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团队建设 · 约 40 分钟 · 考前复习Team Building · 40 min · Exam review

执照考试：九章重点与考前速记

The Licensing Exam: Nine Chapters, and What to Memorise

80 题，1 小时 45 分，答对 45 题过关。这一页把九章重点压成一篇， 并且把题库里已经过时的那些数字一条条标出来。 考试要的答案，和你明天见客户该说的数字，现在已经不是同一个了。 这两件事都得知道，而且要知道哪个用在哪里。

Eighty questions, one hour forty-five, forty-five correct to pass. This page condenses the nine chapters into one article, and flags, line by line, the figures in the question bank that have gone stale. The answer the exam wants and the number you should quote a client tomorrow are no longer the same number. You need both, and you need to know which goes where.

幻灯片 · 158 页 · 每页下方附详细讲解Slides · 158 pages · full presenter notes under each ↓ 跳到全文↓ Skip to the full article

加州保险执照考前重点California Licensing Exam Review

Presented by Team Rise

欢迎大家来到加州保险执照的考前重点培训。这一套不是逐字念课本，而是每个概念先用大白话讲清楚， 再给一个比喻帮你记住，然后马上用一道题库风格的例题检查你有没有真的懂。

Welcome to the California licensing exam review. This isn't a read-through of the textbook. Each concept is explained in plain words first, then given an image to hang it on, and then checked straight away with a practice question in the style of the question bank.

一共九章：前八章是寿险考试的通用内容，从保险的基本概念一路讲到监管法规；第九章专讲加州自己的规定， 60 岁以上老人保护、保单替换、适合性、反洗钱这些，州考里大约有 15% 到 20% 的题出自这一块。 幻灯片上只放最关键的内容，每一页下面的讲解是完整讲稿，照着讲就能完成一堂课。

There are nine chapters. The first eight are the general life-exam material, from the basic ideas of insurance through to regulation. Chapter nine is California's own rules (protection for clients 60 and over, replacements, suitability, anti-money-laundering), which supply roughly 15 to 20 percent of the state exam. Each slide carries only the essentials; the notes under it are a full script you can teach from.

开始之前先说一件很重要的事：题库里有一部分数字是旧的，比如 IRA 上限、401(k) 上限、强制提领年龄。 讲到这些地方，幻灯片上会同时标出「考场答案」和「今天的数字」。考场上照题库答，见客户照今天的数字说，两边不要混。

One important thing before we start: some figures in the question bank are out of date, such as the IRA limit, the 401(k) limit and the age for required distributions. Where they come up, the slide shows both the exam answer and today's figure. Answer the exam by the bank; talk to clients with today's number. Never mix the two.

节奏提示Pacing

全套 158 页，一次讲不完。建议分四次：第一、二章一次；第三、四章一次；第五到七章一次；第八、九章加两页口诀一次。 每次开头花五分钟，用上一次的自测页复习。

The full deck is 158 slides; it won't go in one sitting. Split it into four: chapters 1–2; chapters 3–4; chapters 5–7; chapters 8–9 plus the two mnemonics pages. Open each session with five minutes on the previous self-test.

九章内容一览Nine Chapters at a Glance

1保险概述General Insurance风险、合同、代理Risk, contracts, agency
2寿险基础Life Basics可保利益、用途、核保Interest, uses, underwriting
3寿险产品Life Policies定期、终身、万能、团体Term, whole, UL, group
4条款与附约Provisions & Riders条款、受益人、选择权Provisions, beneficiaries, options
5年金Annuities即期、延期、固定、指数Immediate, deferred, fixed, indexed
6联邦税务Federal TaxMEC · IRA · 1035 · Roth
7合格退休计划Qualified Plans401(k) · SEP · SIMPLE · Keogh
8保险监管Regulation执照、处分、公平交易Licensing, penalties, fair dealing
9加州专属California Only老人保护、替换、适合性Seniors, replacement, suitability

这是整套课的地图，一共九章。

Here is the map of the whole course: nine chapters.

第一章打地基：什么是保险、合同里有哪些角色、风险怎么处理、一份合同要满足什么条件才有效。 第二章进入寿险：谁可以买、为什么买、买多少、保险公司怎么核保。 第三章是产品：定期、终身、万能、团体，市面上的寿险一次捋清楚。

Chapter one lays the foundation: what insurance is, who the parties to the contract are, how risk is handled, and what makes a contract valid. Chapter two moves into life insurance: who can buy it, why, how much, and how the insurer underwrites. Chapter three is the products: term, whole life, universal life and group, all in one pass.

第四章是合同条款：那些法律规定必须有的条款、受益人怎么写、理赔怎么领、附加险怎么挂。 第五章年金，跟寿险刚好相反：寿险怕走得太早，年金怕活得太久、钱不够花。 第六章税务：哪些钱要交税、哪些不用、罚款怎么算。 第七章合格退休计划：401(k)、SEP、SIMPLE 这些雇主计划。

Chapter four is the contract provisions: the clauses the law requires, how beneficiaries are designated, how claims are paid and how riders attach. Chapter five is annuities, the mirror image of life insurance: life insurance guards against dying too soon, an annuity against living too long for the money. Chapter six is tax: what is taxed, what isn't, and how penalties work. Chapter seven is qualified plans: the 401(k), SEP, SIMPLE and the rest of the employer plans.

第八章是监管：执照、处分、不公平交易，全是死规定。 第九章是加州专属：老人保护、保单替换、Twisting 与 Churning、适合性、STOLI、反洗钱。 第八、九两章没有推理，背了就是分，复习时间紧的话先拿下这两章。

Chapter eight is regulation: licensing, penalties and unfair practices, all hard rules. Chapter nine is California only: senior protection, replacements, twisting and churning, suitability, STOLI and anti-money-laundering. Chapters eight and nine involve no reasoning; learn them and the points are yours. If revision time is short, secure those two first.

加州寿险考试 · 关键数字The California Life Exam in Numbers

80总题数Questions75 计分 + 5 预测试75 scored + 5 pretest
45通过线To pass75 计分题的 60%60% of the 75 scored
1:45考试时间Time allowedLife-only 单考Life-only exam
中英EN/中考试语言Languages另有西、韩、越、塔加禄语Plus Spanish, Korean, Vietnamese, Tagalog
  • 考试机构 PSI，考场现场或在线监考；交卷即出结果，没过可以立刻重报，再付一次考试费Run by PSI, at a test centre or proctored online; results on submission, and a retake can be booked at once for another fee
  • Life + A&H 合并考：150 计分 + 10 预测试 = 160 题，3 小时 15 分Combined life + A&H: 150 scored + 10 pretest = 160 questions, 3h15m
  • 不能带笔记、手机；草稿纸由考场提供No notes, no phone; scratch paper is provided

开讲之前，先把考试格式过一遍，心里有数。加州 Life-only 寿险执照考试由 PSI 主办，一共 80 道题， 其中 75 题计分，另外 5 题是预测试，不计分，也不告诉你是哪 5 道。

Before we start, let's go over the exam format so you know what you're walking into. The California life-only exam is run by PSI: 80 questions, 75 of them scored, plus 5 pretest questions that don't count and aren't marked as such.

通过线是计分题的 60%，也就是 75 题里答对 45 题。很多人看到「45 / 80」会以为是 56%， 其实是按计分题算的，不是按总题数。换个角度想：75 题里可以错 30 题，不需要每一题都懂， 把第八、九章的死规定拿稳，就已经走了一大半。遇到特别怪的题也别慌，它很可能就是那 5 道不计分的预测试。

The pass mark is 60 percent of the scored questions: 45 out of 75. People see "45 out of 80" and think it's 56 percent, but it's counted on the scored questions, not the total. Put another way, you can miss 30 of the 75. You don't need to know everything; locking down the hard rules in chapters eight and nine already gets you most of the way. And if a question looks bizarre, don't panic: it may well be one of the five unscored pretest items.

时间是 1 小时 45 分钟，平均一题一分多钟，足够。可以选英文或简体中文，加州还提供西班牙、韩、越、塔加禄语。 如果 Life 和 Accident & Health 一起考，是 150 题计分加 10 题预测试，一共 160 题，时间 3 小时 15 分钟。

You have one hour forty-five minutes, a little over a minute a question, which is plenty. You can sit it in English or Simplified Chinese; California also offers Spanish, Korean, Vietnamese and Tagalog. If you take life and accident & health together, it's 150 scored plus 10 pretest, 160 in all, in three hours fifteen.

考完 PSI 当场给结果。没过可以马上重报，只是要再付一次考试费。考场不能带任何笔记和手机，草稿纸由考场提供。

PSI gives the result on the spot. If you don't pass, you can rebook right away; you just pay the fee again. No notes or phones in the room; scratch paper is provided.

讲师提醒Presenter's note

题数、时长和通过线由加州保险局（CDI）和 PSI 决定，会调整。让学员报名前看一眼 PSI 当期的 Candidate Information Bulletin。

Question counts, timing and the pass mark are set by the California Department of Insurance (CDI) and PSI, and do change. Have students check the current PSI Candidate Information Bulletin before booking.

第一章 · Chapter OneChapter One

保险概述General Insurance

风险、合同、代理Risk, contracts and agency

保险到底是什么；合同里有谁、谁说了算；风险到底怎么处理What insurance is; who is in the contract and who decides; how risk is handled

第一章我们先弄清三件最基础的事。第一，保险到底是什么。第二，一份保险合同里有哪些人、各自是什么身份、谁说了算。 第三，风险是什么、有哪几种、可以怎么处理。

Chapter one settles three basic questions. First, what insurance actually is. Second, who the people in an insurance contract are, what each one's role is, and who has the say. Third, what risk is, what kinds there are, and how it can be handled.

这一章是后面所有内容的地基。后面讲受益人、讲合同条款、讲代理人的责任，用到的全是这一章的名词。 名词多，但每一个都很常考，所以这一章宁可讲慢一点，把每个词都讲透。

This chapter is the foundation for everything after it. When we get to beneficiaries, contract provisions and an agent's duties, every term we use comes from here. There are a lot of terms, and every one of them is tested, so it's worth going slowly and getting each one solid.

保险到底是什么？What Is Insurance?

第一章Ch. 1

把可能发生的损失，从一个人头上分摊到很多人头上Spreading a possible loss from one person across many

1

Insurer / Principal

保险公司The insurance company

2

Applicant / Policyowner

投保人、保单持有人：出钱的人，有权改受益人Pays the premium and can change the beneficiary

3

Insured

被保险人：保的就是这个人的命The person whose life is covered

4

Beneficiary

受益人：人走了，钱给他；Contingent 是第二顺位Receives the money; the contingent is next in line

5

Agent

代理人：代表保险公司，不代表客户Represents the insurer, not the client

保险用一句最简单的话来说：把一个人扛不起的潜在损失，分摊到很多人头上。 打个比方，一千个人一起凑钱，约好谁先出事，大家一起赔他。一年里如果只有一个人不幸过世， 其余九百九十九个人交的钱就用来赔这一家。每个人交的那笔钱，就叫保费，Premium。一人有难，大家分担，这就是保险最朴素的逻辑。

In the simplest words: insurance spreads a loss one person couldn't carry across many people. Picture a thousand people pooling money and agreeing that whoever is hit first gets paid by everyone. If one of them dies this year, what the other 999 paid in goes to that family. What each person pays is the premium. One person's misfortune, shared by all: that's the whole idea.

接下来，合同里的五个角色一定要分清楚。Insurer 是保险公司，在代理关系里也叫 Principal，委托人。 Applicant 是投保人，保单生效后通常就是 Policyowner 保单持有人：他出钱，他有权加保额、改受益人、借现金值。 Insured 是被保险人，保的就是这个人的命。

Next, keep the five roles straight. The insurer is the company, also called the principal in the agency relationship. The applicant usually becomes the policyowner once the policy is issued: the one who pays, and who can raise the coverage, change the beneficiary or borrow the cash value. The insured is the person whose life is covered.

Beneficiary 是受益人，被保险人过世后钱给他；如果第一受益人已经不在了，就轮到 Contingent 第二顺位受益人。 Agent 是代理人，永远代表保险公司，不代表客户。这一点考试很爱考，后面讲 Broker 时还会再对照一次。

The beneficiary receives the money when the insured dies; if the primary beneficiary is no longer living, the contingent beneficiary is next. The agent always represents the insurer, not the client. The exam loves this point; we'll set it against the broker later.

还有一个小知识点：Death Benefit、Face Amount、Coverage 这三个词，说的都是同一笔钱，就是保险面额。题目里换着用，别被绕晕。

One more small point: death benefit, face amount and coverage all mean the same sum, the policy's face value. Questions switch between them; don't let it throw you.

互动设计Interaction

问大家：妈妈给 25 岁的儿子买了一张保单，自己付保费，受益人写爸爸。这张单里谁是 Owner、谁是 Insured、谁是 Beneficiary？ 答案：妈妈是 Owner，儿子是 Insured，爸爸是 Beneficiary。三个角色可以是三个不同的人。

Ask the room: a mother buys a policy on her 25-year-old son, pays the premium herself, and names the father as beneficiary. Who is the owner, the insured, the beneficiary? Answer: mother, son, father. Three roles can be three different people.

例题 · 五个角色Practice · The Five Roles

第一章Ch. 1

人寿保单所保障的「那个人」（其生命是保险标的）称为？The person whose life is the object of a life insurance policy is the:

  1. A申请人Applicant
  2. B受益人Beneficiary
  3. C被保险人Insured
  4. D保单持有人Policyowner
解析WHY

被保险人是生命被承保的人；出钱、能改受益人的是保单持有人，两者可以不是同一个人The insured's life is covered; the owner pays and controls the policy, and the two need not be the same person

来做第一道例题。题目问：人寿保单所保障的那个人，也就是生命作为保险标的的那个人，叫什么？

Our first practice question: what do we call the person whose life is the subject of a life insurance policy?

答案是 C，被保险人 Insured。这道题考的就是上一页的五个角色。我们一个一个排除： A 申请人 Applicant 是填表投保的人，可以是被保险人本人，也可以是别人，比如父母给孩子投保； B 受益人是拿钱的人，不是被保的人；D 保单持有人是控制保单的人，出钱、改受益人、借现金值都是他的权利。

The answer is C, the insured. This tests the five roles from the last slide. Rule the others out: A, the applicant, fills in the application and may or may not be the insured (a parent can apply on a child, for example). B, the beneficiary, receives the money; that isn't the person covered. D, the policyowner, controls the policy: paying, changing the beneficiary and borrowing the cash value are the owner's rights.

这类题的陷阱是 A 和 D：很多保单里投保人、持有人、被保险人是同一个人，所以人会觉得「都对」。 考试要的是最准确的那个词：生命被保的，只能是 Insured。

The trap is A and D: in many policies the applicant, owner and insured are one person, so they all feel right. The exam wants the most precise term: the life that is covered belongs only to the insured.

风险的两种类型Two Kinds of Risk

第一章Ch. 1

Risk = 损失发生的可能性（Chance of Loss）Risk = the chance of loss

Pure Risk 纯粹风险Pure risk

只可能有损失，不可能赚钱Only a loss is possible, never a gain

生病、死亡、车祸、火灾Illness, death, a car crash, a fire

保险公司只保这一种The only kind insurers cover

Speculative Risk 投机风险Speculative risk

可能赚，也可能亏You may win or lose

买股票、开赌场、做期货Stocks, a casino, futures

保险公司不保Not insurable

风险不能被完全消除，只能被管理Risk can't be eliminated, only managed

先定义风险。考试里 Risk、Possibility、Probability、Uncertainty、Chance of Loss 这几个词基本是同一个意思： 损失发生的可能性。注意一点：风险不能被完全消除，只能被管理。

First, define risk. On the exam, risk, possibility, probability, uncertainty and chance of loss all mean essentially the same thing: the chance that a loss happens. Note that risk can never be eliminated entirely, only managed.

风险分两种。第一种叫 Pure Risk 纯粹风险，特点是只有损失、没有收益。生病、死亡、房子着火都是纯粹风险， 没有人会因为生病而赚钱。保险公司只接这一类。

There are two kinds. The first is pure risk: only a loss is possible, never a gain. Illness, death and a house fire are pure risks; nobody profits from falling ill. This is the only kind insurers accept.

第二种叫 Speculative Risk 投机风险，可能赚也可能亏，比如炒股、开赌场、做期货。 这种风险你是主动选择去冒的，为的是赚钱，保险公司一概不保。

The second is speculative risk, where you may gain or lose: buying stock, running a casino, trading futures. You choose to take it on in hope of profit, and insurers won't cover it.

顺带记一句标准答案：考试问「保险的目的是什么」，答案是让人恢复到损失前的状态，不是让人发财。 这就是后面会讲到的补偿原则 Indemnity。

And one stock answer to remember: if asked what insurance is for, the answer is to restore you to where you were before the loss, not to make you better off. That is the principle of indemnity, which comes later.

例题 · 风险的两种类型Practice · Two Kinds of Risk

第一章Ch. 1

关于风险，下列哪项陈述是正确的？Which statement regarding risk is TRUE?

  1. A只有纯粹风险可保Only pure risks are insurable
  2. B只有投机风险可保Only speculative risks are insurable
  3. C两种都可保Both are insurable
  4. D两种都不可保Neither is insurable
解析WHY

纯粹风险只有损失、没有获利可能，才可保；炒股、开赌场这类投机风险不可保Only pure risk, with no chance of gain, is insurable; speculative risk such as stocks or gambling is not

题目问：关于风险，哪一项是正确的？答案是 A，只有纯粹风险可保。

Which statement about risk is true? The answer is A: only pure risks are insurable.

道理很简单：保险是把「只会亏」的事情分摊出去。投机风险里本来就有赚钱的可能，你是为了赚钱主动去冒的， 如果亏了还能找保险公司赔，那就等于稳赚不赔，没有人会愿意承保。所以 B 和 C 都错。 D 说两种都不可保，那保险这个行业就不存在了，当然也错。

The logic is simple: insurance spreads around things that can only cost you. Speculative risk already contains a chance to profit, taken on deliberately; if losses could be claimed from an insurer, you could never lose, and no one would underwrite that. So B and C are wrong. D says neither is insurable, which would mean the industry doesn't exist.

记法：能赚钱的风险，保险不管。看到选项里有股票、赌博、生意投资，直接排除。

The way to remember it: if the risk can make you money, insurance won't touch it. Any option involving stocks, gambling or business ventures can be crossed out.

Hazard → Peril → Loss

第一章Ch. 1
H

Hazard 风险因素：让损失更容易发生的条件Hazard: a condition that makes a loss more likely

Physical 实质：心脏病史；Moral 道德：故意纵火骗保；Morale 心理：反正有保险就粗心Physical: a heart condition · Moral: arson for the payout · Morale: careless because "I'm insured"

P

Peril 风险事故：直接造成损失的原因Peril: the direct cause of the loss

火灾、地震、洪水、盗窃、疾病、死亡Fire, earthquake, flood, theft, illness, death

L

Loss 损失：最后能用钱算出来的结果Loss: the result you can put a dollar figure on

财产损失或人身损失Damage to property or harm to a person

Hazard 引发 Peril，Peril 造成 LossA hazard leads to a peril; the peril causes the loss

这三个词是考试的常考点，一定要分清楚。用一条链来记：Hazard 引发 Peril，Peril 造成 Loss。

These three words are tested constantly; keep them apart. Remember them as a chain: a hazard leads to a peril, and the peril causes the loss.

Hazard 风险因素，是让损失更容易发生的条件，它本身还没出事。Hazard 分三种。 Physical 实质风险因素，是看得见摸得着的身体或物理状况，比如有心脏病史。 Moral 道德风险因素，是有人故意使坏，比如为了骗保去纵火，这是最严重的一种。 Morale 心理风险因素，是因为有了保险就变得粗心，「反正有保险，门不锁也没关系」。 Moral 和 Morale 只差一个字母，一个是故意，一个是粗心，都是人为的、看不见的。

A hazard is a condition that makes a loss more likely; nothing has happened yet. There are three kinds. A physical hazard is a tangible bodily or material condition, such as a history of heart disease. A moral hazard is dishonesty, such as setting a fire to collect: the most serious kind. A morale hazard is carelessness because you're insured: "I've got cover, why lock the door?" Moral and morale differ by one letter: one is deliberate, the other careless, and both are human and invisible.

Peril 风险事故，是真正发生、直接造成损失的那件事：火灾、地震、洪水、盗窃、疾病、死亡。 Loss 损失，是最后能用钱算出来的结果，财产没了或者人受了伤、过世了。

A peril is the event that actually happens and directly causes the loss: fire, earthquake, flood, theft, illness, death. The loss is the end result you can put a dollar figure on: property gone, a person hurt or killed.

举一个完整的例子：房子里的电线老化，这是 Hazard；电线短路起火，火灾是 Peril；房子烧掉了，这是 Loss。

A complete example: old wiring in a house is the hazard; it shorts and starts a fire, and the fire is the peril; the house burns down, and that is the loss.

例题 · Hazard、Peril、LossPractice · Hazard, Peril, Loss

第一章Ch. 1

「Peril（风险事故）」最准确的定义是？How is a "peril" best defined?

  1. A损失的结果The result of the loss
  2. B损失的直接原因The cause of the loss
  3. C增加损失可能性的条件A condition that makes a loss more likely
  4. D损失后残留的危害The hazard that remains afterwards
解析WHY

Peril 是造成损失的直接原因，比如火灾、死亡、疾病；Hazard 只是让损失更容易发生的条件A peril is the direct cause, such as fire, death or illness; a hazard only makes a loss more likely

题目问 Peril 最准确的定义。答案是 B，损失的直接原因。

The question asks for the best definition of a peril. The answer is B, the cause of the loss.

