Prometric. Registration and examination information can be found in the Vermont Licensing Information Bulletin, which should be reviewed thoroughly prior to registering for the exam. To register and schedule an exam online, go to www.prometric.com/Vermont. You may also register and schedule your examination by phone or fax. Please see the Vermont Licensing Information Bulletin for further details. Direct all questions and requests for information about exams to:

Prometric
7941 Corporate Drive
Nottingham, MD 21236
Phone: 800.868.6113
Fax: 800.347.9242
TDD User: 800.790.3926
www.prometric.com/Vermont

Test Information: Each exam will cover the Vermont statutes and general principles sections, as well as the specific content for each line. 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. The Vermont Licensing Information Bulletin contain specific content information beyond the following general outlines:
 
Vermont Life, Accident, and Health and HMO Insurance Agent Examination
Series 14-29 (150 questions – 150 minute time limit)
1.0 Insurance Regulation 5%
1.1 Licensing
1.2 State regulation
1.3 Federal regulation
2.0 General Insurance 4%
2.1 Concepts
2.2 Insurers
2.3 Agents and general rules of agency
2.4 Contracts
3.0 Life Insurance Basics 9%
3.1 Insurable interest
3.2 Personal uses of life insurance
3.3 Determining amount of personal life insurance
3.4 Business uses of life insurance
3.5 Classes of life insurance policies
3.6 Premiums
3.7 Licensee responsibilities
3.8 Individual underwriting by the insurer
4.0 Life Insurance Policies 9%
4.1 Term life insurance
4.2 Whole life insurance
4.3 Flexible premium policies
4.4 SEC regulated policies
4.5 Specialized policies
4.6 Group life insurance
4.7 Credit life insurance (individual versus group)
5.0 Life Insurance Policy Provisions, Options and Riders 7%
5.1 Required provisions  
5.2 Other provisions
5.3 Beneficiaries
5.4 Settlement options
5.5 Nonforfeiture options
5.6 Policy loan and withdrawal options
5.7 Dividend options
5.8 Disability riders
5.9 Accelerated (living) benefit provision/rider
5.10 Life settlements
5.11 Riders covering additional insureds
5.12 Riders affecting the death benefit amount
6.0 Annuities 8%
6.1 Annuity principles and concepts
6.2 Immediate versus deferred annuities
6.3 Annuity (benefit) payment options
6.4 Annuity products
6.5 Personal Uses of annuities
7.0 Federal Tax Considerations for Life Insurance and Annuities 6%
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 plans
7.5 Rollovers and transfers (IRAs and qualified plans)
7.6 Section 1035 exchanges
8.0 Qualified Plans 2%
8.1 General requirements
8.2 Federal tax considerations
8.3 Plan types, characteristics and purchasers
9.0 Health Insurance Basics 6%
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 Health Insurance Policy General Provisions 6%
10.1 Uniform required provisions
10.2 Optional provisions
10.3 Other general provisions
11.0 Disability Income and Related Insurance 7%
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 Social Security disability
11.6 Worker’s Compensation
12.0 Medical Plans 7%
12.1 Medical plan concepts
12.2 Types of providers and plans
12.3 Common health care plans
12.4 Cost containment in health care delivery
12.5 Vermont requirements (individual and group)
12.6 HIPAA (Health Insurance Portability and Accountability Act) requirements
12.7 Medical Savings Accounts (MSAs), Health Savings Accounts (HSAs) and Health Reimbursement Accounts (HRAs)
13.0 Health Maintenance Organizations (HMOs) 7%
13.1 General characteristics
13.2 HMO Services
14.0 Group Health Insurance 5%
14.1 Characteristics of group insurance
14.2 Types of eligible groups
14.3 Marketing considerations
14.4 Employer group health insurance
14.5 Small employer medical plans
15.0 Dental Insurance 2%
15.1 Categories of dental treatment
15.2 Indemnity plans
15.3 Employer group dental expense
16.0 Insurance for Senior Citizens and Special Needs Individuals 6%
16.1 Medicare
16.2 Medicare supplements
16.3 Other options for individuals with Medicare
16.4 Long-term care (LTC) insurance
17.0 Federal Tax Considerations for Accident and Health Insurance 4%
17.1 Personally-owned health insurance
17.2 Employer group health insurance
17.3 Medical expense coverage for sole proprietors and partners
17.4 Health Savings Accounts (HSAs) and Health Reimbursement Accounts (HRAs)

Applying for the License: Applicants should visit the Department’s website for more information about licensing, including FAQs. This section offers information about applying for your license, licensing fees and license Requirements. Resident Producers can apply electronically using SIRCON (www.sircon.com), or paper applications are also accepted. For further details, please see the Vermont Licensing Information Bulletin.
 
Direct additional questions about licensure to:
 
Vermont Department of Financial Regulation
89 Main Street, Montpelier, VT 05620-3101
Phone: 802.828.3303
Web site: www.vermontinsuranceagent.info
 
License Renewal Requirements: Renewals of Individual Producer licenses are required every two years, and there is a continuing education requirement.

Applicable Regulations: Life and health insurance agents in Vermont are regulated by the Vermont Department of Financial Regulation
 

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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