Good Day, All! After just a few weeks of reviewing the changes associated with PSI takeover of the Oregon Insurance Exam, we have some additional information that might help our Life and Health insurance licensing candidates.
While the test Content Outline has changed, there aren't that many things that were actually added to the examination in comparison with the prior test provider and their examination. Actually, there were a number of things removed from the insurance examination! Please read on for specific details on what's happening with the Life and Health test!
While we are not at all sure about how they have changed the verbiage on the exam questions, we have been getting insight that the questions are worded better (read- not as confusing) as compared to the former test provider, Thompson-Prometric. We are always looking for more information in terms of how they word the test questions (hint, hint).
All Oregon students should be sure to download the additional content that HAS been added to the test. You should see an announcement on your "My Courses" page when you login your ProSchools course. This is information that has been added to the test content!
On the positive side of things, the following test content items have been REMOVED from the new PSI examination and should not be part of your study in Oregon as of 1/1/2011. This information does appear in you ProSchools material and is NO LONGER going to be tested! Save yourself some time and "X" this from your materials!
Life Insurance: NO LONGER ON TEST:
- Variable Whole Life Insurance
- Variable Universal Life Insurance
- Variable Annuities
NOTE: They are still testing on the "basics" of "fixed vs. variable" life insurance; you only need to know the basic information, such as (1) guarantees within the policies, (2) general vs. separate account, (3) licenses required to sell each product, (4) who bears the "risk" in terms of cash values, etc. and (5) FINRA requirements (Securities licensure necessary).
Health Insurance: NO LONGER ON TEST:
- Flexible Spending Accounts (FSAs)
- Medical Savings Accounts (MSAs)
- Health Savings and Health Reimbursement Accounts (HSA/HRA)
NOTE: They are still testing on the TAXATION concerns of HSA/HRA
More later as we learn what's going on! If you have any insight, please let me know!