用上一页那条链来排除：A「损失的结果」是 Loss；C「增加损失可能性的条件」是 Hazard，这是最大的陷阱， 因为 Hazard 和 Peril 都跟「原因」沾边，但 Hazard 只是条件，Peril 才是真正发生的那件事； D「损失后残留的危害」是凑数的说法，不对应任何一个术语。

Use the chain from the last slide. A, "the result of the loss", is the loss itself. C, "a condition that makes a loss more likely", is a hazard, and that's the main trap: both relate to causes, but a hazard is only a condition, while the peril is the event that happens. D, "the hazard that remains afterwards", is filler and matches no term.

记法：Peril 是「事」，Hazard 是「条件」，Loss 是「结果」。题目里看到 cause 就想 Peril，看到 condition 或 increases the chance 就想 Hazard。

To remember: a peril is an event, a hazard is a condition, a loss is a result. When a question says "cause", think peril; "condition" or "increases the chance", think hazard.

管理风险五法：STARRFive Ways to Manage Risk: STARR

第一章Ch. 1
S

Sharing 分担Sharing

几方一起分摊损失，Reciprocal 相互保险就是这种Several parties split the loss, as in a reciprocal exchange

T

Transfer 转移Transfer

照样做这件事，把损失交给别人扛；买保险就是转移Keep doing it, but hand the loss to someone else: that's buying insurance

A

Avoidance 规避Avoidance

干脆不做，怕坠机就不坐飞机；消极，但有效Don't do it at all: afraid of crashes, don't fly. Passive, but it works

R

Retention 自留Retention

自己扛；Deductible、Co-Pay、自保都算Carry it yourself: deductibles, co-pays, self-insurance

R

Reduction 减少Reduction

设法降低损失的概率，比如装烟雾报警器、戴头盔Lower the odds of a loss: a smoke alarm, a helmet

上一页讲了风险是什么，这一页讲风险怎么处理。处理风险一共五种方法，记一个口诀：STARR， 五个字母各代表一种。

The last slides covered what risk is; this one covers what you can do about it. There are five ways, and one word holds them all: STARR, one letter per method.

S 是 Sharing 分担：几方一起来扛同一种风险，相互保险 Reciprocal 就是这种形式，成员之间互相保。 T 是 Transfer 转移：这件事我照样做，但万一出了损失，交给别人去扛。买保险就是最典型的转移， 我们每天卖的东西，本质上就是帮客户把风险转移给保险公司。

S is sharing: several parties carry the same risk together; a reciprocal, where members insure one another, works this way. T is transfer: I keep doing the thing, but if a loss happens, someone else carries it. Buying insurance is the textbook case. What we sell every day is, at bottom, a way for clients to transfer risk to an insurer.

A 是 Avoidance 规避：干脆不做这件事。怕坠机，就不坐飞机；怕溺水，就不下水。 听起来很消极，但确实管用，因为不做就不会有这个风险。

A is avoidance: simply don't do it. Afraid of a plane crash? Don't fly. Afraid of drowning? Stay out of the water. It sounds passive, but it works: if you don't do it, the risk isn't there.

第一个 R 是 Retention 自留：风险我自己扛。保单里的自付额 Deductible、共付额 Co-Pay 都是自留，大公司自己拿钱出来当保险基金，叫 Self-Insurance，也是自留。 第二个 R 是 Reduction 减少：想办法降低损失发生的概率或程度，比如家里装烟雾报警器、骑车戴头盔、戒烟。

The first R is retention: I carry the risk myself. A deductible or a co-pay is retention, and so is a large company setting aside its own fund instead of buying cover, which is called self-insurance. The second R is reduction: cutting the odds or the size of a loss, such as a smoke alarm at home, a helmet on a bike, or quitting smoking.

考试最常见的问法是「下面哪一项不属于某一种方法」。最爱考的混淆是 Avoidance 和 Transfer： 只要还在做这件事、只是多买了保险或者提高了保额，那就是转移，不是规避。

The usual question is "which of these is NOT an example of method X". The favourite mix-up is avoidance versus transfer: if the person still does the thing and simply buys more cover or raises a limit, that is transfer, not avoidance.

互动设计Interaction

念几个例子，让大家抢答属于哪个字母：不开车上高速（A）；车险自付额选 $1,000（R 自留）； 公司装监控摄像头（R 减少）；买一份定期寿险（T）。

Read out a few cases and let the room call the letter: never driving on the freeway (A); choosing a $1,000 deductible on auto cover (R, retention); a business installing security cameras (R, reduction); buying a term life policy (T).

例题 · 管理风险五法Practice · Managing Risk

第一章Ch. 1

下列哪一项，不属于规避风险（Avoidance）？All of these describe risk avoidance EXCEPT an insured who is:

  1. A从不坐飞机Never flying
  2. B把宠物老虎送去动物园Giving the pet tiger to a zoo
  3. C天黑以后不出门Never going out after dark
  4. D提高车险责任限额Raising the auto liability limits
解析WHY

规避是干脆不做那件事；提高责任限额是把更多损失交给保险公司，属于转移Avoidance means not doing the thing; raising limits hands more of the loss to the insurer, which is transfer

这道题给了四个做法，问哪一个不属于规避风险 Avoidance。答案是 D，提高汽车保单的责任限额。

Four behaviours; which one is not risk avoidance? The answer is D, raising the auto liability limits.

A 从不坐飞机，B 把宠物老虎送去动物园，C 天黑以后不出门，这三个都是同一个思路：那件有风险的事，我不做了。 老虎不养了，就不会被咬；不出门，就不会在夜里出事。D 不一样，这个人照样开车，只是把更多的赔偿责任交给保险公司去扛， 这是 STARR 里的 T，转移。

A (never flying), B (giving the pet tiger to a zoo) and C (never going out after dark) share one idea: I stop doing the risky thing. No tiger, no bite; stay in, nothing happens at night. D is different: the person still drives and simply passes more of the liability to the insurer. That is the T in STARR, transfer.

记法：看这个人还做不做那件事。不做了，是规避；还在做、但买了保险，是转移。

To remember it: ask whether the person still does the thing. If not, it's avoidance; if they still do it but buy cover, it's transfer.

可保风险的六大要素Six Marks of an Insurable Risk

第一章Ch. 1
1

损失要偶然Due to chance

不能是故意造成的，也不能是必然发生的Not caused on purpose, and not certain to happen

2

损失要可衡量Definite and measurable

说得清何时、何地、多少钱Clear when, where and how much it cost

3

损失要可预测Statistically predictable

能用统计概率推算出损失率Loss rates can be worked out from statistics

4

不能是灾难性的Not catastrophic

一次事故不能把保险公司赔垮One event can't sink the insurer

5

风险载体要多A large exposure

同类风险的人够多，大数定律才灵Enough similar risks for the law of large numbers to work

6

保险不能强制Not mandatory

保险公司有权挑客户，可以拒保The insurer may choose its clients and decline

上一页说过，只有纯粹风险可保。但纯粹风险也不是个个都能保，保险公司要接一个风险，还得满足六个条件。

We've said only pure risks are insurable. But not every pure risk qualifies: before an insurer takes one on, it has to meet six conditions.

第一，损失必须是偶然发生的。你自己故意制造的不行，比如自己放火烧房子； 必然会发生的也不行，比如车子用久了自然磨损。第二，损失要能用钱衡量，什么时候、在哪里、损失了多少，都要说得清楚。 第三，损失的概率要能用统计预测出来，保险公司才能定价。

One, the loss must be due to chance. Nothing caused on purpose, like burning your own house down, and nothing certain to happen, like ordinary wear and tear on a car. Two, the loss must be definite and measurable: when, where and how much must all be clear. Three, the odds must be statistically predictable, or the insurer can't price it.

第四，损失不能是灾难性的。打个比方，一颗陨石砸中整座城市，所有人同时受损，没有一家保险公司赔得起。 保险靠的是「少数人出事、多数人分摊」，如果大家同时出事，这个机制就垮了。

Four, the loss must not be catastrophic. If a meteor flattened a whole city, everyone would be hit at once and no insurer could pay. Insurance works because a few people suffer and many share the cost; if everyone is hit together, the mechanism collapses.

第五，风险载体要多，同类风险的人数要够大，下一页要讲的大数定律才灵。人太少，预测就不准。 第六，保险不能是强制的，保险公司有权挑客户，可以加价，也可以拒保。

Five, there must be a large exposure: enough similar risks for the law of large numbers, on the next slide, to work. With too few, the forecast is unreliable. Six, coverage can't be compulsory: the insurer chooses its clients and can charge more or decline.

考试最常挖的坑，是在选项里放一个「损失必须是灾难性的」。记住正好相反：不能是灾难性的。

The favourite trap is an option saying "the loss must be catastrophic". It's the opposite: it must not be.

例题 · 可保风险的要素Practice · Insurable Risk

第一章Ch. 1

按「理想可保风险」的定义，下列哪一项不是要求？Which is NOT a requirement of an ideally insurable risk?

  1. A损失须偶然发生The loss must be accidental
  2. B损失可用金钱衡量The loss must be measurable in money
  3. C损失须属灾难性The loss must be catastrophic
  4. D属于同类风险群体It must be part of a group of similar risks
解析WHY

可保风险恰恰不能是灾难性的，一次事故不能把公司赔垮；其余三项都是要求An insurable loss must NOT be catastrophic, or one event could sink the insurer; the other three are real requirements

题目问：按理想可保风险的定义，哪一项不是要求？答案是 C，损失须是灾难性事件的结果。

Which is not a requirement of an ideally insurable risk? The answer is C, that the loss must be catastrophic.

对照上一页的六条：A 偶然发生，是第一条；B 能用金钱衡量，是第二条；D 属于一群类似的风险，就是第五条「风险载体要多」， 大数定律要靠它。这三项都是真要求。C 正好说反了，可保风险恰恰不能是灾难性的。 陷阱在于「灾难」听起来很像「需要保险」的理由，很多人会下意识觉得它是对的。

Check against the six. A, accidental, is number one. B, measurable in money, is number two. D, part of a group of similar risks, is number five, the large exposure that the law of large numbers relies on. Those three are real. C says the reverse: an insurable loss must not be catastrophic. The trap is that "catastrophe" sounds like a reason to buy insurance, so it feels right.

记法：大家同时出事，就没人能分摊。看到 catastrophic，就知道它是被排除的那一个。

To remember it: if everyone is hit at once, there's no one left to share the cost. When you see "catastrophic", that's the one that doesn't belong.

逆选择 vs 大数定律Adverse Selection vs Large Numbers

第一章Ch. 1

Adverse Selection 逆选择Adverse selection

身体越差，越想多买保险The worse the risk, the more cover wanted

  • 限制最高保额Cap the amount of cover
  • 加收保费Charge a higher premium
  • 直接拒保Decline the application
  • 自杀条款：两年内不赔保额Suicide clause: no death benefit in year one or two

Law of Large Numbers 大数定律Law of large numbers

人越多，实际损失越接近预期The bigger the pool, the closer actual losses come to the forecast

死亡率 Mortality 就是它的应用Mortality rates are its application

再保险：把扛不动的部分分给别家Reinsurance: pass on what's too big to keep

这一页是一对反着的概念。先看左边，Adverse Selection 逆选择，这是一个很反直觉的现象： 身体越差、风险越高的人，越想多买保险。道理不难懂，一个人刚查出重病，他最想做的事就是赶紧买一大份寿险。 如果保险公司来者不拒，赔出去的钱就会远远超过算好的保费。

This slide is a pair that pull in opposite directions. On the left, adverse selection, a counter-intuitive pattern: the sicker or riskier a person is, the more insurance they want. It's easy to see why: someone just diagnosed with a serious illness wants a large life policy, fast. If the insurer took everyone, claims would far outrun the premiums it priced for.

保险公司怎么防？三招：限制最高保额、加收保费、直接拒保。这就是核保要做的事。 另外还有自杀条款：保单生效两年内自杀，保险公司不赔保额，一般只退还已交的保费，防的也是有人买了保险就打算寻短见。

How does the insurer protect itself? Three ways: cap the amount, charge more, or decline. That is what underwriting is for. There is also the suicide clause: if the insured takes their own life within the first two years, the insurer doesn't pay the death benefit and generally just returns the premiums paid. It guards against someone buying a policy with that plan already in mind.

右边是 Law of Large Numbers 大数定律，这是保险这门生意能存在的数学基础。 一个人明年会不会过世，谁也说不准；但十万个四十岁的人里明年大概走多少个，统计上可以算得很准。 人越多，实际损失越贴近预期值，保险公司才敢定价、敢承保。考试里的 Mortality 死亡率，也叫 Frequency of Death， 就是大数定律的应用。

On the right is the law of large numbers, the mathematics that makes the business possible. No one can say whether one person will die next year, but among 100,000 forty-year-olds, the number who will can be estimated quite precisely. The larger the group, the closer actual losses come to what was expected, and that is what lets an insurer price and accept risk. Mortality on the exam, also called the frequency of death, is this law in action.

再保险 Reinsurance 是大数定律的延伸：一家公司碰到的风险太大，它就把自己扛的一部分卖给别的保险公司。 分出风险的一方叫 Ceding Insurer，接下风险的一方叫 Reinsurer。

Reinsurance extends the idea: when a company is holding more risk than it wants, it sells part of it to another insurer. The one passing the risk on is the ceding insurer; the one taking it is the reinsurer.

考点：题目描述「高风险的人更想买保险」，答案是逆选择；描述「人越多越能准确预测损失」，答案是大数定律。别记反。

What's tested: "high-risk people are more likely to seek insurance" is adverse selection; "the more people, the more accurately losses can be predicted" is the law of large numbers. Don't swap them.

例题 · 逆选择Practice · Adverse Selection

第一章Ch. 1

损失风险高于平均的人更倾向于投保，这种倾向称为？The tendency of people with a higher-than-average risk of loss to seek insurance is called:

  1. A逆选择Adverse selection
  2. B概率分布Probability distribution
  3. C大数定律Law of large numbers
  4. D偶然风险Aleatory risk
解析WHY

逆选择靠限额、加价、拒保来控制；大数定律是让公司能准确预测损失的规律Adverse selection is held back by limits, higher rates or declines; large numbers is what makes losses predictable

题目问：风险高于平均的人更想买保险，这种倾向叫什么？答案是 A，逆选择 Adverse Selection。

What do we call the tendency of above-average risks to seek insurance? The answer is A, adverse selection.

最大的干扰项是 C 大数定律，因为它和逆选择在同一页出现。但大数定律讲的是「人多了损失就能预测」， 跟谁更想买保险无关。B 概率分布是统计学名词，不是专门描述这种倾向的；D 偶然风险是拿「Aleatory 机会性合同」改出来的词， Aleatory 说的是合同双方交换的价值不对等，后面讲合同特性时会讲到。

The strongest distractor is C, because the law of large numbers sits on the same slide. But it's about losses becoming predictable in a big pool, not about who wants to buy. B, probability distribution, is a general statistics term. D, "aleatory risk", is borrowed from the aleatory contract, which is about unequal exchange of value; we'll meet it with the contract characteristics.

记法：「越差越想买」是逆选择，「越多越准」是大数定律。

To remember it: "the worse, the keener to buy" is adverse selection; "the more, the more accurate" is the law of large numbers.

保险公司类型一览Types of Insurers

第一章Ch. 1
类型Type谁拥有 / 怎么分Owned by / the test例子 / 要点Example / the point
Stock 股份制Stock股东StockholdersCorebridge (AIG)
Mutual 互惠制Mutual保单持有人PolicyownersNY Life、国家人寿New York Life, National Life
Fraternal 互助社Fraternal宗教或友好组织A lodge or religious society只服务会员Members only
Government 政府Government政府，靠税收支撑The government, funded by taxesMedicare、社安金、洪水险Medicare, Social Security, flood
Admitted / Non-admitted有没有本州营业许可Licensed in this state or not要有 Certificate of AuthorityNeeds a certificate of authority
Domestic / Foreign / Alien本州 / 外州 / 外国注册This state / another state / abroadNY Life 在加州是 ForeignNY Life is foreign in California

保险公司可以从几个角度分类，这一页放在一张表里。先按谁拥有公司来分。 Stock 股份制公司归股东所有，利润归股东，通常卖的是不分红保单，叫 Non-Par，比如 Corebridge，也就是原来 AIG 的寿险年金业务。 Mutual 互惠制公司没有外部股东，归保单持有人所有，保单持有人既是客户又是老板，所以卖的是分红保单 Par， 比如纽约人寿、国家人寿。

Insurers can be classified several ways; this slide puts them in one table. First, by who owns the company. A stock company belongs to its shareholders, profits go to them, and it usually sells non-participating (non-par) policies. Corebridge, the former life and annuity business of AIG, is an example. A mutual company has no outside shareholders; its policyowners own it, so they are customers and owners at once, and it sells participating (par) policies. New York Life and National Life are examples.

Fraternal 互助社通常是宗教团体或友好组织办的，只服务自己的会员。 Government 政府保险和私营保险最大的区别是钱从哪里来：Medicare、社安金、洪水保险，靠的是税收，私营公司靠的是保费。

A fraternal is run by a religious or social society and serves its members only. Government insurance differs from private insurance in where the money comes from: Medicare, Social Security and federal flood insurance are funded by taxes, private insurers by premiums.

再按有没有本州许可分：Admitted 是拿到本州 Certificate of Authority、获准营业的公司； Non-admitted 是没有拿到的。没拿到许可的公司，大多数情况下不能在本州直接卖保险，只有持照的 Surplus Lines Broker 才能经手。

Next, by whether the state has authorised it. An admitted insurer holds the state's certificate of authority and may do business there; a non-admitted one doesn't. A non-admitted insurer generally can't sell directly in the state; only a licensed surplus lines broker can place business with it.

最后按在哪里注册成立分，这是最常考的一组：在本州注册的叫 Domestic，在别的州注册的叫 Foreign，在别的国家注册的叫 Alien。纽约人寿在纽约州注册，所以在加州它是 Foreign，不是 Alien。 Foreign 是外州，Alien 才是外国，中文直觉容易把 Foreign 当成外国，这是考试最爱挖的坑。

Finally, by where it was incorporated, the most-tested group. Chartered in this state is domestic; in another state, foreign; in another country, alien. New York Life is chartered in New York, so in California it is foreign, not alien. Foreign means another state; alien means another country. Everyday English pulls "foreign" toward "overseas", and that's exactly the trap.

例题 · 保险公司类型Practice · Types of Insurers

第一章Ch. 1

在加州，一家依内华达州法律成立的保险公司被视为？In California, an insurer organized under the laws of Nevada is considered a(n):

  1. A未获准保险公司Nonadmitted insurer
  2. B外州保险公司Foreign insurer
  3. C外国保险公司Alien insurer
  4. D非法保险公司Illegal insurer
解析WHY

本州是 Domestic，外州是 Foreign，外国才是 Alien；内华达是另一个州，所以是 ForeignHome state is domestic, another state is foreign, another country is alien; Nevada is another state

题目问：在加州，一家按内华达州法律成立的保险公司算什么？答案是 B，外州保险公司 Foreign Insurer。

In California, what is an insurer organized under Nevada law? The answer is B, a foreign insurer.

C 外国保险公司 Alien 是最大的陷阱，Alien 指的是在美国以外的国家注册的公司，内华达还在美国境内，只是另一个州。 A 未获准 Nonadmitted 讲的是有没有拿到加州的营业许可，题目只说了在哪里注册，没说有没有许可，所以不能选。 D 非法保险公司是凑数的，在外州注册完全合法。

C, alien, is the big trap: alien means chartered outside the United States, and Nevada is just another state. A, nonadmitted, is about whether it holds a California licence to operate; the question only tells us where it was organized, so A can't be inferred. D, illegal, is filler: being chartered in another state is perfectly lawful.

记法：Domestic 在家，Foreign 隔壁州，Alien 外星人，从国外来的。

To remember it: domestic is home, foreign is the state next door, and alien is from another country altogether.

保险营销体系五种Five Distribution Systems

第一章Ch. 1
I

Independent 独立代理Independent

代理多家公司，靠佣金和 Override；比如 PFASeveral carriers, paid commission plus override; PFA is one

C

Captive 独家代理Captive / exclusive

只代理一家公司，比如 State Farm 的代理人One carrier only, like a State Farm agent

G

General Agency 总代理General agency

公司授权在一个区域总代理，可拿办公、广告、培训费用Authorised for a territory, with office, advertising and training allowances

M

Managerial 管理体系Managerial

分行经理是公司员工，拿工资，直接受公司管理The branch manager is a salaried employee of the company

D

Direct Response 直接销售Direct response

邮件、网络、电视、电话；客户自己申请，没有代理人Mail, web, TV, phone; the customer applies, no agent

不管哪种渠道，代理人都代表保险公司，不代表客户Whatever the channel, the agent represents the insurer, not the client

保险从公司到客户手里，有五种渠道。第一种 Independent 独立代理：不专属于任何一家保险公司， 可以同时代理多家公司的产品，收入来自佣金和 Override。我们 Team Rise 所在的 PFA 就属于这一种，同一个客户可以在几家公司之间比较、挑选。

There are five ways insurance gets from the company to the client. The first is the independent system: the agent belongs to no single carrier, can represent several, and is paid through commission and override. PFA, the marketing organisation Team Rise belongs to, works this way, so one client can compare products across several carriers.

第二种 Captive 或 Exclusive 独家代理：只代理一家公司，只能卖这一家的产品，比如 State Farm 的代理人。 第三种 General Agency 总代理：保险公司授权某个人或机构在一片区域当总代理，由他去招募、培训代理人， 公司会补贴办公费用、广告费和培训费用。

The second is the captive or exclusive agent, who represents one company and sells only its products, like a State Farm agent. The third is the general agency: the insurer appoints a person or firm as general agent for a territory to recruit and train agents, and helps pay for the office, advertising and training.

