Life and Health Insurance Exam Cheat Sheet: From Policy Types to Medicare
Everything the combined life and health producer exam loves to test — organized so you can review it in one sitting.
Two exams in one: Many states offer a combined life and health producer exam, or separate life and health exams taken together. This life and health insurance exam cheat sheet gives you a quick life recap, then focuses on the health topics: medical plans, disability, long-term care, Medicare, and group coverage.
Health insurance topics bring a lot of new vocabulary. A focused life and health insurance exam cheat sheet keeps plan types, benefit triggers, and Medicare parts straight.
Life Insurance Recap
- Term: Temporary, no cash value. Whole: Permanent, guaranteed cash value. Universal: Flexible premiums. Variable: Invested; needs a securities license.
- Key provisions: Free look, grace period, incontestability, reinstatement, nonforfeiture options.
- Full detail: See our life insurance exam cheat sheet.
Life and Health Insurance Exam Cheat Sheet: Medical Plan Types
| Plan | Primary care doctor (gatekeeper)? | Out-of-network coverage? |
|---|---|---|
| HMO | Yes, referrals required | Generally no, except emergencies |
| PPO | No | Yes, at higher cost |
| POS | Yes | Yes, at higher cost |
| EPO | Usually no | Generally no, except emergencies |
| HDHP with HSA | Varies | Varies; pairs a high deductible with a tax-advantaged savings account |
Cost-sharing terms: deductible (you pay first), coinsurance (percentage split after the deductible), copay (flat fee), and out-of-pocket maximum (the most you pay in a year for covered care).
Disability Income
- Elimination period: The waiting period before benefits start — like a deductible measured in time.
- Benefit period: How long benefits are paid.
- Own occupation vs. any occupation: Own-occ pays if you can’t do your job; any-occ only if you can’t do any job you’re suited for.
- Residual benefits: Partial benefits when you return to work with reduced income.
- Taxation: If the individual pays premiums with after-tax money, benefits are generally tax-free; employer-paid benefits are generally taxable.
Long-Term Care
- Benefit trigger: Usually the inability to perform a set number of activities of daily living (ADLs), or cognitive impairment.
- ADLs: Bathing, dressing, eating, toileting, transferring, and continence.
- Levels of care: Skilled, intermediate, custodial, home health, and adult day care.
Medicare and Medigap
| Part | What it covers |
|---|---|
| Part A | Hospital insurance: inpatient care, skilled nursing facility, hospice |
| Part B | Medical insurance: doctor visits, outpatient care, preventive services |
| Part C | Medicare Advantage: private plans that provide Parts A and B (and often D) |
| Part D | Prescription drug coverage |
Group Coverage and Federal Rules
- COBRA: Lets employees and dependents of covered employers keep group health coverage temporarily after a qualifying event, usually paying the full premium.
- HIPAA: Protects health information privacy and limits certain pre-existing condition practices in group plans.
- Coordination of benefits: Rules for which plan pays first when someone has two plans.
- Underwriting: Group plans underwrite the group as a whole; individual plans underwrite each applicant.
Key Takeaways
- Know the life basics, then focus your time on health topics.
- Compare HMO, PPO, POS, EPO, and HDHP plans by gatekeeper and network rules.
- Understand elimination period, benefit period, and own-occ vs. any-occ for disability.
- Memorize the six ADLs and Medicare Parts A–D.
- Learn COBRA, HIPAA, and coordination of benefits.
Frequently Asked Questions
What is on the life and health insurance exam?
The exam covers life insurance policies, provisions, riders, and annuities, plus health topics such as medical plans, disability income, long-term care, Medicare and Medigap, group coverage, and your state’s insurance laws.
What are the four parts of Medicare?
Part A covers hospital care, Part B covers medical and outpatient care, Part C is Medicare Advantage offered by private insurers, and Part D covers prescription drugs.
What is an elimination period in disability insurance?
It’s the waiting period between the start of a disability and when benefits begin, similar to a deductible measured in time.
Is the life and health exam hard?
Many candidates find it challenging because of the amount of terminology. Consistent flashcard review and timed practice questions make a big difference.
The Bottom Line
This life and health insurance exam cheat sheet covers both halves of the exam in one place. Master the plan types and Medicare parts, then add your state’s rules for a complete review.
Preparing for the Life and Health Exam?
MyFastEdu offers life and health practice questions, clear explanations, and expert guidance to help you pass the first time.
Explore Our Insurance Exam Prep