第四种 Managerial 管理体系，也叫分行制：分行经理是保险公司的员工，拿公司的工资，直接受公司管理。 它和总代理的区别就在这里：总代理是独立的生意，分行经理是员工。第五种 Direct Response 直接销售： 通过邮件、网络、电视广告、电话中心推广，客户看到广告自己申请，中间没有代理人。

The fourth is the managerial or branch-office system: the branch manager is an employee of the insurer, on its payroll and under its direct control. That's the difference from a general agency, which is an independent business. The fifth is direct response: mail, the web, TV ads or a call centre; the customer sees the offer and applies, with no agent in between.

最后再强调一次考点：不管走哪种渠道，代理人 Agent 都代表保险公司，不代表客户。代表客户的是 Broker。

And the exam point once more: whatever the channel, an agent represents the insurer, not the client. It's the broker who represents the client.

例题 · 保险营销体系Practice · Distribution Systems

第一章Ch. 1

直接销售推广保险，下列哪一种方式不会用到？The direct-response system markets insurance through all of the following EXCEPT:

  1. A网络广告Internet ads
  2. B电视广告TV commercials
  3. C代理人打来的电话A telephone call from an agent
  4. D寄给潜在客户的手册Brochures mailed to prospects
解析WHY

直接销售没有代理人，靠广告让客户自己申请；有代理人来推销，就不是直接销售了Direct response has no agent: the customer responds to the ad and applies; an agent's sales call isn't direct response

题目问：直接销售用下面所有方式推广保险，除了哪一个？答案是 C，代理人打来的电话。

Direct response uses all of these except which? The answer is C, a phone call from an agent.

直接销售的定义就是中间没有代理人，客户看到网络广告、电视广告、寄到家里的手册，自己打电话或者上网申请。 A、B、D 都是广告，都对。C 的陷阱在于「电话」：上一页说直接销售也用电话，那是公司的电话中心或者客户自己打进去， 而选项写的是「代理人」打来的，一有代理人出面推销，就不是直接销售了。

Direct response is defined by having no agent in the middle: the customer sees an internet ad, a TV spot or a mailed brochure and applies by phone or online. A, B and D are all advertising, so they fit. C's trap is the word "telephone": direct response can use the phone, but that means a company call centre or the customer calling in. The option says the call comes from an agent, and once an agent is selling, it isn't direct response.

记法：Direct 就是「直接」，公司直接对客户，题目里一出现 agent，就把它排除。

To remember it: direct means company straight to customer; if an agent appears in the option, cross it out.

代理人的三种权限An Agent's Three Authorities

第一章Ch. 1
E

Express 明示权限Express authority

代理合同里白纸黑字写明的授权What the agency contract spells out in writing

I

Implied 默示权限Implied authority

合同没写，但为完成工作必须做的事Not written, but needed to get the job done

A

Apparent 显示权限Apparent authority

客户合理相信代理人有权，法院会让公司负责The client reasonably believes it, and a court holds the insurer to it

F

Fiduciary 受托责任Fiduciary duty

不得 Commingle 混用客户保费，不得给回扣Never commingle client premiums; never rebate

代理人的权限有三种，是州考的常考点。我们用一个生活里的例子来讲：妈妈让你去便利店买东西。 这里妈妈就是保险公司，你是代理人，便利店老板和邻居就是客户。

An agent has three kinds of authority, and the state exam asks about them often. Let's use an everyday picture: Mum sends you to the corner shop. Mum is the insurer, you are the agent, and the shopkeeper and the neighbours are the clients.

第一种，Express 明示权限：妈妈写在纸条上的。纸条上写着「去便利店买一瓶牛奶」， 白纸黑字写清楚的，就是明示权限。放到保险里，就是代理合同、委任书上列出来的事。 第二种，Implied 默示权限：纸条上没写「可以带钱包」「可以推开便利店的门」， 但不带钱怎么买牛奶？为了完成明示的任务必须顺带做的事，自动算你有权做，法律和行业惯例都认可。

First, express authority: what Mum wrote on the note. "Buy a bottle of milk at the corner shop." Spelled out in black and white, that's express authority; in insurance, it's what the agency contract or appointment lists. Second, implied authority: the note doesn't say "you may take the wallet" or "you may open the shop door", but how else would you buy the milk? Whatever you must do to carry out the express task is automatically yours to do, as law and custom recognise.

第三种，Apparent 显示权限，最微妙。妈妈让你穿上印着公司 Logo 的衣服，给了你名片、公司的申请表和收据本。 邻居看到这些，合理地相信你能代表公司说话。于是你对邻居说：「你的保险已经生效了。」其实妈妈根本没让你说这句话， 但邻居凭什么知道？第二天邻居出事了，法院会说：公司赔。 核心逻辑是：公司自己制造了「看起来有权」的样子，后果就由公司承担。这条规则保护的是客户，不是代理人。

Third, apparent authority, the subtle one. Mum has you wear a shirt with the company logo and hands you business cards, the company's application forms and a receipt book. The neighbours see all that and reasonably believe you speak for the company. So you tell a neighbour, "your insurance is in force." Mum never authorised that sentence, but how would the neighbour know? The next day the neighbour dies, and the court says: the company pays. The logic is that the company created the appearance of authority, so the company bears the consequences. The rule protects the client, not the agent.

最后是 Fiduciary 受托责任：代理人经手客户的钱，就要像保管别人的钱一样对待。两条红线： 不得 Commingle，客户交的保费不能和自己的钱混在一个账户里；不得给回扣 Rebate， 不能用退佣金、送礼来拉生意。加州唯一的例外是公司印制的广告小礼品，价值在 $15 以下。

Last, fiduciary duty: when an agent handles a client's money, it must be treated as someone else's money held in trust. Two bright lines: no commingling, so client premiums never sit in the agent's own account; and no rebating, so no handing back commission or giving gifts to win the sale. California's only exception is company-produced advertising items worth under $15.

讲师提醒Presenter's note

Apparent 这一条顺便提醒新人：在保险真正生效之前，不要对客户说「已经保上了」。考试会考，展业时更要守住。

Use apparent authority to remind new agents: until coverage is actually in force, never tell a client "you're covered". It's on the exam, and it matters even more in the field.

例题 · 代理人的权限Practice · Agent Authority

第一章Ch. 1

下列哪一项，不是代理人的权限类型？Which of the following is NOT a type of agent authority?

  1. A合理权限Justified
  2. B明示 / 实际权限Express / actual
  3. C默示权限Implied
  4. D显示权限Apparent
解析WHY

代理人的权限只有明示、默示、显示三种；Justified 是编出来的An agent's authority is express, implied or apparent; "justified" isn't one of them

题目问：下面哪一项不是代理人的权限类型？答案是 A，Justified 合理权限。

Which is not a type of agent authority? The answer is A, "justified".

代理人的权限只有三种：Express 明示、Implied 默示、Apparent 显示。B 写成「Express / Actual」， 是因为明示和默示加在一起又叫实际权限 Actual Authority，题库常把 Actual 和 Express 写在一起，不要被这个斜杠吓到。 C、D 就是另外两种。Justified 听起来很像法律名词，其实是编出来的干扰项。

There are only three: express, implied and apparent. B reads "express / actual" because express and implied together are also called actual authority, and question banks often pair "actual" with "express"; don't let the slash throw you. C and D are the other two. "Justified" sounds like a legal term, but it's an invented distractor.

记法：纸条上写的、纸条上没写但必须做的、别人看起来以为你有的，就这三种，多一个都是假的。

To remember it: what's on the note, what the note needs you to do, and what others reasonably think you can do. Three, and anything else is fake.

合同成立的四要素Four Elements of a Contract

第一章Ch. 1
O

Offer & Acceptance 要约与承诺Offer and acceptance

申请表加保费是 Offer，公司承保是 AcceptanceApplication plus premium is the offer; issuing the policy accepts it

C

Consideration 对价Consideration

你给保费，公司给赔付的承诺；不要求相等Premium for the promise to pay; the two needn't be equal

C

Competent Parties 有行为能力Competent parties

加州 18 岁以上、神志清醒；醉酒、吸毒时签的不算18 or over in California and of sound mind; not drunk or high

L

Legal Purpose 合法目的Legal purpose

不能保非法的事，比如走私来的动物Nothing unlawful, such as a smuggled animal

任何一份合同要有法律效力，都要满足四个条件，保险合同也一样。口诀可以记首字母 O-C-C-L。

Any contract needs four things to be legally binding, and an insurance contract is no exception. The initials are O-C-C-L.

第一，Offer & Acceptance 要约与承诺：一方提出，一方接受。在保险里，投保人交申请表、同时交了首期保费， 这就是 Offer；保险公司核保通过、签发保单，就是 Acceptance。如果申请时没有交保费，那么公司签发保单才是 Offer， 客户交费收下保单才是 Acceptance。

One, offer and acceptance: one side proposes, the other agrees. In insurance, an application submitted with the first premium is the offer, and the insurer approving and issuing the policy is the acceptance. If no premium went in with the application, the issued policy becomes the offer, and the client paying on delivery is the acceptance.

第二，Consideration 对价，有的教材译成报酬性：双方都要给对方一点有价值的东西。 投保人给的是保费，加上投保书上的如实告知；保险公司给的是将来赔付的承诺。注意，对价不要求双方相等， 交一万保费换一百万保额完全没问题。

Two, consideration: each side gives the other something of value. The applicant gives the premium and truthful answers on the application; the insurer gives its promise to pay. Note that consideration doesn't have to be equal: $10,000 of premium for a $1 million death benefit is perfectly valid.

第三，Competent Parties 当事人有行为能力：签合同的人要成年、神志清醒。加州是 18 岁以上； 喝醉了、吸了毒、精神不清醒时签的合同，不算数。第四，Legal Purpose 合法目的：合同的目的必须合法， 不能给一只非法走私进来的动物买保险，也不能给违法的生意买保险。

Three, competent parties: the people signing must be adults of sound mind; in California, 18 or over. A contract signed while drunk, high or not in one's right mind doesn't count. Four, legal purpose: the contract's purpose must be lawful. You can't insure a smuggled animal, or an illegal business.

考试最常用的干扰项是「合同必须是书面的」「对价必须相等」「条款必须双方谈判」，这三个都不是要件，下一页的例题就是这样出的。

The usual distractors are "must be in writing", "consideration must be equal" and "terms must be negotiated". None of them is a requirement, and the next practice question is built exactly that way.

例题 · 合同成立的四要素Practice · Elements of a Contract

第一章Ch. 1

下列哪一项是合同的成立要件？Which of the following is a requirement of a contract?

  1. A必须是书面的It must be in writing
  2. B双方对价须相等Consideration must be equal
  3. C双方须谈判条款The terms must be negotiated
  4. D须有要约与承诺There must be offer and acceptance
解析WHY

四要素是要约与承诺、对价、行为能力、合法目的；对价不要求相等，条款也不用谈判The four are offer and acceptance, consideration, competent parties and legal purpose; nothing has to be equal or negotiated

题目问：下面哪一项是合同成立的要件？答案是 D，须有要约与承诺，这是四要素里的第一条。

Which of these is a requirement of a contract? The answer is D, offer and acceptance, the first of the four elements.

另外三个选项，每一个都和后面的知识点挂钩。A 必须是书面的：四要素里没有这一条，合同成立并不以书面为前提。 B 对价必须相等：恰恰相反，保险是机会性合同 Aleatory，交换的价值本来就不对等。 C 条款必须双方谈判：保险合同是附和性合同 Adhesion，公司拟好，客户只能签或不签，根本不谈判。这两个特性下一页就讲。

Each wrong option links to something coming up. A, in writing: it isn't one of the four, and a contract doesn't need to be written to exist. B, equal consideration: quite the opposite, an insurance policy is aleatory, an unequal exchange by nature. C, negotiated terms: an insurance policy is a contract of adhesion, drafted by the insurer and taken or left by the client, with no negotiation. Both characteristics are on the next slide.

记法：四要素 O-C-C-L，题目里出现「书面」「相等」「谈判」，都不是。

To remember it: the four are O-C-C-L; "in writing", "equal" and "negotiated" are never on the list.

保险合同的五大特性Five Traits of an Insurance Contract

第一章Ch. 1
A

Adhesion 附和性Adhesion

公司单方拟定，客户签或不签；歧义按对客户有利解释The insurer drafts it, you take it or leave it; ambiguity favours the insured

A

Aleatory 机会性Aleatory

交换的价值不对等，保费不多，可能赔很多An unequal exchange: a small premium, possibly a large payout

P

Personal 个人性Personal

合同跟特定的人绑定，转让要公司书面同意Tied to a person; assignment needs the insurer's written consent

U

Unilateral 单务性Unilateral

只有保险公司做了可强制执行的承诺Only the insurer makes an enforceable promise

C

Conditional 条件性Conditional

满足条件才赔，比如保费交了、出事在保障期内Paid only if conditions are met: premium paid, loss within the term

上一页是所有合同都要有的四要素，这一页是保险合同自己的五个特性，同样常考。

The last slide covered what every contract needs; this one covers five traits peculiar to insurance contracts, and they're tested just as often.

Adhesion 附和性：合同是保险公司单方面拟好的，客户没法逐条谈判，只能选择签或者不签。 正因为客户没有话语权，条款有歧义时，法院会按对被保险人有利的方向解释，这是考试最爱问的一句。 Aleatory 机会性：双方交换的价值不对等。你交一万保费，可能赔你一百万；也可能你健康活到老，一分理赔都没有。

Adhesion: the insurer drafts the contract alone; the client can't negotiate it line by line, only sign or walk away. Because the client has no say, any ambiguity is interpreted in the insured's favour, which is the line the exam loves most. Aleatory: the values exchanged are unequal. You might pay $10,000 in premium and receive $1 million, or live a long healthy life and never claim a cent.

Personal 个人性：保险保的是特定的人，公司是根据这个人的情况来核保定价的，所以要把保单转给别人， 得经过保险公司书面同意。Unilateral 单务性：只有保险公司一方做了法律上可以强制执行的承诺。 你不交保费，最多保单失效，不算违约；但保险公司一旦承保，出了事就必须按合同赔。

Personal: the policy covers a particular person, underwritten and priced on that person, so transferring it to someone else needs the insurer's written consent. Unilateral: only the insurer makes a legally enforceable promise. If you stop paying, the policy simply lapses and you haven't breached anything; but once the insurer has accepted the risk, it must pay as the contract says.

Conditional 条件性：要满足合同里的条件才赔，比如按时交了保费、出事在保障期内、不属于除外责任、 按规定时间报案。条件没满足，公司可以不赔。

Conditional: the claim is paid only if the contract's conditions are met, such as premiums paid on time, the loss within the policy term, nothing excluded, and the claim reported as required. If they aren't met, the insurer need not pay.

互动设计Interaction

首字母连起来是 A-A-P-U-C。请大家用一句话各说一个：「谁拟的？」是 Adhesion；「值不值？」是 Aleatory； 「保的是谁？」是 Personal；「谁必须做到？」是 Unilateral；「有什么前提？」是 Conditional。

The initials are A-A-P-U-C. Have the room pin each to one question: "who wrote it?" is adhesion; "is it an even trade?" is aleatory; "who's covered?" is personal; "who's bound to perform?" is unilateral; "what has to happen first?" is conditional.

例题 · 保险合同的特性Practice · Contract Traits

第一章Ch. 1

称保单为「单务（Unilateral）合同」，是什么意思？Calling an insurance policy a "unilateral" contract means that:

  1. A一方得到的比另一方多One party gets more than the other
  2. B只有一方的承诺可强制执行Only one party makes an enforceable promise
  3. C一方拟定、另一方接受One party drafts, the other accepts
  4. D一方义务看另一方履约One party's duty depends on the other's
解析WHY

单务是只有保险公司被强制履约；你不交保费，保单失效，但不算违约Only the insurer is bound to perform; if you stop paying, the policy lapses, but you haven't breached it

题目问：说保单是单务合同 Unilateral，是什么意思？答案是 B，只有一方作出了法律上可以强制执行的承诺，这一方就是保险公司。

What does it mean to call a policy unilateral? The answer is B, only one party makes a legally enforceable promise, and that party is the insurer.

这道题好就好在，四个选项正好是四个特性。A「一方得到的比另一方多」，说的是 Aleatory 机会性； C「一方拟定、另一方接受」，说的是 Adhesion 附和性；D「一方的义务取决于另一方是否履约」，说的是 Conditional 条件性。 三个都是真的特性，只是对不上 Unilateral 这个词。

What makes this a good question is that the four options are four different traits. A, "one party gets more", is aleatory. C, "one drafts, the other accepts", is adhesion. D, "one party's duty depends on the other's performance", is conditional. All three are real traits; they just aren't the definition of unilateral.

记法：Uni 是「一」，单务就是只有一方必须做到。客户可以随时不交费走人，保险公司却不能随便不赔。

To remember it: "uni" means one; only one side is bound. The client can stop paying and walk away at any time; the insurer can't simply decline to pay.

影响合同的法律概念Legal Concepts Behind the Contract

第一章Ch. 1
I

Indemnity 补偿原则Indemnity

赔偿不超过损失，让人回到损失前，不能因此获利Pays no more than the loss: back to where you were, never ahead

U

Utmost Good Faith 最大诚信Utmost good faith

双方都要诚实；禁止 Fraud 欺诈、Misrepresentation 误告、Concealment 隐瞒Both sides deal honestly: no fraud, misrepresentation or concealment

R

Reasonable Expectations 合理期待Reasonable expectations

条款和客户的合理理解有出入时，按客户的理解解释Where the wording and a reasonable reading differ, the client's reading wins

这一页讲三个贯穿整个保险合同的法律原则。第一个，Indemnity 补偿原则：赔偿只限于损失本身， 目的是让人恢复到损失之前的状态，而不是让人发财。如果理赔能让人赚钱，就会有人故意制造损失，诱发道德风险， 这就是前面讲的 Moral Hazard。

This slide covers three legal principles that run through every insurance contract. First, indemnity: payment is limited to the loss, and the aim is to put you back where you were before the loss, not to make you better off. If a claim could leave you ahead, people would cause losses on purpose, which is the moral hazard we met earlier.

顺带说一句：一条命没法用钱精确衡量，所以寿险按保单上约定的保额赔，叫定值合同 Valued Contract。 但考试问「保险的目的」时，标准答案仍然是补偿，Indemnity。

A side note: a human life can't be priced exactly, so life insurance pays the face amount agreed in the policy, which makes it a valued contract. But when the exam asks what insurance is for, the stock answer is still indemnity.

第二个，Utmost Good Faith 最大诚信，这是世界各国保险法的根基：双方都假定对方是诚实的。 它禁止三件事：Fraud 欺诈，故意骗人来获利；Misrepresentation 误告，说了不真实的话； Concealment 隐瞒，故意不说该说的重要事实。下一页讲的陈述和担保，就是从这一条来的。

Second, utmost good faith, the foundation of insurance law everywhere: each side is entitled to assume the other is honest. It rules out three things: fraud, deliberate deception for gain; misrepresentation, a statement that isn't true; and concealment, deliberately keeping back a material fact. Representations and warranties, on the next slide, grow out of this principle.

第三个，Reasonable Expectations 合理期待原则：保险公司的专业理解和客户的合理理解之间有差距时， 按对客户有利的方式解释。比如广告上大字写着「不论什么既往病史都承保」，背面小字加了一堆限制， 客户合理地以为有既往病史也能保，法院会支持客户的这个期待。它和附和性合同「歧义按对客户有利解释」是同一个精神。

Third, reasonable expectations: where the insurer's technical reading and the client's reasonable understanding differ, the policy is read in the client's favour. Say an ad promises in large type "covered whatever your medical history", with a string of limits in the fine print on the back; a client may reasonably expect pre-existing conditions to be covered, and a court will uphold that expectation. It's the same spirit as reading an ambiguous adhesion contract in the insured's favour.

例题 · 补偿原则Practice · Indemnity

第一章Ch. 1

保险术语里，Indemnify（赔偿）是什么意思？In insurance terminology, "indemnify" means to:

  1. A过度补偿Over-compensate
  2. B恢复原状Make whole
  3. C预先支付Advance
  4. D奖励Award
解析WHY

补偿是让被保险人回到损失前的状态，不能因理赔获利，否则诱发道德风险Indemnity puts you back where you were before the loss; no profit from a claim, or moral hazard follows

题目问：保险术语里 Indemnify 是什么意思？答案是 B，Make Whole，恢复原状、补足损失。

What does "indemnify" mean in insurance? The answer is B, to make whole: restore what was lost.

A 过度补偿正好违反补偿原则，赔得比损失多，就会有人故意制造损失。C 预先支付和 D 奖励都和损失无关： 理赔不是提前发钱，也不是给你的奖赏，而是把你的损失补回来。

A, over-compensate, breaks the principle outright: pay more than the loss and people will cause losses. C, advance, and D, award, have nothing to do with the loss: a claim isn't money paid early or a prize, it's the loss made good.

记法：Make Whole，把缺掉的那一块补上，补到原来的样子为止，不多也不少。

To remember it: make whole means filling in the missing piece, back to how it was, no more and no less.

陈述、担保、弃权、禁止反言Representations, Warranties, Waiver, Estoppel

第一章Ch. 1

陈述 vs 担保Representation vs warranty

Representation：尽我所知为真；失实且属实质性，公司才能撤销: true to the best of my knowledge; only a material misstatement voids it

Warranty：保证绝对为真；一旦不实，公司可直接撤销: guaranteed true; any breach lets the insurer void it

寿险投保书上的回答，按陈述处理Life application answers count as representations

弃权 vs 禁止反言Waiver vs estoppel

Waiver：自愿放弃一项本可主张的权利: giving up, by choice, a right you could have used

Estoppel：放弃过的权利，事后不能再主张: a right once given up can't be reclaimed later

先有 Waiver，才有 EstoppelWaiver comes first; estoppel follows

这一页是两对容易混的词，我们用小朋友都能听懂的例子来讲。先看左边，Representation 陈述，意思是「我以为是这样」。 老师问你：「你家有几只猫？」你说：「两只。」后来发现家里其实有三只，有一只一直躲在柜子里，你不知道。 你不算撒谎，因为你说的是你相信是真的话。

This slide has two pairs people confuse, so let's use examples a child would follow. On the left, representation means "I believe this is so". The teacher asks how many cats you have at home; you say two. It turns out there are three, one of which has been hiding in a cupboard all along. You didn't lie: you said what you believed was true.

放到保险里：投保人尽自己所知如实回答，就算有出入，只有当这件事足够重要，重要到会改变保险公司卖不卖、收多少钱， 也就是属于实质性 Material 的，公司才能据此撤销保单。寿险投保书上的回答，在没有欺诈的情况下，都按陈述来处理。

In insurance terms, the applicant answers honestly to the best of their knowledge, and even if something is off, the insurer can rescind only if it matters enough to have changed whether it would sell or what it would charge, that is, if it's material. Answers on a life insurance application, absent fraud, are treated as representations.

Warranty 担保就不一样了，意思是「我用性命保证」。你说：「我保证我家绝对只有两只猫，一只都不多。」 这不是「我以为」，是打包票。结果发现有三只，不管重不重要，你都违约了，公司可以直接撤销。 一句话区分：Representation 是我相信是真的，Warranty 是它绝对是真的。

Warranty is different: "I guarantee it." You say, "I promise we have exactly two cats, not one more." That isn't a belief, it's a guarantee. Find a third cat and you've breached it, however minor, and the insurer can void the contract outright. In one line: a representation is what I believe is true; a warranty is what I guarantee is true.

右边，Waiver 弃权是「我不要了」。踢球时规则说你可以罚点球，你说：「算了，不罚了。」 这个权利本来是你的，你自己主动放掉了。Estoppel 禁止反言是「说出去的话不能收回」。你放弃罚球之后，比赛输了， 你不能跑回去说：「刚才那个球我要重罚！」裁判不让你反悔。

On the right, waiver is "I don't want it". The rules give you a penalty kick and you say, "never mind, skip it." The right was yours, and you gave it up yourself. Estoppel is "you can't take back what you said." Having passed on the penalty, you lose the match and run back saying, "I want that kick after all!" The referee won't let you.

保险里的场景：客户过了宽限期才交保费，按合同保单已经失效，但公司照收不误、照样承保，这就是公司放弃了「保单已失效」这个权利，是 Waiver。 后来客户出险，公司想说「你当时迟交了，保单早就失效了」，法院会说：不行，钱是你自己收的，照赔。这就是 Estoppel。 两者的关系：Waiver 是原因，Estoppel 是后果，先放弃，才被禁止反悔。

The insurance version: a client pays after the grace period has run out, so under the contract the policy has lapsed, but the insurer takes the money and carries on as normal. It has given up its right to treat the policy as lapsed: that's waiver. Later there's a claim, and the insurer tries to say, "you paid late, the policy had already lapsed." The court says no: you accepted the money, so you pay. That's estoppel. Waiver is the cause, estoppel the consequence: first the right is given up, then taking it back is barred.

例题 · 陈述与实质性Practice · Materiality

第一章Ch. 1

一项陈述（Representation）重不重要，用什么规则判断？What rule is used to determine the importance of a representation?

  1. A附和性原则Law of adhesion
  2. B机会性合同原则Aleatory contracts
  3. C隐瞒的实质性Materiality of concealment
  4. D可保利益标准Insurable interest standard
解析WHY

只有实质性的失实，也就是会改变承保决定的，公司才能据此撤销保单Only a material misstatement, one that would have changed the underwriting decision, lets the insurer rescind

题目问：用什么规则判断一项陈述重不重要？答案是 C，Materiality 实质性。

What rule decides whether a representation matters? The answer is C, materiality.

判断标准就一条：如果保险公司当初知道真实情况，会不会改变决定，比如拒保、加价或者改条款。会，就是实质性的； 不会，就算说错了也不能拿来撤销保单。A 附和性讲的是谁拟定合同，B 机会性讲的是价值交换不对等，D 可保利益讲的是投保人和被保险人之间的关系， 第二章会讲，三个都和「陈述重不重要」无关，只是从前面几页借来的名词。

There is one test: had the insurer known the truth, would it have decided differently, by declining, charging more or changing the terms? If so, it's material; if not, even a mistaken answer can't be used to rescind. A, adhesion, is about who drafts the contract; B, aleatory, about unequal exchange; D, insurable interest, about the relationship between the applicant and the insured, which comes up in chapter 2. None of them measures how much a representation matters; they're terms borrowed from earlier slides.

记法：看到「重不重要」，就想 Material；会改变公司决定的，才算数。

To remember it: when the question asks how important, think material; it counts only if it would have changed the insurer's decision.

第一章 自测Chapter 1 Self-Test

第一章Ch. 1
Q1

保险的目的，是发财还是补偿？Is insurance meant to make you rich, or make you whole?

补偿：Indemnity 原则，回到损失之前Make you whole: indemnity restores the pre-loss position

Q2

Agent 和 Broker，谁代表保险公司？Agent or broker: who represents the insurer?

Agent 代表保险公司，Broker 代表客户The agent; a broker represents the client

Q3

STARR 五种风险管理方法是什么？What are the five STARR methods?

Sharing、Transfer、Avoidance、Retention、ReductionSharing, transfer, avoidance, retention, reduction

Q4

合同成立的四要素是什么？What are the four elements of a contract?

要约与承诺、对价、当事人有行为能力、合法目的Offer and acceptance, consideration, competent parties, legal purpose

第一章讲完了，我们停一下，做四道自测题。先别看答案，自己在心里答一遍。

That's chapter 1. Let's pause for four self-test questions. Answer each one in your head before looking.

第一题，保险的目的是发财还是补偿？答案是补偿，这是 Indemnity 原则，让人回到损失之前的状态。 第二题，Agent 和 Broker 谁代表保险公司？Agent 代表保险公司，Broker 才代表客户。

One: is insurance meant to make you rich or to compensate you? To compensate: that's the principle of indemnity, putting you back where you were before the loss. Two: agent or broker, who represents the insurer? The agent represents the insurer; it's the broker who represents the client.

第三题，STARR 五种风险处理方法：Sharing 分担、Transfer 转移、Avoidance 规避、Retention 自留、Reduction 减少。 第四题，合同成立的四要素：Offer & Acceptance 要约与承诺、Consideration 对价、Competent Parties 当事人有行为能力、 Legal Purpose 合法目的。

Three: the five STARR methods are sharing, transfer, avoidance, retention and reduction. Four: the four elements of a contract are offer and acceptance, consideration, competent parties and legal purpose.

哪一题答错了，就回去补哪一页：第一题看「影响合同的法律概念」，第二题看开头的五个角色和营销体系那一页， 第三题看 STARR，第四题看合同四要素。这四个都是第一章的高频考点，一定要答得出来。

Whichever you missed, go back to that slide: question one, the legal concepts; question two, the five roles at the start and the distribution systems; question three, STARR; question four, the four elements of a contract. All four are among chapter 1's most frequently tested points, so make sure you can answer them cold.

第二章 · Chapter TwoChapter Two

寿险基础Life Insurance Basics

谁能买、买多少、怎么核保Who can buy, how much, how it's underwritten

可保利益、为什么买寿险、买多少合适；保险公司怎么决定接不接这一单Insurable interest, why people buy, how much is enough; and how the insurer decides whether to take the case

第二章进入寿险本身。我们要弄清楚四件事。第一，谁可以替谁买寿险，也就是可保利益。 第二，人为什么要买寿险，个人有哪些用途、生意上又有哪些用途。第三，到底该买多少，有哪两种算法。 第四，保险公司收到申请之后，怎么决定要不要承保、按什么价钱承保。

Chapter two gets into life insurance itself, and settles four things. First, who may buy coverage on whom: insurable interest. Second, why people buy it, both for themselves and for a business. Third, how much is enough, and the two ways of working that out. Fourth, once an application arrives, how the insurer decides whether to accept it and at what price.

这一章跟大家以后天天做的事最贴近：见客户算保额、填申请表、收第一笔保费、交收据、等核保结果， 全都在这一章里。所以这里的名词不只是为了考试，以后每一张单都会用到。

This chapter is the closest to what you'll do every working day: sizing coverage with a client, completing the application, collecting the first premium, handing over a receipt, waiting on underwriting. All of it is here. So these terms aren't just for the exam; you'll use them on every case.

可保利益：谁能替谁买Insurable Interest

第二章Ch. 2

你和被保险人之间，要有「他出事你会真的有损失」的关系You must stand to lose something real if the insured dies

1

自己Yourself

对自己的生命，一定有可保利益You always have an insurable interest in your own life

2

家人Family

配偶、父母子女、近亲A spouse, parents and children, close relatives

3

生意关系Business ties

生意合伙人、Key Employee 关键员工；债主对欠债的人A business partner, a key employee; a creditor in a debtor's life

寿险只要求投保时存在；生效后离了婚，公司照样赔Life insurance requires it only at inception; a later divorce doesn't stop the payout

可保利益，也叫保险利益，Insurable Interest，是寿险的入门关。用一句话说：你和被保险人之间， 要有「他出事你会真的有损失」的关系。没有这层关系，买寿险就变成了押注别人的生死，这是法律不允许的。

Insurable interest is the entry gate to life insurance. In one sentence: you must stand to suffer a real loss if the insured dies. Without that relationship, buying coverage on someone becomes a bet on their life, and the law doesn't allow it.

哪些关系算？第一，自己，对自己的命一定有可保利益，而且可以写任何人当受益人。 第二，家人：配偶、父母子女、近亲，这些是血缘、婚姻和经济上的依赖。 第三，生意上的关系：合伙人之间、公司对关键员工、债主对欠他钱的人，对方一走，生意或者这笔钱就会受损。

Which relationships count? First, yourself: you always have an insurable interest in your own life, and you may name anyone as beneficiary. Second, family: a spouse, parents and children, close relatives, tied by blood, marriage and financial dependence. Third, business: partners in a business, a company and its key employee, a creditor and the person who owes them money. If that person dies, the business or the debt takes the hit.

考试最爱考的是时间点：寿险只要求投保的那一刻有可保利益。合同生效之后，就算关系变了， 比如离婚了、合伙人退出了，被保险人过世时公司照样要赔。这一点跟财产险不一样：财产险要求出险的那一刻还有利益， 房子已经卖掉了，再着火就跟你没关系了。

What the exam loves is the timing: life insurance requires insurable interest only at the moment of application. Once the policy is in force, even if the relationship changes (a divorce, a partner who leaves), the insurer still pays when the insured dies. Property insurance is different: the interest must exist at the time of the loss. Once you've sold the house, a fire there is no longer your loss.

互动设计Interaction

问大家：太太给先生买了一张寿险，自己是 Owner 和受益人。五年后两人离婚，保单一直照常缴费。 又过了两年先生过世，保险公司赔不赔？答案：赔。投保那一刻她有可保利益，后来离婚不影响。

Ask the room: a wife buys a policy on her husband, as owner and beneficiary. Five years later they divorce, and she keeps paying. Two years after that he dies. Does the insurer pay? Yes. She had an insurable interest when the policy was issued; the divorce changes nothing.

例题 · 可保利益Practice · Insurable Interest

第二章Ch. 2

一个人在什么情况下，对「他人」的生命具有可保利益？When does a person have an insurable interest in another person's life?

  1. A有共同的种族传统They share an ethnic heritage
  2. B对社区事务有共同兴趣They share an interest in community affairs
  3. C在经济上依赖对方They depend on the other for support
  4. D将接任对方的主席职位They will succeed the other as president
解析WHY

可保利益看的是对方出事你会不会有经济损失；只要求投保时存在，离婚后照样赔Insurable interest means a real financial loss if the other person dies; it is required only at inception

题目问：一个人在什么情况下，对另一个人的生命具有可保利益？

The question: when does a person have an insurable interest in someone else's life?

答案是 C，在经济上依赖对方。对方一旦过世，你的生活来源就断了，这就是实实在在的经济损失， 正是可保利益的定义。A 共同的种族传统、B 对社区事务有共同兴趣，都只是感情或身份上的联系，对方过世你不会有经济损失。 D 将接任对方的主席职位，这个最有迷惑性：对方过世你反而可能得利，更谈不上损失。

The answer is C: they depend on the other person financially. If that person dies, your support stops. That's a real financial loss, which is exactly what insurable interest means. A, a shared ethnic heritage, and B, a shared interest in community affairs, are ties of feeling or identity; the death costs you nothing. D, succeeding the other as president, is the most tempting: if anything you'd gain from the death, which is the opposite of a loss.

记法：问自己一句「他走了，我的钱会不会少」。会，就有可保利益；不会，或者反而得利，就没有。

To remember it: ask "if they died, would I be worse off financially?" If yes, there's an insurable interest. If no, or if you'd gain, there isn't.

寿险的个人五大用途Five Personal Uses (SECLE)

第二章Ch. 2
S

Survivor Protection

家人生活保障：主要收入人过世，家庭财务立刻吃紧The family's income stops when the breadwinner dies

E

Estate Creation

创造遗产：年轻家庭还没攒下资产，立刻留下一笔现金An instant estate for a young family with no savings yet

C

Cash Accumulation

资金累积：永久寿险的现金值慢慢长，活着也能用Permanent policies build cash value you can use while alive

L

Liquidity

流动性：有现金值的保单，急用时可以借出来Cash value can be borrowed in an emergency

E

Estate Conservation

保存遗产：赔偿金付遗产税，后人不用变卖资产The death benefit pays estate tax, so heirs needn't sell assets

寿险对个人有五个最常见的用途，取首字母记 SECLE。

Life insurance has five common personal uses. Take the first letters: SECLE.

第一个 S，Survivor Protection 家人生活保障。家里主要赚钱的人，或者在家带孩子的那位配偶过世， 家庭会立刻陷入财务危机：收入没了，或者要花钱请人带孩子。寿险赔偿金就是用来接住这一下。 第二个 E，Estate Creation 创造遗产。年轻家庭还没来得及攒下房子、存款，万一过世， 寿险能马上给家人留下一大笔钱，等于一夜之间「造」出一份遗产。

S is survivor protection. When the main earner, or the spouse who looks after the children, dies, the family is in immediate financial trouble: the income is gone, or childcare has to be paid for. The death benefit catches that fall. The first E is estate creation. A young family hasn't had time to build up a home or savings; if a parent dies, the policy leaves a large sum straight away, an estate created overnight.

C，Cash Accumulation 资金累积。永久寿险有现金值，保费交进去之后在里面增长， 人活着的时候也可以用，这就是所谓的 Living Benefit。L，Liquidity 流动性。像 IUL、VUL 这类有现金值的保单， 遇到急用可以把现金值借出来，不用去卖房子、卖股票。

C is cash accumulation. Permanent life builds cash value: premiums go in and grow, and the money can be used during the insured's lifetime, a so-called living benefit. L is liquidity. With a cash-value policy such as an IUL or VUL, you can borrow against it in an emergency instead of selling a house or shares.

最后一个 E，Estate Conservation 保存遗产。资产多的家庭，人过世时可能要交联邦遗产税， 有的州还有州遗产税（加州目前没有）。用寿险赔偿金去交这笔税，后人就不用急着变卖资产。

The last E is estate conservation. A wealthy family may owe federal estate tax at death, and some states add their own (California currently doesn't). The death benefit pays the tax, so the heirs aren't forced to sell assets in a hurry.

考试的套路是在「个人用途」的选项里塞一个商业用途，最常见的就是 Buy-Sell 买卖协议。 五个个人用途记住 SECLE，凡是跟合伙人、公司、员工有关的，都是商业用途。

The exam's trick is to slip a business use into a list of personal ones, most often a buy-sell agreement. Remember SECLE for the personal five; anything about partners, a company or employees is a business use.

例题 · 个人用途Practice · Personal Uses

第二章Ch. 2

下列哪一项「不是」寿险常见的个人用途？Which of these is NOT a common personal use of life insurance?

  1. A为买卖协议提供资金Funding a buy-sell agreement
  2. B立刻创造一份遗产Creating an immediate estate
  3. C帮助准备退休金Helping fund retirement
  4. D留应急金免得变卖资产Emergency cash so assets aren't sold
解析WHY

买卖协议是合伙人之间的安排，属于商业用途；个人用途记 SECLEA buy-sell agreement is between business owners, so it's a business use; the personal uses are SECLE

题目问：下面哪一项「不是」寿险常见的个人用途？注意题干里的 NOT，这类题先圈出来。

Which of these is NOT a common personal use of life insurance? Circle the NOT first; it's easy to miss.

答案是 A，为买卖协议提供资金。买卖协议是生意合伙人之间的安排，属于商业用途，下一组内容会细讲。 其他三个都对得上 SECLE：B 立刻创造一份遗产，就是 Estate Creation；C 帮助准备退休金，靠的是现金值累积，Cash Accumulation； D 留一笔应急金免得变卖资产，就是 Liquidity 流动性。

The answer is A, funding a buy-sell agreement. A buy-sell is an arrangement between business owners, so it's a business use; we'll cover those shortly. The other three all map onto SECLE: B, an immediate estate, is estate creation; C, helping fund retirement, comes from cash accumulation; D, emergency cash so assets needn't be sold, is liquidity.

记法：看到 Buy-Sell、Key Person、Partnership，就知道是生意上的事。个人用途里永远没有「合伙人」。

To remember it: buy-sell, key person or partnership means business. Partners never appear in the personal list.

Viatical 保单贴现Viatical Settlements

第二章Ch. 2

一个例子An example

A 有一张 $100 万保单，确诊癌症，预计只剩 2 年A holds a $1 million policy and is diagnosed with cancer, with about two years to live

A 把保单卖给收购方，拿到 $70 万现金A sells the policy to a buyer for $700,000 in cash

A 过世后，收购方领 $100 万赔偿When A dies, the buyer collects the $1 million

三个角色Three roles

  • Viator 套现人：卖保单的绝症患者Viator: the terminally ill seller
  • Broker 中介：替卖方撮合Broker: arranges the sale for the seller
  • Provider 收购方：真正出钱买保单Provider: the buyer who pays

Viatical 针对绝症患者；Life Settlement 针对不再需要保障的年长者Viatical: a terminally ill insured; life settlement: an older insured who no longer needs cover

Viatical Settlement，保单贴现，是一个很具体的话题，考试常出。先看例子：A 有一张 100 万美元的寿险， 被诊断出癌症，医生说大约只剩两年。他现在就需要钱看病、过日子，于是把保单以 70 万卖给一家收购公司。 从此保费由收购方来交，A 过世后，100 万的赔偿归收购方。这里的金额只是举例，实际卖多少钱要看预期寿命和保额。

Viatical settlements are a narrow topic, but the exam asks about them often. The example: A has a $1 million life policy and is diagnosed with cancer, with about two years to live. He needs money now for treatment and living costs, so he sells the policy to a buyer for $700,000. From then on the buyer pays the premiums, and when A dies the $1 million goes to the buyer. The amounts are only an illustration; the real price depends on life expectancy and the face amount.

三个角色要分清楚。Viator 套现人，就是出售自己保单的绝症患者。 Viatical Settlement Broker 中介，替卖方去找买家、撮合交易。 Viatical Settlement Provider 收购方，是真正掏钱把保单买下来的公司。考试最常问的就是「卖保单的那个人叫什么」，答案是 Viator。

Keep the three roles apart. The viator is the terminally ill person selling their own policy. The viatical settlement broker works for the seller, finding a buyer and arranging the deal. The viatical settlement provider is the company that actually pays and takes the policy. The exam most often asks what the seller is called: the viator.

还要分清 Viatical 和 Life Settlement：前者是绝症患者卖保单；后者是年纪大了、 不再需要这份保障的人卖保单，人不一定有病。

Also tell a viatical apart from a life settlement: the first is a terminally ill insured selling; the second is an older insured who no longer needs the coverage, and who need not be ill at all.

两者都合法，原因是投保当时的可保利益是真的，是后来情况变了才拿出来卖。 这一点正是它们和 STOLI 的分界线，第九章加州专属会再讲。

Both are legal because the insurable interest was genuine when the policy was issued; the circumstances changed later. That is the line between these sales and STOLI, which chapter nine, the California chapter, comes back to.

例题 · 保单贴现Practice · Viatical Settlements

第二章Ch. 2

绝症被保险人把「自己的」保单卖出套现，他被称为？A terminally ill insured who sells his own policy for cash is called the:

  1. A中介Viatical broker
  2. B套现人Viator
  3. C收购方Viatical provider
  4. D受益人Beneficiary
解析WHY

Viator 是卖保单的绝症患者；Broker 是中介，Provider 是出钱的收购方The viator is the ill seller; the broker arranges the deal and the provider is the buyer

题目问：一位绝症被保险人把自己的保单卖掉换现金，他叫什么？

A terminally ill insured sells his own policy for cash. What is he called?

答案是 B，Viator 套现人。A Broker 是中介，只负责撮合，不卖也不买； C Provider 是收购方，是买保单、出钱的那一方；D 受益人是保单赔付时拿钱的人，卖掉以后受益人通常也改成了收购方， 但卖保单的人本身不叫受益人。

The answer is B, the viator. A, the broker, only arranges the deal; it neither sells nor buys. C, the provider, is the buyer that pays. D, the beneficiary, is whoever receives the death benefit; after a sale that's usually the provider, but the seller is never called the beneficiary.

记法：V 开头的 Viator 就是 Viatical 里的那个病人，三个角色里只有他是被保险人本人。

To remember it: the viator is the patient at the heart of the viatical, and the only one of the three roles who is the insured.

保多少：两种算法How Much Coverage: HLV vs Needs

第二章Ch. 2

Human Life Value 生命价值法Human life value

算被保险人未来税后收入的现值The present value of the insured's future after-tax income

考虑收入、通胀、剩余工作年数，以及货币的时间价值Allows for earnings, inflation, working years left and the time value of money

看收入，是一种预测估值Based on income: a projection

Needs Approach 需求法Needs approach

  • Debt 债务Debt
  • Income 收入替代Income replacement
  • Mortgage 房贷Mortgage
  • Expenses 教育、安葬、应急金Expenses: education, funeral, emergency fund

另记社安 Blackout 中断期：孩子满 16 岁起，到在世配偶 60 岁为止，遗属金停发Also note the Social Security blackout: no survivor benefit from the youngest child's 16th birthday until the spouse turns 60

客户最常问的一句话是：「我该买多少？」决定保额有两种方法。

The question clients ask most is "how much should I buy?" There are two ways to decide the amount.

第一种是 Human Life Value Approach 生命价值法。它算的是：这个人如果一直活着、一直工作， 未来还能赚多少税后收入，再把这笔钱折算成今天的价值。要考虑四样东西：税后收入、通胀、剩余工作年数、货币的时间价值。 所以它是一种对未来的预测估值，核心是收入。

The first is the human life value approach. It asks how much after-tax income this person would earn if they lived and kept working, then converts that into today's money. Four things go in: after-tax earnings, inflation, the working years left, and the time value of money. It's a projection of the future, built on income.

第二种是 Needs Approach 需求法。它不去预测未来能赚多少，而是问：人走之后，家里立刻需要多少钱？ 口诀是 DIME：D 是 Debt，要还的债；I 是 Income，家人未来几年的生活费；M 是 Mortgage，剩下的房贷； E 是 Expenses，孩子的教育金、安葬费、应急金。四样加起来，减掉家里已有的资产和保障，差的那一块就是要买的保额。

The second is the needs approach. It doesn't project earnings; it asks how much the family will need once the person is gone. The memory aid is DIME: debt to repay, income for the family for some years, the remaining mortgage, and expenses such as education, the funeral and an emergency fund. Add them up, subtract the assets and coverage already in place, and the gap is the amount to buy.

一句话分清：HLV 看收入，Needs 看缺口。算家里的缺口时还要记得社安金有一段 Blackout 中断期， 下一页讲社安时细说。

In one line: HLV looks at income; needs looks at the gap. When working out the gap, remember that Social Security survivor benefits have a blackout period; we'll go through it on the next topic.

例题 · 生命价值法Practice · Human Life Value

第二章Ch. 2

「生命价值法」主要基于一个人的什么？The human life value concept is based mainly on an individual's:

  1. A年龄Age
  2. B教育程度Education
  3. C收入Income
  4. D健康状况Health
解析WHY

HLV 算的是未来税后收入的现值；另一种需求法看缺口，口诀 DIMEHLV is the present value of future after-tax income; the needs approach looks at the gap with DIME

题目问：生命价值法主要基于一个人的什么？

What is the human life value concept mainly based on?

答案是 C，收入。生命价值法算的就是这个人未来能赚的税后收入，折成今天的价值。 A 年龄会影响剩余工作年数，B 教育程度会影响收入高低，但它们都只是间接因素，算式的主体是收入。 D 健康状况决定的是保险公司要收多少保费、给哪个风险等级，跟「该保多少」不是一回事。

The answer is C, income. Human life value is the person's future after-tax earnings brought back to today's value. Age (A) affects the working years left, and education (B) affects how much someone earns, but both are indirect; income is what the calculation is built on. Health (D) decides the premium and the risk class, which is a different question from how much coverage is needed.

记法：Human Life Value，「人的价值」在考试里就是「能赚多少钱」。

To remember it: on the exam, a person's "life value" means their earning power.

社安福利四大块 RMDSSocial Security: RMDS

第二章Ch. 2
R

Retirement 退休Retirement

全额 67 岁；最早 62 岁可领，但打折Full benefit at 67; reduced as early as 62

M

Medicare

65 岁起；A 部分自动，B 部分自选付费From 65; Part A automatic, Part B optional with a premium

D

Disability 残疾Disability

完全残疾，预计持续 12 个月以上Total disability expected to last 12 months or more

S

Survivors 遗属Survivors

带 16 岁以下孩子的配偶，以及子女A spouse caring for a child under 16, and the children

Fully Insured：累计 40 credits；Currently Insured：最近 13 季中有 6 季Fully insured: 40 credits in total; currently insured: 6 of the last 13 quarters

Blackout 例：配偶 50 岁、孩子 12 岁，先领 4 年，再停 6 年到 60 岁Blackout example: spouse 50, child 12; benefits for 4 years, then 6 years without until 60

Social Security 社安福利是考试必出的题。它有四大块，取首字母记 RMDS。 先说它的四个特点：对大多数在职的人是强制参加的；不用跟政府签合同；交进去的和领出来的不对等； 金额只够保基本生活。正因为只保基本，才需要寿险去补。

Social Security is a guaranteed exam topic. It has four parts; take the first letters, RMDS. First, its four traits: it's mandatory for most workers; there's no contract with the government; what you pay in and what you get out don't match; and the amounts only cover a basic standard of living. Because it only covers the basics, life insurance is needed to fill the rest.

R，Retirement 退休：全额退休年龄是 67 岁，最早 62 岁就能领，但要打折。 M，Medicare 联邦医疗：65 岁起，A 部分住院保险自动有，B 部分门诊要自己选、要交保费； 65 岁以前，领残疾金满一定时间的人和末期肾病患者也可以提早享有。 D，Disability 残疾：要完全残疾，而且预计至少持续 12 个月或者会导致死亡。 S，Survivors 遗属：主要收入人过世后，带着 16 岁以下孩子的配偶可以领，孩子本人一般可以领到 18 岁，还在读高中的到 19 岁。

R, retirement: full retirement age is 67, and benefits can start as early as 62 at a reduction. M, Medicare: from 65, Part A hospital cover comes automatically, while Part B is optional and carries a premium; before 65, people on disability benefits for long enough and people with end-stage kidney disease can qualify early. D, disability: the disability must be total and expected to last at least 12 months or end in death. S, survivors: after the earner dies, a spouse caring for a child under 16 can collect, and the children themselves generally until 18, or 19 if still in high school.

想领福利，有两个资格门槛。Fully Insured 完全受保：一辈子累计 40 个 credits，一年最多挣 4 个， 所以大约要工作满 10 年。Currently Insured 目前受保：最近 13 个季度里有 6 个季度有工作 credit。 还没攒够 40 个 credits 的年轻人，只要符合目前受保，过世后带着孩子的配偶和孩子仍然可以领遗属金。 考试最常问的是「40 credits 叫什么」，答案是 Fully Insured。

There are two eligibility thresholds. Fully insured: 40 credits over a working life, at most 4 a year, so roughly ten years of work. Currently insured: credits in 6 of the last 13 quarters. A young worker who hasn't reached 40 credits but is currently insured can still leave survivor benefits for the children and the spouse caring for them. The exam's favourite: what are 40 credits called? Fully insured.

最后是 Blackout Period 中断期。最小的孩子满 16 岁那一天，配偶这份遗属金就停了， 要等配偶自己满 60 岁才能再领。经典考题：配偶 50 岁、孩子 12 岁时主要收入人过世。 孩子从 12 岁到 16 岁，配偶先领 4 年，这时配偶 54 岁；从 54 岁到 60 岁，空 6 年，这 6 年就是 Blackout。 这段空窗正是寿险要补上的。

Last, the blackout period. On the day the youngest child turns 16, the spouse's survivor benefit stops, and it doesn't resume until the spouse reaches 60. The classic question: the earner dies when the spouse is 50 and the child is 12. From the child's 12th to 16th birthday the spouse collects for 4 years, reaching 54. From 54 to 60 there is nothing: those 6 years are the blackout. That gap is exactly what life insurance is there to fill.

互动设计Interaction

换一组数字让大家算：配偶 45 岁、孩子 10 岁。先领几年？Blackout 几年？ 答案：孩子 10 到 16，先领 6 年，配偶到 51 岁；51 到 60，Blackout 9 年。

Give the room new numbers: spouse 45, child 10. How long are benefits paid, and how long is the blackout? Answer: the child goes from 10 to 16, so 6 years of benefits, leaving the spouse at 51; from 51 to 60 is a 9-year blackout.

例题 · 社安福利Practice · Social Security

第二章Ch. 2

社会保障制度下，累计 40 个季度（credits）的人属于？Under Social Security, a person with 40 quarters of coverage is:

  1. A完全受保Fully insured
  2. B目前受保Currently insured
  3. C部分受保Partially insured
  4. D有条件受保Conditionally insured
解析WHY

40 credits 就是 Fully Insured；最近 13 季中有 6 季是 Currently Insured40 credits make you fully insured; 6 of the last 13 quarters make you currently insured

题目问：在社安制度下，累计了 40 个季度 credits 的人属于哪一种？

Under Social Security, what is someone with 40 quarters of coverage?

答案是 A，完全受保 Fully Insured。40 个 credits 一旦攒够，资格就是一辈子的。 B 目前受保是另一个门槛，看的是最近 13 个季度里有没有 6 个季度在工作，跟累计 40 个无关，这是这道题的陷阱。 C 部分受保、D 有条件受保，社安制度里根本没有这两种说法，是编出来凑数的。

The answer is A, fully insured. Once 40 credits are earned, the status lasts for life. B, currently insured, is a different test: credits in 6 of the last 13 quarters, nothing to do with a total of 40. That's the trap. C, partially insured, and D, conditionally insured, don't exist in Social Security at all; they're filler.

记法：40 是「一辈子攒够了」，6/13 是「最近还在干」。前者 Fully，后者 Currently。

To remember it: 40 means "earned enough over a lifetime"; 6 of 13 means "working lately". The first is fully insured, the second currently insured.

寿险的商业四大用途Four Business Uses

第二章Ch. 2
B

Buy-Sell 买卖协议Buy-sell agreement

合伙人过世，继承人按事先定好的价格，把股份卖给在世合伙人The heirs must sell the share to the surviving owners at a preset price

K

Key Person 关键员工Key person

受益人是公司；保费不可抵税，赔偿金免税The company is beneficiary; premiums aren't deductible, the benefit is tax-free

E

Executive Bonus 高管分红Executive bonus

雇主替员工付保费；雇主可抵税，员工计入应税收入The employer pays the premium and deducts it; the employee is taxed on it

C

Continuation 生意持续Business continuation

Cross-Purchase 对 Entity Purchase；Stock Purchase 对 Stock RedemptionCross-purchase vs entity purchase; stock purchase vs stock redemption

寿险在生意上有四种典型用途。

Life insurance has four typical business uses.

第一，Buy-Sell Agreement 买卖协议。合伙人之间事先签好：谁先过世，他的继承人必须按事先定好的价格， 把股份卖给还在世的合伙人。买股份的钱从哪来？就从寿险赔偿金来。这样家属拿到现金，生意也不会有外人进来争话语权。

First, the buy-sell agreement. The owners agree in advance that if one dies, the heirs must sell that share to the surviving owners at a preset price. The money to buy it comes from life insurance. The family gets cash, and no outsider ends up with a say in the business.

第二，Key Person 关键员工保险。公司给对生意最重要的人投保，比如副总、核心技术人员， 公司自己当受益人。这个人万一过世，公司用赔偿金去弥补损失、招人替代。税务上考两点：保费不能抵税，赔偿金不缴税。

Second, key person insurance. The company insures someone vital to the business, such as a vice-president or a lead engineer, and names itself beneficiary. If that person dies, the company uses the money to absorb the loss and hire a replacement. Two tax points are tested: premiums are not deductible, and the death benefit is not taxed.

第三，Executive Bonus 高管分红。雇主替员工付个人保单的保费，等于变相加薪。 雇主这笔钱可以当工资费用抵税，员工则要把它算进自己的应税收入。保单归员工自己。

Third, the executive bonus. The employer pays the premium on the employee's own policy, in effect a raise. The employer deducts it as compensation, and the employee reports it as taxable income. The policy belongs to the employee.

第四，Business Continuation 生意持续，就是买卖协议的具体做法。合伙企业里， Cross-Purchase 是合伙人互相给对方投保，Entity Purchase 是由企业给每个合伙人投保。 公司股东之间对应的叫法是 Stock Purchase（股东个人持保单）和 Stock Redemption（公司持保单、买回股份）。 人多的时候，互相投保的保单数量会成倍增加，所以由企业持有的 Entity 和 Redemption 更省事。

Fourth, business continuation, which is how a buy-sell is funded in practice. In a partnership, a cross-purchase plan has the partners insure one another, while an entity purchase has the business insure each partner. Among corporate shareholders the matching terms are stock purchase (the shareholders hold the policies) and stock redemption (the corporation holds them and buys back the shares). With many owners, the number of cross policies multiplies quickly, so the entity and redemption versions are simpler.

例题 · 关键员工保险Practice · Key Person Insurance

第二章Ch. 2

企业为什么要买关键员工寿险？Why would a business buy key person life insurance?

  1. A给员工家属生活费Income for the employee's family
  2. B补充员工配偶的社安金To top up the spouse's Social Security
  3. C帮员工更容易贷款To help the employee get a bank loan
  4. D弥补关键人物身故的冲击To offset the death of a key executive
解析WHY

受益人是公司，用来弥补损失、招人替代；保费不可抵税，赔偿金免税The company is the beneficiary and uses the money to cover the loss and replace the person

题目问：企业为什么要买关键员工寿险？

Why would a business buy key person life insurance?

答案是 D，弥补重要人物（比如副总）过世给公司带来的财务冲击。关键员工险保护的是公司， 受益人也是公司。A 给员工家属生活费，听起来很合理，但那是员工个人保单或者团体寿险的作用，钱不会进公司； B 补充配偶的社安金、C 帮员工贷款，都是在照顾员工个人，跟公司的损失无关。

The answer is D: to offset the financial blow when someone vital, such as a vice-president, dies. Key person cover protects the company, and the company is the beneficiary. A, income for the family, sounds reasonable, but that's what the employee's own policy or group life is for; the money here doesn't go to the family. B, topping up Social Security, and C, helping with a loan, are about the employee personally, not the company's loss.

记法：Key Person 险，谁买、谁交钱、谁拿钱，全是公司。选项里只要钱流向员工家属，就不是它。

To remember it: with key person cover, the company buys it, pays for it and collects it. Any option where the money goes to the employee's family is wrong.

寿险产品的四个分类维度Four Ways to Classify Policies

第二章Ch. 2
维度Dimension一边One side另一边The other
Group vs Individual团体：一张 Master Policy，每人一张 CertificateGroup: one master policy, a certificate for each member个人：一人一张，单独核保Individual: one policy each, underwritten alone
Permanent vs Term永久：终身、UL、VUL，有现金值Permanent: whole life, UL, VUL; builds cash value定期：纯保障，没有现金值Term: pure protection, no cash value
Par vs Non-Par分红：多由互惠公司（Mutual）发行Participating: usually from mutual insurers不分红：多由股份公司（Stock）发行Non-participating: usually from stock insurers
Fixed vs Variable固定：投资风险由公司承担Fixed: the insurer bears the investment risk浮动：风险在保户，代理人要 FINRA 注册Variable: the owner bears it; agents need FINRA registration

寿险产品可以从四个角度分类，每一组都是一对，考试常让你分辨。

Life policies can be sorted along four lines, each one a pair. The exam likes to make you tell the two sides apart.

第一组，Group 团体 vs Individual 个人。团体险是雇主或团体签一张 Master Policy 主保单， 每个成员拿到的是一张 Certificate of Insurance 保险凭证，一般不需要逐个体检。个人险是一个人一张保单，单独核保。

First, group versus individual. In group cover the employer or group holds one master policy, and each member receives a certificate of insurance, usually without individual medical exams. Individual cover is one policy per person, underwritten on its own.

第二组，Permanent 永久 vs Term 定期。永久寿险包括终身寿险、万能 UL、投资型万能 VUL， 都有现金值；定期寿险是纯保障，没有现金值，期满就结束。

Second, permanent versus term. Permanent life includes whole life, universal life and variable universal life, all with cash value. Term is pure protection with no cash value; when the term ends, so does the cover.

第三组，Participating 分红 vs Non-Participating 不分红。分红保单多由互惠公司发行， 公司的盈余以保单红利的形式分给保单持有人；不分红保单多由股份公司发行，公司的利润以股息的形式分给股东，不分给保户。

Third, participating versus non-participating. Participating policies usually come from mutual companies, which return surplus to policyowners as policy dividends. Non-participating policies usually come from stock companies, whose profits go to shareholders as stock dividends, not to policyowners.

第四组，Fixed 固定 vs Variable 投资浮动。固定产品的投资风险由保险公司承担； 浮动产品的钱放在分离账户里，投资风险在保户身上，所以被视为证券。卖浮动产品，除了州保险执照， 还要在 FINRA 注册，这一点是本章自测的最后一题。

Fourth, fixed versus variable. With fixed products the insurer carries the investment risk. Variable products hold the money in separate accounts and put the investment risk on the owner, so they count as securities. To sell them you need FINRA registration on top of the state insurance licence, which is the last question on this chapter's self-test.

例题 · 分红保单Practice · Participating Policies

第二章Ch. 2

哪种寿险，让保单持有人有权分享保险公司的盈余？Which policy lets the policyowner share in the insurer's surplus?

  1. A定额定期Level term
  2. B分红保单Participating
  3. C递减定期Decreasing term
  4. D不分红保单Non-participating
解析WHY

分红保单多由互惠公司发行，盈余以保单红利返还；不分红多为股份公司Participating policies, usually from mutuals, return surplus as policy dividends

题目问：哪一种寿险让保单持有人有权分享保险公司的盈余？

Which policy gives the policyowner a share of the insurer's surplus?

答案是 B，分红保单 Participating。「参与」分的就是公司的盈余，以保单红利的形式发给保单持有人。 D 不分红保单正好相反，是这道题的对照项。A 定额定期、C 递减定期，说的是保额怎么变，跟分不分红不是一个维度， 拿来凑数的。顺带一提：保单红利不保证，在税务上一般看作退还多交的保费，所以通常不用交税。

The answer is B, participating. "Participating" means sharing in the surplus, paid to policyowners as policy dividends. D, non-participating, is the opposite and the contrast the question is built on. A, level term, and C, decreasing term, describe how the face amount behaves, a different dimension altogether; they're filler. In passing: policy dividends are not guaranteed, and for tax purposes they're generally treated as a return of overpaid premium, so usually not taxable.

记法：Par = Participate = 参与分钱；分红保单找互惠公司，股份公司把利润分给股东。

To remember it: par means participate, a share of the money. Participating policies come from mutuals; stock companies pay their profits to shareholders.

保费怎么定：四因素 + 公式What Sets the Premium

第二章Ch. 2

四个决定因素Four factors

  • Mortality 死亡率：按年龄、性别，用死亡率表预测Mortality: predicted from mortality tables by age and gender
  • Interest 投资回报：回报越高，保费越低Interest: the higher the return, the lower the premium
  • Expense 运营费，又叫 LoadingExpense, also called loading
  • Mode 缴费频率：缴得越勤越贵Mode: the more often you pay, the more it costs

计算公式The formula

Mortality − Interest = Net

Net + Loading = Gross

例：$500 − $100 + $200 = $600Example: $500 − $100 + $200 = $600

月缴 > 季缴 > 半年缴 > 年缴Monthly > quarterly > semi-annual > annual

保费是怎么定出来的？由四个因素决定。

How is a premium set? Four factors decide it.

第一，Mortality 死亡率。保险公司用死亡率统计表，按年龄、性别预测某一群人每年会有多少人过世， 这是保费里最大的一块。第二，Interest 投资回报。公司收了保费不是放着不动，而是拿去投资赚利息， 投资回报越高，向客户收的保费就可以越低。第三，Expense 运营费，也叫 Loading， 包括佣金、人员、办公这些开销。第四，Mode 缴费频率：缴得越勤，行政成本越高，公司也晚一点拿到钱，所以越贵。 月缴最贵，然后是季缴、半年缴，年缴最便宜。

First, mortality. The insurer uses mortality tables to predict how many people in a group, by age and gender, will die each year; this is the biggest piece of the premium. Second, interest. Premiums don't sit idle; they're invested, and the higher the return, the less the insurer needs to charge. Third, expense, also called loading: commissions, staff, offices. Fourth, mode: paying more often costs more to administer and the insurer gets the money later, so it costs more. Monthly is the most expensive, then quarterly and semi-annual; annual is the cheapest.

公式记两步：死亡率成本减去利息收入，等于净保费 Net Premium；净保费加上运营费 Loading， 等于毛保费 Gross Premium，也就是客户最后真正付的钱。举个数：死亡成本 500，减掉利息 100，净保费 400； 加上运营费 200，毛保费就是 600。

The formula is two steps: mortality cost minus interest equals the net premium; net premium plus loading equals the gross premium, which is what the client actually pays. With numbers: a mortality cost of $500 less $100 of interest gives a net premium of $400; add $200 of loading and the gross premium is $600.

考试最常问的是「保费里哪一部分跟年龄、性别有关」，答案是 Mortality。注意 Interest 是减， Loading 是加，方向别弄反。

The usual question is which part of the premium depends on age and gender: mortality. And watch the direction: interest is subtracted, loading is added.

互动设计Interaction

让大家心算：死亡成本 800，利息 150，运营费 250，净保费和毛保费各是多少？ 答案：净保费 800 − 150 = 650；毛保费 650 + 250 = 900。

Have the room work it out: mortality cost $800, interest $150, loading $250. What are the net and gross premiums? Answer: net is 800 − 150 = $650; gross is 650 + 250 = $900.

例题 · 保费的决定因素Practice · Premium Factors

第二章Ch. 2

保费里哪一部分，取决于被保险人的年龄和性别？Which part of the premium is based on the insured's age and gender?

  1. A费用Expense
  2. B利息Interest
  3. C发病率Morbidity
  4. D死亡率Mortality
解析WHY

死亡率按年龄、性别预测；Mortality − Interest = Net，Net + Loading = GrossMortality is predicted by age and gender; mortality − interest = net, net + loading = gross

题目问：保费里哪一部分是根据被保险人的年龄和性别来定的？

Which part of the premium is based on the insured's age and gender?

答案是 D，死亡率 Mortality。死亡率表就是按年龄、性别排的，年纪越大、死亡率越高，保费越贵。 A 费用是公司的运营成本，B 利息是公司的投资回报，这两样跟你本人多大、男女无关。 C 发病率 Morbidity 最容易混：它说的是生病的概率，用在健康险、残疾险的定价上，寿险看的是死亡的概率。

The answer is D, mortality. Mortality tables are laid out by age and gender: the older you are, the higher the death rate and the premium. A, expense, is the insurer's running cost, and B, interest, its investment return; neither depends on how old you are or your sex. C, morbidity, is the easy one to confuse: it's the chance of falling ill, used to price health and disability cover. Life insurance is priced on the chance of dying.

记法：Mortality 是死，Morbidity 是病；寿险看死，健康险看病。

To remember it: mortality is death, morbidity is illness. Life cover looks at death, health cover at illness.

业务核保 + 两种收据Field Underwriting and Receipts

第二章Ch. 2

Field Underwriter（你）的职责The field underwriter (you)

  • 防止 Adverse Selection 逆选择Guard against adverse selection
  • 正当招揽，申请表填完整、填准确Solicit properly; complete the application accurately
  • 取得签名，收首期保费Get the signatures; collect the first premium
  • 递送保单时收 Statement of Good HealthTake a statement of good health at delivery

两种收据Two receipts

Conditional 附条件：核保认定为标准体，才追溯生效Conditional: cover applies back only if underwriting finds a standard risk

Binding 立约：拿到就保，不管事后核保结果Binding: cover starts at once, whatever underwriting finds

申请表 Part 1 一般信息，Part 2 医疗；Agent Report 不属于合同；Backdating 最多倒签 6 个月，换更低的投保年龄Application: Part 1 general, Part 2 medical; the agent's report isn't part of the contract. Backdating: up to 6 months, for a lower issue age

核保的第一道关其实是你。代理人在核保里扮演的角色叫 Field Underwriter 业务核保员，要做六件事： 防止 Adverse Selection 逆选择，也就是只有高风险的人才急着来买；正当招揽；把申请表填完整、填准确； 取得投保人和被保险人的签名；收第一笔保费；递送保单时收一份 Statement of Good Health 健康声明， 确认从申请到交单这段时间身体没有变化，这一般用在投保时没有交保费、交单时才收钱的情况。

The first line of underwriting is you. In this role the agent is called the field underwriter, with six jobs: guard against adverse selection, where only the high risks rush to buy; solicit properly; complete the application fully and accurately; get the applicant's and insured's signatures; collect the first premium; and at delivery take a statement of good health confirming nothing has changed since the application. That last one is typically needed when no premium came in with the application and you collect it on delivery.

申请表分两部分：Part 1 是一般信息，姓名、年龄、保额、受益人；Part 2 是医疗历史。 另外还有一份 Agent Report 代理人报告，写你自己的观察，它不属于合同的一部分，这是考点。

The application has two parts: Part 1, general information such as name, age, amount and beneficiary; Part 2, medical history. There's also the agent's report, your own observations, and it is not part of the contract. That's a tested point.

收了首期保费要给客户收据，收据有两种。Conditional Receipt 附条件收据：保障可以追溯到申请日， 但前提是核保下来认定为标准体；核保不通过，就不赔。Binding Receipt 立约收据，也叫 Unconditional： 拿到收据保障就生效，不管事后核保结果如何，下一道例题就考这个。

When you collect the first premium you give a receipt, and there are two kinds. A conditional receipt: cover can reach back to the application date, but only if underwriting finds a standard risk; if not, there's no cover. A binding or unconditional receipt: cover starts the moment it's issued, whatever underwriting later finds. The next question tests exactly this.

最后是 Backdating 倒签：把保单生效日往前倒，最多 6 个月， 目的是按更小的年龄算保费，年龄小一岁保费就便宜一些。代价是倒签的那几个月保费要补交。

Last, backdating: moving the policy date earlier, by up to six months, so the premium is based on a younger age, and a year younger is a little cheaper. The catch is that the premium for the backdated months has to be paid.

例题 · 立约收据Practice · Binding Receipts

第二章Ch. 2

John 交了保费、拿到立约收据，第二天过世；核保后发现他本来不可保。保险公司须？John pays the premium, gets a binding receipt and dies the next day. He is then found uninsurable. The insurer must:

  1. A不用赔付Pay nothing
  2. B全额赔付Pay the claim in full
  3. C只退还首期保费Return the premium only
  4. D按法定比例赔付Pay a set percentage
解析WHY

立约收据拿到就生效，不管核保结果；附条件收据才要核保通过A binding receipt gives cover at once, whatever underwriting finds; only a conditional one depends on it

题目：John 交了首期保费，拿到的是立约收据 Binding Receipt。第二天他过世了，核保之后发现他本来是不可保的。保险公司要怎么做？

John pays the first premium and receives a binding receipt. He dies the next day, and underwriting then finds he was uninsurable. What must the insurer do?

答案是 B，全额赔付。立约收据的意思就是「拿到就保」，保障从收据交出去那一刻就生效， 事后核保的结果改变不了。A 不用赔、C 只退保费，是附条件收据在核保不通过时的结果，这是题目设的陷阱： 把两种收据对调了。D 按法定比例赔付，没有这种规定，是凑数的。

The answer is B, pay the claim in full. A binding receipt means cover from the moment the receipt is handed over, and later underwriting can't undo it. A, pay nothing, and C, return the premium, are what happens under a conditional receipt when underwriting fails; that's the trap, swapping the two receipts. D, a set percentage, isn't a rule that exists; it's filler.

记法：Binding 是「绑住了」，公司已经被绑定，跑不掉；Conditional 是「有条件」，要看核保。

To remember it: binding means the insurer is already bound; conditional means it depends on underwriting.

保险公司核保 + 风险分级Underwriting and Risk Classes

第二章Ch. 2

核保看哪些资料What underwriters review

  • 申请表：核保期间可以修改The application, which can be amended
  • 体检、化验、HIV 检测Medical exam, lab tests, HIV test
  • APS 主治医生报告：要客户签授权APS from the doctor, with signed authorisation
  • MIB 医疗资讯局：保险公司共享MIB, shared among insurers
  • Consumer Report、Investigative ReportConsumer and investigative reports

四个风险等级Four risk classes

  • Preferred 优良Preferred
  • Standard 标准Standard
  • Substandard 次标准：加价或限额Substandard: rated up or limited
  • Declined 拒保Declined

同一风险等级内，不得因种族、国籍、肤色、性别区别对待Within the same risk class, no discrimination by race, national origin, colour or sex

保险公司收到申请表之后，核保师开始工作。申请表在核保期间可以修改，但改动要客户签字确认。 保额小、年纪轻的案子可能只看申请表；保额大的要做体检和化验，可能包括 HIV 检测， 在加州做 HIV 检测要先取得客户的书面同意。

Once the application arrives, the underwriter takes over. The application can be amended during underwriting, but changes must be signed off by the client. A small case on a young applicant may need only the application; larger amounts call for a medical exam and lab tests, possibly including an HIV test, and in California that test needs the client's written consent first.

核保师还可能要一份 APS，Attending Physician Statement 主治医生报告，向客户的家庭医生调病历， 必须有客户签字的 Signed Authorization 授权书。再来是 MIB，Medical Information Bureau 医疗资讯局， 它是保险公司组成的会员制资料库，各家把投保人的体检、病史信息编码后共享，防止客户在这家隐瞒、在那家照实说； MIB 的记录只能作为参考线索，不能单凭它就拒保。还有 Consumer Report 消费者报告，由第三方机构收集信用、 工作、处方药等记录；Investigative Report 调查报告则会向邻居、同事了解生活习惯。这两种报告都要事先告知客户。

The underwriter may also order an APS, an attending physician's statement, from the client's own doctor, which requires the client's signed authorisation. Then there's the MIB, the Medical Information Bureau, a members-only database where insurers share coded medical information on applicants, so someone can't hide a condition from one company while disclosing it to another. An MIB entry is a lead, not on its own a reason to decline. A consumer report comes from a third-party agency covering credit, employment and prescription history; an investigative report goes further and asks neighbours or colleagues about lifestyle. The client must be told about both.

看完资料，核保师把客户分进四个风险等级：Preferred 优良，比平均健康，保费最低； Standard 标准，平均水平；Substandard 次标准，风险偏高，要加价或者限制保额； Declined 拒保。有一条底线：保险公司可以按风险因素区别对待， 但在同一风险等级内，不能因为种族、国籍、肤色、性别区别对待。

With everything in, the underwriter places the client in one of four risk classes: preferred, healthier than average, with the lowest premium; standard, average; substandard, higher risk, rated up or with limited coverage; or declined. One line can't be crossed: insurers may treat people differently by risk, but within the same risk class they may not discriminate by race, national origin, colour or sex.

考试考的是这些名词；实务细节，比如要收齐哪些资料、体检怎么准备、实际有几个费率等级，见核保那一页。

The exam tests the vocabulary. For the working details (what to collect, how to prepare for an exam, how many rate classes there really are), see the underwriting page.

例题 · 风险等级Practice · Risk Classes

第二章Ch. 2

哪一种风险等级的保费最高？Which risk classification carries the highest premium?

  1. A次标准Substandard
  2. B优良Preferred
  3. C养老Endowed
  4. D标准Standard
解析WHY

风险由低到高：优良、标准、次标准、拒保；次标准要加价，保费最高From lowest risk up: preferred, standard, substandard, declined; substandard is rated up

题目问：哪一种风险等级的保费最高？

Which risk classification carries the highest premium?

答案是 A，次标准 Substandard。风险由低到高排：优良、标准、次标准、拒保。 拒保的人根本买不到，所以能买到保险的人里，次标准风险最高、要加价，保费也就最高。B 优良是保费最低的，D 标准是平均水平。 C 养老 Endowed 是凑数的：Endowment 是一种产品，说的是现金值长到等于保额，跟风险等级无关。

The answer is A, substandard. From lowest risk to highest: preferred, standard, substandard, declined. A declined applicant can't buy at all, so among those who can, substandard is the riskiest, is rated up, and pays the most. B, preferred, pays the least; D, standard, is average. C, endowed, is filler: an endowment is a type of product where the cash value grows to equal the face amount, nothing to do with risk class.

记法：能买到的人里，风险越高，保费越高；次标准就是「还能买，但要多付」。

To remember it: among people who can buy, higher risk means a higher premium; substandard means "you can buy, but you pay more".

第二章自测Chapter 2 Self-Test

第二章Ch. 2
Q1

寿险什么时候要求有可保利益？When must insurable interest exist in life insurance?

只在投保时；生效后关系变了也照赔Only at inception; later changes don't matter

Q2

需求法的口诀是什么？What's the memory aid for the needs approach?

DIME：债务、收入、房贷、开支DIME: debt, income, mortgage, expenses

Q3

附条件收据和立约收据差在哪？Conditional vs binding receipt?

附条件要核保通过才保；立约拿到就保Conditional needs underwriting approval; binding covers at once

Q4

卖投资浮动型寿险还要什么？What else do you need to sell variable life?

州保险执照之外，还要 FINRA 注册FINRA registration, on top of the state licence

第二章自测时间。先别看答案，每一题让大家自己说一遍。

Time for the chapter two self-test. Before showing the answers, have people say each one out loud.

第一题：寿险什么时候要求有可保利益？只在投保的那一刻。生效之后关系变了，比如离婚，公司还是要赔。 答错的回去看可保利益那一页，特别是跟财产险的对比。

Question one: when must insurable interest exist in life insurance? Only at the moment of application. If the relationship changes later, a divorce for instance, the insurer still pays. If you missed it, go back to the insurable interest slide, especially the contrast with property insurance.

第二题：需求法算保额的口诀？DIME，债务、收入替代、房贷、开支。顺便再问一句生命价值法看什么：看收入。 答错的回去看「保多少：两种算法」。

Question two: the memory aid for the needs approach? DIME: debt, income replacement, mortgage, expenses. Follow up: what does human life value rest on? Income. If either slipped, revisit "How Much Coverage".

第三题：两种收据的核心区别？附条件收据要核保通过、认定为标准体才保；立约收据拿到就保，不管事后核保结果。 答错的回去看业务核保那一页和 John 那道例题。

Question three: the key difference between the two receipts? A conditional receipt covers only if underwriting finds a standard risk; a binding receipt covers as soon as it's issued, whatever underwriting finds. If you missed it, revisit the field underwriting slide and John's question.

第四题：卖投资浮动型寿险，除了州保险执照还要什么？在 FINRA 注册，因为浮动产品的投资风险在保户身上， 被视为证券。答错的回去看产品四个分类维度那一页。

Question four: what do you need besides a state insurance licence to sell variable life? FINRA registration, because the owner carries the investment risk and the product counts as a security. If you missed it, revisit the four ways to classify policies.

第三章 · Chapter ThreeChapter Three

寿险产品类型Life Insurance Policies

定期、终身、万能、团体Term, whole, universal and group

短期的、永久的、灵活的、团体的：各保什么人，保多久，有没有现金值Short-term, permanent, flexible and group: who each one covers, for how long, and whether it builds cash value

第三章，我们把市场上的寿险产品从头到尾捋一遍。短期的叫定期寿险，永久的以终身寿险为代表， 灵活的是万能寿险，还有一类是公司给员工买的团体寿险。

Chapter three walks through every kind of life policy on the market. The short-term kind is term life; the permanent kind is led by whole life; the flexible kind is universal life; and then there is group life, which an employer buys for its staff.

每讲一种产品，大家都问自己三个问题：保什么人、保多久、有没有现金值。 这三个问题答得上来，这一章的题基本就不会错。考题最爱拿两种产品放在一起比， 比如定期和终身、Joint 和 Survivorship、UL 的 Option A 和 Option B，所以我们讲的时候也会成对地讲。

For each product, ask yourself three questions: who it covers, for how long, and whether it has cash value. If you can answer those, you'll get this chapter's questions right. The exam loves to set two products side by side (term against whole life, joint against survivorship, UL option A against option B), so we'll teach them in pairs too.

Term Life 定期寿险Term Life Insurance

第三章Ch. 3
  • 纯死亡保障：没有现金值，没有满期金Pure death protection: no cash value, no maturity payout
  • 保 10 年、20 年或 30 年；不续保、不转换，到期就失效Runs 10, 20 or 30 years; ends at expiry unless renewed or converted
  • 同样的保费，买到的保额最大The most coverage for each premium dollar
  • 公司会设最高投保年龄，通常 75 到 90 岁Carriers set a maximum issue age, usually 75 to 90
  • 三种 Term 按死亡赔偿金怎么变来区分：Level、Increasing、DecreasingThe three kinds differ in how the death benefit behaves: level, increasing, decreasing

Term Life 定期寿险是最简单的寿险。它只提供纯死亡保障，没有任何现金值，也没有满期金。 保的是一段时间，10 年、20 年或者 30 年；期间内人走了，赔面额；人活过了期满，保单就失效，一分钱不退。 除非你续保，或者把它转换成永久寿险。

Term life is the simplest life insurance. It is pure death protection, with no cash value and no maturity payout. It covers a set period, 10, 20 or 30 years. Die within it and the face is paid; outlive it and the policy simply lapses, with nothing returned, unless you renew it or convert it to permanent coverage.

它最大的优点是便宜：同样的保费，定期能买到的保额最大。所以特别适合年轻、刚开始工作、 家庭责任重但收入还不高的人，比如刚买房、孩子还小的家庭。另外，各家公司会设一个最高投保年龄，通常在 75 到 90 岁之间， 超过这个年龄就买不了新的定期。

Its great strength is price: for the same premium, term buys the largest face amount. That makes it a natural fit for people who are young, early in their careers, with big family responsibilities and modest income, such as a family with a new mortgage and small children. Carriers also set a maximum issue age, usually between 75 and 90; past it you can't buy new term.

定期寿险分三种：Level、Increasing、Decreasing。区分它们的，是死亡赔偿金怎么变： 面额不变的是 Level，面额往上走的是 Increasing，面额往下走的是 Decreasing。至于保费，要看具体是哪一种， 比如每年续保的定期保费会逐年涨，这个下一页细讲。

Term comes in three kinds: level, increasing and decreasing. What separates them is how the death benefit behaves: a face that stays put is level, one that climbs is increasing, one that shrinks is decreasing. The premium depends on the specific design (annually renewable term, for instance, costs more each year), which we'll cover on the next slide.

考试最爱考的一句：定期没有现金值。题目里只要看到「定期寿险有现金值」「活到期满也赔」，直接判错。

The line the exam likes most: term has no cash value. Any statement that term builds cash value or pays out if you survive the term is false.

例题 · 定期寿险Practice · Term Life

第三章Ch. 3

关于定期寿险，下列说法都正确，除了？All of the following are true about term life insurance EXCEPT:

  1. A可以选缴费频率The premium mode can be chosen
  2. B投保要回答健康问题Medical questions must be answered
  3. C期内身故赔付面额Pays the face if death occurs within the term
  4. D活过期满也赔面额Pays the face if the insured outlives the term
解析WHY

定期是纯死亡保障，没有现金值，没有满期金；活过期满，保单直接失效Term pays only for a death within the term; outlive it and the policy simply ends

这道题问：关于定期寿险，哪一句不对？注意题干是 EXCEPT，要找的是错的那一句。

This one asks which statement about term life is not true. Note the EXCEPT: we're looking for the false one.

答案是 D，活过期满也赔面额。定期只在保障期内身故才赔，活过了期满，保单就结束了，没有满期金。 其他三句都对：A，定期和其他保单一样，可以选月缴、季缴、年缴；B，投保时照样要回答健康问题、走核保； C，期内身故赔付面额，这正是定期的本职。

The answer is D: it pays the face if the insured outlives the term. Term pays only for a death within the period; survive it and the policy ends with no maturity benefit. The other three are true. A: like any policy, term can be paid monthly, quarterly or annually. B: you still answer medical questions and go through underwriting. C: paying the face on a death within the term is exactly what term is for.

记法：定期就像租房，租期到了房子不归你。想要「活着也能拿回钱」，那是终身寿险或者带现金值的产品。

The way to remember it: term is like renting; when the lease ends, nothing is yours. If you want money back while you're alive, that's whole life or another cash-value product.

三种 Term 一览The Three Kinds of Term

第三章Ch. 3
类型Type死亡赔偿金与保费Death benefit and premium典型用途Typical use
Level 定额Level面额不变ART：每年续保，保费逐年涨定额保费型：整段期间保费不变Face stays levelART: the premium rises at each renewal10/20/30-year level premium: flat for the period最常见，如 20 年期The most common, e.g. 20-year
Increasing 递增Increasing面额按通胀或固定比例上升，保费不变Face rises with inflation or a set rate; premium level当通胀附约用As a cost-of-living rider
Decreasing 递减Decreasing面额逐年下降，保费不变Face falls each year; premium level房贷保险、Credit LifeMortgage protection, credit life

Convertible Term：不需可保性证明，就能转成永久寿险Convertible term: switch to permanent coverage with no evidence of insurability

三种定期，按死亡赔偿金怎么变来分。先看 Level Term 定额定期：面额从头到尾不变。 它的保费有两种安排。一种是 ART，Annual Renewable Term 每年可续保定期：每年续一次，不用重新体检， 但保费按续保时的年龄重新算，所以一年比一年贵。另一种是 10 年、20 年、30 年的定额保费型： 在这 10、20、30 年里，每年保费一样，不涨也不降。市面上最常见的就是 20 年这种。

The three kinds of term are sorted by what the death benefit does. First, level term: the face stays the same from start to finish. Its premium can be arranged two ways. One is ART, annually renewable term: renewed each year with no new medical, but repriced at the age you've reached, so it costs more every year. The other is the 10-, 20- or 30-year level-premium design: the premium is the same every year for that period, neither rising nor falling. The 20-year version is the one you'll see most.

Increasing Term 递增定期：面额按通胀或者一个固定比例往上涨，保费不变。 它很少单独卖，多半是附在主险上当 Cost of Living 通胀附约，让保障跟得上物价。

Increasing term: the face rises with inflation or by a fixed percentage, at a level premium. It's rarely sold alone; it usually rides on a base policy as a cost-of-living rider, so coverage keeps pace with prices.

Decreasing Term 递减定期：面额逐年减少，保费不变。最典型的用途是房贷保险： 房贷余额一年比一年少，保额也跟着一年比一年少，正好对得上。另一个用途是 Credit Life 信用寿险， 借款人身故时把欠款还给债权人。

Decreasing term: the face shrinks every year, at a level premium. Its classic use is mortgage protection: the loan balance falls each year and the coverage falls with it. It's also used as credit life, which repays a lender if the borrower dies.

最后，很多定期还带一个转换权，叫 Convertible Term 可转换定期：在规定期限内，不需要可保性证明， 就能转成永久寿险。就算这期间身体变差了，也照样能转，这是它最值钱的地方。考试问「转换要不要体检」，答案是不要。

Finally, many term policies carry a conversion right: convertible term can be switched to permanent coverage within a set window without evidence of insurability. Even if your health has worsened, you can still convert, and that is its real value. If asked whether conversion needs a medical, the answer is no.

互动设计Interaction

问大家：一对夫妻刚背了 30 年房贷，想要「房贷还剩多少，就保多少」，选哪种？递减定期。 再问：一个 30 岁的人想保到孩子大学毕业，每年保费不想变，选哪种？20 年定额保费的 Level Term。

Ask the room: a couple has just taken out a 30-year mortgage and wants coverage that matches whatever is still owed. Which kind? Decreasing term. Then: a 30-year-old wants cover until the kids finish college, at a premium that never changes. Which kind? A 20-year level-premium level term.

例题 · 三种 TermPractice · Three Kinds of Term

第三章Ch. 3

客户想让保额跟着 30 年房贷余额逐年减少，应该选哪种保单？A client wants coverage that shrinks with a 30‑year mortgage balance. Which policy fits?

  1. A定额定期Level term
  2. B上门服务保单Home service policy
  3. C递增定期Increasing term
  4. D递减定期Decreasing term
解析WHY

递减定期面额逐年下降、保费不变，正好贴着房贷余额走；也用作 Credit LifeDecreasing term's face falls each year at a level premium, tracking the loan; it also serves as credit life

题目说：客户背了 30 年房贷，想要一张保额跟着房贷余额一年一年减少的保单，不多也不少，该选哪种？

The question: a client with a 30-year mortgage wants a policy whose coverage falls year by year with the loan balance, no more and no less. Which one?

答案是 D，递减定期 Decreasing Term。面额逐年下降，保费不变，这就是为房贷量身定做的。 A 定额定期面额不变，三十年后房贷还清了，保额还是那么多，多保了；C 递增定期面额往上走，方向完全反了； B 上门服务保单 Home Service 是一种由代理人上门收保费的小额保单，跟保额怎么变没有关系，是凑数的选项。

The answer is D, decreasing term: the face falls each year at a level premium, which is tailor-made for a mortgage. A, level term, keeps the face flat, so by the time the loan is paid off you're still carrying the full amount. C, increasing term, goes the opposite way. B, a home service policy, is a small policy whose premiums an agent collects in person; it has nothing to do with how the face changes and is just a filler option.

记法：题目里出现「房贷」「欠款」「越来越少」，就选 Decreasing。

The way to remember it: when you see "mortgage", "debt" or "shrinking", pick decreasing.

Whole Life 终身寿险Whole Life Insurance

第三章Ch. 3
1

保一辈子Covers for Life

只要交保费，保单就一直有效In force as long as premiums are paid

2

保费固定，赔偿有保证Level Premium, Guaranteed Benefit

保费不涨，死亡赔偿金是 GuaranteedThe premium never rises; the death benefit is guaranteed

3

累积现金值Builds Cash Value

通常第 3 年开始；可以借，没还的从赔偿金里扣Usually from year 3; borrowable, unpaid loans come off the benefit

4

满期年龄 100 岁Matures at Age 100

现金值 = 面额，付给保单持有人，保单结束Cash value equals the face; it's paid to the owner and the policy ends

今天TODAY按现行死亡率表定价的新保单，通常 121 岁满期New policies priced on the current mortality tables typically mature at 121

Whole Life 终身寿险是永久寿险的代表。只要一直交保费，保单一辈子有效。 它和定期最大的不同有三点：保一辈子，保费固定，还会累积现金值。

Whole life is the flagship of permanent insurance. As long as the premiums are paid, it stays in force for life. It differs from term in three big ways: it lasts a lifetime, the premium is level, and it builds cash value.

第二点，保费固定、赔偿有保证：投保那天定下来的保费，以后不会因为年纪大了而涨；死亡赔偿金是 Guaranteed，保证给付。 第三点，现金值：通常从第三年开始累积，急用钱时可以用保单借款借出来；借了没还， 被保险人身故时，欠款连利息会从死亡赔偿金里扣掉。

Second, a level premium and a guaranteed benefit: the premium set on day one never rises with age, and the death benefit is guaranteed. Third, cash value: it usually starts building in year three and can be borrowed through a policy loan when money is needed. Any loan not repaid, with its interest, is deducted from the death benefit.

第四点，满期。考试的标准答案是：终身寿险的满期年龄 Maturity Age 是 100 岁。 到那一天，现金值刚好长到等于面额，保险公司把这笔钱付给保单持有人，通常就是被保险人本人，保单就此结束。

Fourth, maturity. The exam answer is that whole life matures at age 100. On that day the cash value has grown to equal the face amount; the insurer pays it to the policyowner, usually the insured, and the policy ends.

但要分清考场和现实：100 岁是题库的口径，考试照它答。现在按新死亡率表定价的保单，满期年龄通常是 121 岁， 见客户的时候要这么说。终身寿险按怎么交保费，又分四种，下下页一起讲。

But keep the exam and real life apart. Age 100 is the question bank's figure, so answer with it. Policies priced on today's mortality tables usually mature at 121, and that's what you tell a client. Whole life also comes in four forms, depending on how the premium is paid; we'll cover those two slides from now.

例题 · 终身寿险Practice · Whole Life

第三章Ch. 3

被保险人 65 岁，一张已缴清的 $100,000 终身寿险，现金值什么时候会达到 $100,000？An insured aged 65 has a paid‑up $100,000 whole life policy. When will its cash value reach $100,000?

  1. A永远不会Never
  2. B100 岁At age 100
  3. C85 岁At age 85
  4. D现在Today
解析WHY

题库口径：终身寿险 100 岁满期，那时现金值等于面额In the question bank, whole life matures at 100, when cash value equals the face

题目说：被保险人 65 岁，手上有一张已经缴清的、面额 $100,000 的终身寿险，现金值什么时候会长到 $100,000？

The question: a 65-year-old holds a paid-up whole life policy with a $100,000 face. When will the cash value reach $100,000?

答案是 B，100 岁。终身寿险的设计就是到满期年龄那天，现金值正好等于面额。 A「永远不会」是把终身当成定期了；C 85 岁是随便给的年龄，没有依据；D「现在」是混淆了「缴清」和「满期」： 已缴清 Paid-up 只是说不用再交保费了，现金值还要继续长，要到满期才等于面额。

The answer is B, age 100. Whole life is built so that the cash value equals the face on the maturity date. A, "never", treats it like term. C, 85, is an arbitrary age. D, "today", confuses paid-up with matured: paid-up only means no more premiums are due; the cash value keeps growing and only equals the face at maturity.

记法：考场上，终身寿险满期就是 100 岁。考完别忘了：现在的新保单通常是 121 岁。

The way to remember it: in the exam, whole life matures at 100. Afterwards, remember that new policies today usually say 121.

四种终身寿险 · 怎么交保费Four Ways to Pay for Whole Life

第三章Ch. 3
类型Type缴费期Pay period要点The point
Single Premium一次付清One payment马上有现金值；头几年通常有退保费Cash value at once; surrender charges in the early years
Limited Pay指定年数，如 20 年；或交到 65 岁A set term, e.g. 20 years, or to 65每年较贵；交得快，会碰到 MEC 测试（第六章）Costly each year; paying fast brings in the MEC test (Ch. 6)
Ordinary / Straight Life终身交，交到满期For life, to maturity年保费最低，最常见Lowest annual premium; the most common
Modified Whole Life终身交，前低后高For life, low then higher前 3 到 5 年便宜，之后升到较高的固定保费Cheaper for 3 to 5 years, then a higher level premium

初始保费由低到高：Modified < Ordinary < Limited Pay < SingleInitial premium, lowest to highest: modified < ordinary < limited pay < single

终身寿险按怎么交保费分四种。保障都是一辈子，区别只在钱怎么交。一个总原则：缴费期越短，每一期越贵。

Whole life comes in four forms depending on how the premium is paid. The coverage is lifelong in every case; only the payments differ. The rule underneath it all: the shorter the pay period, the bigger each payment.

Single Premium 趸缴：一次付清。因为一次交进去一大笔，马上就有现金值； 但头几年退保通常要扣退保费 Surrender Charge。Limited Pay 限期缴：在指定年数里交完， 比如 7 年、10 年、20 年，或者 Life Paid Up at 65，交到 65 岁就不用再交，保障照样一辈子。 缴费期压缩了，每年就贵，适合想在退休前交完的人。要注意的是，交得越快，越容易碰到 MEC 测试， 一旦变成 MEC，税务待遇就变了，这个第六章细讲。

Single premium: one payment. Because a large sum goes in at once, there is cash value immediately, though surrendering in the early years usually costs a surrender charge. Limited pay: paid off within a set number of years, such as 7, 10 or 20, or "life paid up at 65", where payments stop at 65 but the coverage lasts a lifetime. With the pay period compressed, each year costs more; it suits people who want it paid off before retirement. Note that the faster you pay, the more likely the MEC test comes into play; once a policy becomes a MEC its tax treatment changes, which we cover in chapter six.

Ordinary 也叫 Straight Life 或 Continuous Premium：一辈子都交，交到满期，每年保费固定。 因为摊得最长，年保费最低，也最常见。 Modified Whole Life 修正终身：也是一辈子都交，但前 3 到 5 年保费比较低，之后升到一个更高的固定保费，一直交下去， 后面这个保费比同样保额的 Straight Life 还高。适合刚工作、现在钱紧、但收入会往上走的年轻人。

Ordinary, also called straight life or continuous premium: paid every year for life, to maturity, at a level amount. Because it is spread the longest, it has the lowest annual premium and is the most common. Modified whole life is also paid for life, but the premium is lower for the first three to five years, then steps up to a higher level premium for the rest of the policy, higher than a straight life policy of the same size. It suits young people whose money is tight now but whose income will rise.

考试最常考排序：初始保费由低到高，Modified < Ordinary < Limited Pay < Single。 Modified 起步最低，因为头几年故意压低；Single 最高，因为一次全交了。

The exam's favourite is the ranking: initial premium from lowest to highest is modified, ordinary, limited pay, single. Modified starts lowest because the early years are deliberately discounted; single is highest because it's all paid at once.

例题 · 四种终身寿险Practice · Four Whole Life Forms

第三章Ch. 3

按初始保费由低到高排列，正确的顺序是？Which is the correct order of initial premium, from LOWEST to HIGHEST?

  1. A趸缴、修正、普通Single, modified, ordinary
  2. B修正、普通、趸缴Modified, ordinary, single
  3. C普通、修正、趸缴Ordinary, modified, single
  4. D修正、趸缴、普通Modified, single, ordinary
解析WHY

缴费期越短，每期越贵：Modified 头几年压低，起步最低；Single 一次付清，最高The shorter the pay period, the bigger each payment: modified starts lowest, single is highest

题目问：修正终身、普通终身、趸缴终身，按初始保费从低到高排，哪个顺序对？

The question: rank modified, ordinary and single-premium whole life by initial premium, lowest to highest.

答案是 B，修正、普通、趸缴。Modified 前 3 到 5 年故意压低保费，所以起步最低； Ordinary 一辈子摊着交，年保费在常规产品里最低，排第二；Single 一次把全部保费交清，当然最高。 A 和 D 都把趸缴排在前面，是把「总额」和「每期」搞混了；C 把普通排在修正前面，忘了修正头几年是打折的。

The answer is B: modified, ordinary, single. Modified deliberately lowers the premium for the first three to five years, so it starts lowest. Ordinary spreads payments over a lifetime and comes second. Single pays everything at once, so it's highest. A and D put single near the front, mixing up the total with each payment. C puts ordinary ahead of modified, forgetting that modified is discounted at the start.

记法：题目问的是「初始」保费。Modified 一开始最便宜，Single 一开始最贵，中间是 Ordinary。

The way to remember it: the question asks about the initial premium. Modified is cheapest at the start, single is dearest, ordinary sits between.

Adjustable Life + Universal Life

第三章Ch. 3

Adjustable Life 可调寿险Adjustable life

可在定期与终身之间调整Can shift between term and whole life

保费、缴费期、面额、保障期都能调Premium, pay period, face and term can all change

加保额通常要可保性证明Raising the face usually needs proof of insurability

UL 出现后基本被取代Largely replaced by UL

Universal Life 万能寿险Universal life

  • 70 年代末出现，灵活保费可调寿险Late 1970s: flexible‑premium adjustable life
  • Minimum 只够维持当年，Target 是公司建议的水平Minimum premium covers the year; target is the suggested level
  • 两部分：纯保障成本（ART）加现金值Two parts: pure cost of protection (ART) plus cash value
  • 利息：当前利率与最低保证，取高Interest: the higher of current and guaranteed

先讲 Adjustable Life 可调寿险。它的特点是「什么都能调」：可以在定期和终身之间互相调整， 保单持有人可以加保费或减保费、改缴费期、改面额、改保障期。但有一条：要把保额往上加，通常要重新提供可保性证明， 因为保险公司要多承担风险，得重新看一看你的身体。

First, adjustable life, where almost everything can be changed: it can shift between term and whole life, and the owner can raise or lower the premium and change the pay period, the face amount and the length of coverage. One catch: raising the face usually requires new evidence of insurability, because the insurer is taking on more risk and wants to look at your health again.

万能寿险出现以后，可调寿险基本就被取代了。Universal Life 万能寿险 70 年代末出现，正式的名字叫 「灵活保费可调寿险」。灵活在哪？保单持有人可以多交、少交，甚至某几年不交，只要账户里的现金值够扣成本，保单就不会失效。 公司会给两个保费参考：Minimum Premium 最低保费，只够维持当年保障，相当于在买每年可续保定期； Target Premium 目标保费，是公司建议的水平，按这个交，才有机会一直保下去。

Once universal life arrived, adjustable life was largely replaced. Universal life appeared in the late 1970s; its formal name is flexible-premium adjustable life. The flexibility: the owner can pay more, pay less, or skip years, and as long as the cash value can cover the charges, the policy stays in force. The carrier gives two reference premiums. The minimum premium only keeps coverage going for the year, much like buying annually renewable term. The target premium is the level the carrier recommends to keep the policy going long term.

万能寿险由两个组件组成：一是 Pure Cost of Protection 纯保障成本，本质就是每年可续保定期， 每个月从账户里扣；二是现金值账户。现金值的利息，按公司当前利率和合同最低保证利率两个里面取高的那个。 利率高时跟着高，利率低时有底线兜着。

Universal life has two components: the pure cost of protection, which is essentially annually renewable term deducted from the account each month, and the cash value account. The cash value earns the higher of the carrier's current rate and the contract's guaranteed minimum. When rates are high it follows them; when they fall, the floor holds.

考试最常考：哪种产品同时有储蓄成分和灵活保费？万能寿险。定期没有储蓄，终身保费是固定的，只有 UL 两样都有。

The exam's favourite: which product has both a savings element and flexible premiums? Universal life. Term has no savings and whole life's premium is fixed; only UL has both.

讲师提醒Presenter's note

讲「可以不交」时要补一句：灵活不等于可以一直少交。现金值不够扣成本，保单一样会失效。 以后跟客户讲 UL，这一句一定要讲清楚。

When you say premiums can be skipped, add this: flexible doesn't mean you can keep underpaying. If the cash value can't cover the charges, the policy still lapses. When you talk to clients about UL later, make this point clearly.

例题 · 万能寿险Practice · Universal Life

第三章Ch. 3

哪种保险同时具备储蓄成分和灵活保费？Which type of coverage offers BOTH a savings element and a flexible-premium option?

  1. A定期寿险Term life
  2. B终身寿险Whole life
  3. C万能寿险Universal life
  4. D市面上没有No such product exists
解析WHY

万能寿险是纯保障成本加现金值账户，保费可以多交、少交、暂停UL pairs the pure cost of protection with a cash value account, and the premium can flex

题目问：哪种保险「同时」有储蓄成分和灵活保费？关键词是「同时」，两个条件都要满足。

The question: which coverage has a savings element and a flexible-premium option at the same time? The key word is "both"; it must meet both conditions.

答案是 C，万能寿险 Universal Life。它有现金值账户，就是储蓄成分；保费可以多交、少交、暂停，就是灵活保费。 A 定期寿险是纯保障，没有储蓄；B 终身寿险有现金值，但保费是固定的，不灵活，这是最容易选错的一项； D 说市面上没有，当然不对。

The answer is C, universal life. Its cash value account is the savings element, and its premium can be raised, lowered or paused. A, term, is pure protection with no savings. B, whole life, has cash value but a fixed premium; this is the most tempting wrong answer. D, "no such product", is plainly wrong.

记法：终身是「固定保费 + 现金值」，万能是「灵活保费 + 现金值」。看到 flexible，想到 UL。

The way to remember it: whole life is a fixed premium plus cash value; universal life is a flexible premium plus cash value. See "flexible", think UL.

UL 的两种死亡赔偿金选项UL Death Benefit Options

第三章Ch. 3

Option A：Level 固定Option A: Level

死亡赔偿金 = 面额，保持不变Death benefit = the face, which stays level

保费较便宜The cheaper option

1984 年税法（IRC §7702）要求现金值与赔偿金之间留出 CorridorThe 1984 tax law (IRC §7702) requires a corridor between cash value and death benefit

Option B：Increasing 递增Option B: Increasing

死亡赔偿金 = 面额 + 现金值Death benefit = face + cash value

现金值越多，赔得越多Grows as the cash value grows

保费较贵The more expensive option

考试问 Option B，答案永远是「面额加现金值」Asked about option B, the answer is always "face plus cash value"

万能寿险有两种死亡赔偿金选项，考试很爱比较。

Universal life offers two death benefit options, and the exam loves to compare them.

Option A 叫 Level Death Benefit，死亡赔偿金固定，就是面额。现金值长在面额里面， 现金值越多，保险公司真正承担的风险就越少，所以保费比较便宜。但这里有个税法上的要求： 1984 年的税法，也就是美国国税法典 §7702，要求现金值和死亡赔偿金之间必须留出一段距离，叫 Corridor 走廊。 如果现金值长得太接近面额，赔偿金就得往上调，把这段距离保住；不然这张保单在税法上就不算人寿保险，享受不到寿险的税收待遇。

Option A is the level death benefit: the benefit is fixed at the face amount. The cash value sits inside the face, so the more it grows, the less risk the insurer actually carries, which makes this option cheaper. There is one tax requirement: the 1984 tax law, Internal Revenue Code §7702, requires a gap, called the corridor, between the cash value and the death benefit. If the cash value gets too close to the face, the death benefit has to be raised to keep that gap; otherwise the policy no longer counts as life insurance for tax purposes and loses its tax treatment.

Option B 叫 Increasing Death Benefit，死亡赔偿金等于面额加上现金值。 现金值长多少，赔偿金就跟着多多少，家人拿到的钱会越来越多。因为保险公司始终承担着整个面额的风险，所以保费比 A 贵。

Option B is the increasing death benefit: the benefit equals the face plus the cash value. Whatever the cash value gains, the benefit gains too, so the family receives more over time. Because the insurer always carries the full face amount at risk, it costs more than option A.

考试几乎只问一句：Option B 的赔偿金等于什么？面额加现金值。记住公式就够了：A 是固定面额，B 是面额加现金值。

The exam nearly always asks one thing: what does option B pay? The face plus the cash value. Remember the formula: A is a level face; B is face plus cash value.

例题 · UL 的两种选项Practice · UL Options

第三章Ch. 3

万能寿险选 Option B，死亡赔偿金等于？Under a universal life policy, option B's death benefit equals:

  1. A固定面额A level face amount
  2. B面额加现金值The face amount plus the cash value
  3. C只有现金值The cash value only
  4. D面额减现金值The face amount minus the cash value
解析WHY

Option A 是固定面额；Option B 是面额加现金值，赔偿金随现金值上升Option A is a level face; option B pays face plus cash value, so it grows with the account

题目问：万能寿险选了 Option B，死亡赔偿金等于什么？

The question: under universal life option B, what is the death benefit?

答案是 B，面额加现金值。这就是上一页的公式。A 固定面额是 Option A 的答案，题目故意放进来让你混； C 只有现金值，那是退保时拿到的钱，不是死亡赔偿金；D 面额减现金值，是把 Option A 里「保险公司真正承担的风险」当成了赔偿金，也不对。

The answer is B, face plus cash value, straight from the last slide. A, a level face, is option A, put there to confuse you. C, cash value only, is what you get on surrender, not the death benefit. D, face minus cash value, mistakes the insurer's net amount at risk under option A for the benefit.

记法：A 是 Always 不变，B 是 Bigger 越来越大。

The way to remember it: A stays the same; B gets bigger.

Joint Life vs Survivorship Life

第三章Ch. 3

Joint Life 联名（First-to-die）Joint life (first-to-die)

第一个人身故就赔Pays at the first death

按平均年龄定价，比两张个人保单便宜Priced on an average age; cheaper than two separate policies

典型用途：夫妻房贷Typical use: a couple's mortgage

Survivorship（Second-to-die）Survivorship (second-to-die)

最后一个人身故才赔Pays only at the last death

预期年限更长，保费比 Joint 还低A longer expectancy makes it cheaper than joint

典型用途：遗产税，或留给需要照顾的孩子Typical use: estate tax, or a child who needs care

这两个是成对考的。Joint Life 联名保险，又叫 First-to-die：一张保单保两个或更多人，第一个人走了，保险公司就赔， 赔完保单就结束。它按几个人的平均年龄来算保费，所以比给每个人各买一张个人保单便宜。 典型用途是夫妻一起扛房贷：一方走了，赔款拿去还剩下的房贷，另一方不至于被房贷压垮。

These two are tested as a pair. Joint life, also called first-to-die, covers two or more people on one policy and pays when the first of them dies, after which the policy ends. It's priced on the insureds' average age, so it costs less than separate policies on each person. The classic use is a couple sharing a mortgage: if one dies, the benefit pays off the rest of the loan so the survivor isn't crushed by it.

Survivorship Life，又叫 Second-to-die：要等最后一个人也走了，才赔。 两个人都走的时间，一定比其中一个人走的时间晚，保险公司要等更久才付钱，所以保费比 Joint Life 还便宜。

Survivorship life, also called second-to-die, pays only when the last insured dies. Both people dying always comes later than one of them dying, so the insurer waits longer to pay, and the premium is even lower than joint life.

它的典型用途是遗产规划：夫妻之间传承通常不会马上产生遗产税，真正要交税，往往是两个人都走了、钱传给下一代的时候， Survivorship 正好在这个时候赔付，给孩子留出交税的钱。另一个用途是家里有需要长期照顾的孩子，父母都不在了，孩子还有一笔钱照顾生活。

Its classic use is estate planning. Passing assets between spouses usually doesn't trigger estate tax right away; the tax tends to fall due when both have died and the estate passes to the next generation, and that is exactly when survivorship pays, leaving the children money for the bill. Another use is a family with a child who will need lifelong care: when both parents are gone, the child still has funds to live on.

考试常问：哪个保费更低？Survivorship。理由一句话：赔得越晚，保费越便宜。

A common question: which is cheaper? Survivorship. The reason in one line: the later it pays, the cheaper it is.

例题 · Joint 与 SurvivorshipPractice · Joint vs Survivorship

第三章Ch. 3

夫妻有一个残障孩子：一方过世，孩子还有人照顾；两人都过世，孩子才陷入困境。应买哪种保单？A couple's disabled child would be fine if one parent died, but not if both did. Which policy fits?

  1. A少年保单Juvenile policy
  2. B先死赔付保单First-to-die policy
  3. C二死赔付保单Second-to-die policy
  4. D家庭保障保单Family protection policy
解析WHY

二死保单在最后一人身故时才赔，正好在孩子失去双亲时到位Second-to-die pays when the last insured dies, just as the child loses both parents

题目说：一对夫妻有一个残障孩子。父母只走一个，孩子还有另一个人照顾，问题不大；两个人都走了，孩子才真正没人管。该买哪种？

The question: a couple has a disabled child. If one parent dies, the other still cares for the child; only if both die is the child truly on their own. Which policy?

答案是 C，二死赔付 Second-to-die，也就是 Survivorship。风险出现在「两个人都走了」的那一刻， 这张保单正好在那一刻赔。B 先死赔付是第一个人走就赔，那时孩子还有人照顾，钱来得太早，等真正需要时保单已经结束了； A 少年保单保的是孩子自己的命，不是父母的；D 家庭保障保单保的是全家，主要是负担家庭收入的那个人，同样不对准这个需求。

The answer is C, second-to-die, i.e. survivorship. The risk arrives at the moment both parents are gone, and this policy pays at exactly that moment. B, first-to-die, pays at the first death, when the child is still cared for; the money comes too early, and the policy has ended by the time it's really needed. A, a juvenile policy, insures the child's own life, not the parents'. D, a family protection policy, covers the whole family, mainly the breadwinner, and doesn't target this need either.

记法：先问「什么时候最缺钱」：一个人走就缺，选 Joint；两个人都走才缺，选 Survivorship。

The way to remember it: ask when the money is needed. If at the first death, joint; if only after both, survivorship.

未成年人保单 · 加州的硬规则Minors and Life Insurance in California

第三章Ch. 3
  • 加州 18 岁以下是 Minor 未成年人，不能直接拥有保单Under 18 in California is a minor, who can't own a policy directly
  • 保险公司不把死亡赔偿金直接付给未成年受益人Insurers don't pay a death benefit directly to a minor beneficiary
  • 要经 Guardian 监护人、Trustee 受托人或 UTMA 账户接收It goes through a guardian, a trustee or an UTMA account
  • 父母给孩子投保，可保利益必须真实存在A parent insuring a child must have a real insurable interest

受益人写未成年人时，常用 UTMA 或信托，代替直接付款For a minor beneficiary, an UTMA account or a trust is used instead of direct payment

未成年人保单是加州州考的常见考点。在加州，18 岁以下属于 Minor 未成年人，不能直接拥有保单，也不能直接收死亡赔偿金。 孩子可以是被保险人，但保单持有人一般是父母或其他大人。

Minors are a frequent topic on the California exam. In California anyone under 18 is a minor, who can't own a policy directly or receive a death benefit directly. A child can be the insured, but the owner is normally a parent or another adult.

如果受益人是未成年人，保险公司不会把钱直接付给孩子，必须有人代收、代管： 可以是法院指定的 Guardian 监护人，可以是信托的 Trustee 受托人，也可以是 UTMA 账户， UTMA 是《统一未成年人转移法》下替孩子开的托管账户，由托管人代管，到孩子成年后再交给他。

If the beneficiary is a minor, the insurer won't pay the child directly. Someone must receive and manage the money: a court-appointed guardian, the trustee of a trust, or an UTMA account, a custodial account under the Uniform Transfers to Minors Act, run by a custodian until the child comes of age.

所以实务上，受益人写未成年人时，常用 UTMA 或信托来代替直接付款， 事先安排好谁来管这笔钱，避免出事后再走法院指定监护人的程序，又慢又花钱。

That's why, in practice, a minor beneficiary is usually set up through an UTMA account or a trust instead of direct payment. Deciding in advance who will manage the money avoids a court guardianship after the death, which is slow and costly.

最后，父母给孩子投保，可保利益必须真实存在。父母和孩子之间有血缘和抚养关系，可保利益是成立的； 但不能借孩子的名义去买跟家庭情况明显不相称的保额，保额要合理，核保也会看。

Finally, when a parent insures a child, the insurable interest must be real. The family bond between parent and child establishes it, but a child's name can't be used to buy an amount clearly out of line with the family's situation; the amount has to be reasonable, and underwriting will check.

讲师提醒Presenter's note

以后帮客户填受益人，遇到孩子还小的家庭，主动问一句：钱要谁来管？是写信托、开 UTMA，还是指定监护人？ 这一句问到了，是对客户真正的保护。

When you later help clients name beneficiaries and the children are young, ask: who will manage the money? A trust, an UTMA account, or a named guardian? Asking that one question is real protection for the client.

例题 · 付款人附约Practice · The Payor Rider

第三章Ch. 3

少年保单的付款人附约规定：付款人身故或残疾时，保险公司会？Under a juvenile policy's payor rider, if the payor dies or becomes disabled, the insurer will:

  1. A由付款人遗产续交Bill the payor's estate for premiums
  2. B永久免除全部保费Waive all future premiums for life
  3. C代付保费到 21 或 25 岁Pay premiums until the child is 21 or 25
  4. D借钱维持保单Lend money to keep it in force
解析WHY

付款人附约保护出钱的大人：公司代付保费，到孩子 21 或 25 岁为止The payor rider protects the paying adult: the insurer pays premiums until the child is 21 or 25

题目问：给孩子买的少年保单上加了付款人附约 Payor Rider，如果交保费的大人身故或残疾，保险公司会怎么做？

The question: a juvenile policy carries a payor rider. If the adult paying the premiums dies or becomes disabled, what does the insurer do?

答案是 C，代付保费，直到孩子满 21 岁或 25 岁，具体哪个年龄看保单约定。 这个附约保的是「出钱的大人」：孩子自己没收入，交保费的人一旦出事，保单很可能断掉，所以由保险公司接手交到孩子成年。 A 让遗产续交不对，附约的意义就是不让家里再掏钱；B「永久免除」错在没有终点，代付是有截止年龄的； D 借钱维持是保单贷款或自动垫交的概念，不是付款人附约。

The answer is C: it pays the premiums until the child reaches 21 or 25, depending on the policy. The rider protects the paying adult: the child has no income, so if the payor dies or is disabled, the policy could lapse; the insurer steps in until the child is grown. A, billing the estate, defeats the point of the rider, which is that the family pays nothing more. B, waiving premiums for life, is wrong because the cover has an end age. D, lending money, is a policy loan or automatic premium loan idea, not the payor rider.

记法：Payor 就是付钱的人；他出事，公司替他付，付到孩子长大。

The way to remember it: the payor is whoever pays; if something happens to them, the insurer pays instead, until the child is grown.

团体寿险 · 五个要点Group Life: Five Points

第三章Ch. 3
1

每年可续保定期Annually Renewable Term

通常是雇主为雇员投保Usually bought by an employer for its staff

2

不需可保性证明No Evidence of Insurability

参加计划就有保障，不逐个核保Members are covered without individual underwriting

3

雇员拿 CertificateEmployees Get a Certificate

雇主持有 Master PolicyThe employer holds the master policy

4

离职 31 天内可转换31 Days to Convert

不用体检，转成个人永久寿险，按 Attained Age 标准费率No medical; individual permanent cover at attained-age standard rates

5

Master Policy 终止时If the Master Policy Ends

参加满 5 年的人，可以转成个人保险Members covered for 5 years may convert

Group Life 团体寿险，通常是雇主给雇员买的，形式上几乎都是每年可续保定期 ART， 一年一续，跟着雇用关系走。

Group life is usually bought by an employer for its employees, and almost always takes the form of annually renewable term, renewed each year and tied to the employment.

它和个人保险有两个最大的区别。第一，不需要可保性证明：保险公司看的是整个团体的风险， 不逐个体检、不逐个核保，身体不太好的员工也能参加。第二，保单本身签发给雇主，叫 Master Policy 主保单； 参加的雇员拿到的是一张 Certificate of Insurance 保险凭证，证明自己在这张主保单下有保障。

It differs from individual insurance in two big ways. First, no evidence of insurability: the insurer underwrites the group as a whole, without individual medicals, so employees in poorer health can join. Second, the policy itself is issued to the employer as the master policy; each participating employee receives a certificate of insurance showing they are covered under it.

第三，离职怎么办？雇员离职后有 31 天，不需要体检，就可以把团体保险转成个人终身寿险， 保费按转换时的年龄 Attained Age、按标准费率计算。31 天内人走了，就算还没转换，也按原来的团体保额赔。 第四，如果整个 Master Policy 被终止了，在这个计划下参加满 5 年的人，也可以转成个人保险。

Third, what about leaving the job? A departing employee has 31 days to convert the group cover to an individual permanent policy with no medical, priced at their attained age at standard rates. If they die within those 31 days, even before converting, the group amount is paid. Fourth, if the master policy itself is terminated, anyone covered under the plan for five years may also convert to an individual policy.

考试最常考两个：Certificate 发给谁？参加的雇员。离职多少天内能转？31 天。

The two most tested facts: who gets a certificate? The participating employee. How long to convert after leaving? 31 days.

例题 · 团体寿险Practice · Group Life

第三章Ch. 3

在团体寿险中，保险凭证（Certificate）发给谁？In group life insurance, who is issued a certificate?

  1. A保险公司The insurer
  2. B受益人The beneficiary
  3. C参加计划的雇员The participant
  4. D保单持有人The policyholder
解析WHY

雇主是保单持有人，拿 Master Policy；参加的雇员拿 CertificateThe employer is the policyholder with the master policy; each participant gets a certificate

题目问：团体寿险里，保险凭证 Certificate 是发给谁的？

The question: in group life, who receives a certificate?

答案是 C，参加计划的雇员 Participant。最容易选错的是 D 保单持有人： 在团体险里，保单持有人是雇主，雇主拿的是 Master Policy 主保单本身，不是凭证。 A 保险公司是签发保单的一方，不需要凭证；B 受益人是雇员指定的拿钱的人，也不拿凭证。

The answer is C, the participant. The tempting wrong answer is D, the policyholder: in group insurance the policyholder is the employer, who holds the master policy itself, not a certificate. A, the insurer, issues the policy and needs no certificate. B, the beneficiary, is whoever the employee names to receive the money, and gets no certificate either.

记法：老板拿 Master，员工拿 Certificate。

The way to remember it: the employer gets the master policy; the employee gets the certificate.

第三章自测Chapter 3 Self-Test

第三章Ch. 3
Q1

Term Life 有现金值吗？Does term life have cash value?

没有，纯死亡保障No; it is pure death protection

Q2

UL 的 Option A 和 B 区别在哪？How do UL options A and B differ?

A 是固定面额；B 是面额加现金值A is a level face; B is face plus cash value

Q3

团体险离职后多少天内可转个人？How long to convert group cover after leaving?

31 天，不需可保性证明31 days, with no evidence of insurability

Q4

Survivorship 和 Joint 哪个保费更低？Which is cheaper, survivorship or joint?

Survivorship，最后一人身故才赔Survivorship; it pays only at the last death

第三章自测，四道题。第一题：Term Life 有没有现金值？没有，它是纯死亡保障。 答错的，回去看定期寿险那一页，把「没有现金值、没有满期金」这两句再念一遍。

Chapter three self-test, four questions. One: does term life have cash value? No, it is pure death protection. If you missed it, go back to the term life slide and read "no cash value, no maturity payout" again.

第二题：UL 的 Option A 和 Option B 区别在哪？A 是固定面额，B 是面额加现金值。 答错的，回去看 UL 两种选项那一页，顺便把 Corridor 走廊是什么复习一下。

Two: how do UL options A and B differ? A is a level face; B is the face plus the cash value. If you missed it, revisit the UL options slide, and review what the corridor is while you're there.

第三题：团体寿险离职后多少天内可以转个人保险？31 天，不需要可保性证明。 答错的，回去看团体寿险五个要点那一页。

Three: how long after leaving can group cover be converted? 31 days, with no evidence of insurability. If you missed it, revisit the five points on group life.

第四题：Survivorship 和 Joint Life 哪个保费更低？Survivorship，因为要等第二个人也走了才赔， 预期年限更长。答错的，回去看 Joint 与 Survivorship 那一页。四题都对的，再回头确认两个容易混的排序：四种终身寿险的初始保费， Modified、Ordinary、Limited Pay、Single，由低到高；终身寿险满期，考场答 100 岁。

Four: which is cheaper, survivorship or joint life? Survivorship, because it waits for the second death, which is further off. If you missed it, see the joint and survivorship slide. If you got all four, double-check two orderings that people mix up: initial premium for the four whole life forms runs modified, ordinary, limited pay, single, from lowest to highest; and in the exam, whole life matures at 100.

第四章 · Chapter FourChapter Four

保单条款、选择权、附加险Provisions, Options & Riders

必要条款、受益人、领钱方式、附约Required provisions, beneficiaries, payouts and riders

寿险合同里「必须有」的条款过一遍；再讲受益人怎么写、理赔怎么领、附加险怎么挂The provisions every life policy must carry; then how beneficiaries are named, how claims are paid and how riders attach

第四章讲的是寿险合同本身。第一部分是每张寿险保单都「必须有」的条款：拥有权和转让、完整合约、免费审阅期、 宽限期、复效、不可异议、误报年龄、除外责任。这些条款是州法规定的，考试几乎每一条都会出题。

Chapter four is about the life contract itself. Part one is the provisions every life policy must contain: ownership and assignment, entire contract, free look, grace period, reinstatement, incontestability, misstatement of age and exclusions. They're set by state law, and nearly every one of them turns up on the exam.

第二部分讲受益人：按血统分还是按人头分，可撤换还是不可撤换，以及两个人同时出事时钱给谁。 第三部分讲「钱怎么出来」：理赔的六种领法、停缴保费后现金值的三种去处、红利的五种用法。最后是常考的附加险。

Part two is beneficiaries: per stirpes or per capita, revocable or irrevocable, and who gets paid when two people die together. Part three is how money comes out of a policy: the six settlement options, the three places the cash value can go when premiums stop, and the five dividend options. We finish with the riders that get tested.

这一章数字多：10 天、30 天、2 年、3 年、65 岁、90 天。讲的时候每个数字都配一个场景， 学员才记得住。另外这一章有一处加州规定比题库更严，就是宽限期，下一页会专门讲。

This chapter is full of numbers: 10 days, 30 days, two years, three years, 65, 90 days. Tie each number to a situation as you teach it, or nobody will remember them. There is also one place where California law is stricter than the question bank, the grace period, which we'll cover on the next slide.

必要条款 · 上Required Provisions, Part 1

第四章Ch. 4
O

Ownership 拥有权与转让Ownership & Assignment

Absolute 完全转让，永久；Collateral 抵押转让，临时，多用于贷款Absolute is permanent; collateral is temporary, usually for a loan

E

Entire Contract 完整合约Entire Contract

保单加投保单复印本就是全部合同；修改要双方同意The policy plus the attached application is the whole contract; changes need both sides

F

Free Look 免费审阅期Free Look

加州最少 10 天；邮购、60 岁以上 30 天；从收到保单起算At least 10 days in California; 30 for mail order or age 60+; counted from delivery

G

Grace Period 宽限期Grace Period

考试答 30–31 天；期间身故照赔，扣掉欠缴保费Exam answer: 30–31 days; a death in it is paid, less the unpaid premium

加州CALIFORNIA个人寿险宽限期不少于 60 天；失效前至少 30 天书面通知，投保人可指定代收通知的人（CIC §10113.71）Individual life policies get at least 60 days' grace, written notice 30 days before lapse, and a designee to receive it (CIC §10113.71)

每张寿险保单都必须有一组「必要条款」，由州法和 NAIC 的示范规则决定。这一页先讲前四条。

Every life policy has to contain a set of required provisions, laid down by state law and the NAIC model rules. This slide covers the first four.

Ownership 拥有权属于保单持有人：他负责交保费，也有权改受益人、借现金值、把保单转让出去。 转让 Assignment 分两种：Absolute 完全转让是永久的，保单整个换了主人； Collateral 抵押转让是临时的，常用在借款抵押上，受让方的权益只限于贷款本金加利息，还清就还回来。

Ownership belongs to the policyowner, who pays the premium and can change the beneficiary, borrow the cash value or assign the policy. There are two kinds of assignment. An absolute assignment is permanent: the policy changes hands outright. A collateral assignment is temporary, typically securing a loan; the lender's interest is limited to the loan plus interest, and it comes back once the loan is repaid.

Entire Contract 完整合约：保单本身加上投保单的复印本，就是合同的全部， 代理人口头说过什么都不算数。任何修改都要保单持有人和保险公司双方同意，代理人无权改合同。 Free Look 免费审阅期：加州最少 10 天；邮购保单 30 天；60 岁以上的 Senior 30 天；替换保单也是 30 天。 注意是从客户收到保单那天起算，不是签发日。期内退回，保费全退。

The entire contract provision says the policy plus a copy of the application is the whole agreement; nothing an agent said out loud is part of it. Any change needs both the owner and the insurer to agree, and an agent has no authority to alter it. Free look: at least 10 days in California, 30 for a mail-order policy, 30 for a senior aged 60 or over, and 30 on a replacement. It runs from the day the client receives the policy, not the issue date, and a policy returned in that window gets a full refund.

Grace Period 宽限期：保费到期没交，保单不会马上失效，有一段宽限期。 题库的答案是 30–31 天，考场上就答这个。宽限期内被保险人过世，照样理赔，只是从赔款里扣掉欠的那期保费。 但是加州实务不一样：从 2013 年起，加州保险法 §10113.71 规定，个人寿险的宽限期不少于 60 天； 保单失效前至少 30 天，公司要书面通知保单持有人和他指定的人；投保时还要给客户机会指定一位代收失效通知的人。 考场答 30–31 天；加州实务至少 60 天。见客户时别把 30 天说出口。

The grace period: when a premium is missed, the policy doesn't lapse at once. The question bank's answer is 30–31 days, and that is what to pick in the exam. If the insured dies during the grace period, the claim is paid less the overdue premium. California practice is different, though. Since 2013, Insurance Code §10113.71 has required a grace period of at least 60 days on individual life policies, a written notice at least 30 days before the policy lapses, sent to the owner and any designee, and the chance at application to name someone to receive lapse notices. Answer 30–31 days in the exam; in California practice it's at least 60. Don't quote 30 days to a client.

例题 · 必要条款（上）Practice · Required Provisions 1

第四章Ch. 4

哪项条款保护保单持有人，免于保单「非故意失效」？Which provision protects the policyowner from an unintentional lapse?

  1. A宽限期Grace period
  2. B免费审阅期Free look
  3. C不可异议条款Incontestability
  4. D结算选项Settlement options
解析WHY

漏交一期保费，宽限期内保单照样有效，身故照赔、扣掉欠费；Free Look 是让客户反悔退单，跟失效无关Miss a premium and the policy stays in force through the grace period; free look is for changing your mind

题目问：哪一项条款保护保单持有人，不让保单因为一时疏忽而失效？关键词是 unintentional lapse，非故意失效。

The question: which provision protects the owner from an unintentional lapse, a policy dying through an oversight? The key words are "unintentional lapse".

答案是 A，宽限期 Grace Period。客户忘了交一期保费，保单不会马上作废，宽限期内照样有效， 这期间过世也照赔，只是扣掉欠的保费。考场上宽限期答 30–31 天；在加州实务里，个人寿险至少 60 天，还要提前书面通知。 B 免费审阅期是新保单到手后让客户反悔退单的，跟漏交保费没关系；C 不可异议是限制保险公司撤销保单的，管的是投保时的告知； D 结算选项是受益人怎么领钱，更不沾边。

The answer is A, the grace period. If a client forgets a premium, the policy doesn't end on the spot; it stays in force through the grace period, and a death in that time is paid less the overdue premium. For the exam the grace period is 30–31 days; in California practice it's at least 60 for individual life, with written notice first. B, free look, lets a client change their mind about a new policy; it has nothing to do with a missed premium. C, incontestability, limits the insurer's right to rescind over the application. D, settlement options, is about how the beneficiary takes the money.

记法：防「忘了交钱」的是宽限期，防「后悔买了」的是 Free Look。

To remember it: the grace period covers "I forgot to pay"; free look covers "I wish I hadn't bought it".

必要条款 · 下Required Provisions, Part 2

第四章Ch. 4
R

Reinstatement 复效Reinstatement

失效后最长 3 年；要可保性证明，补缴保费和利息；已退保的不能复效Up to 3 years after lapse, with evidence of insurability and back premium plus interest; not after surrender

I

Incontestability 不可异议Incontestability

满 2 年，不得以欺诈、误告、隐瞒撤销；欠费、年龄、性别不在此列After 2 years, no rescission for fraud, misrepresentation or concealment; nonpayment, age and sex excepted

M

Misstatement of Age 误报年龄Misstatement of Age

按正确年龄重算赔偿额；保单照样有效The benefit is recalculated at the true age; the policy stands

E

Exclusions 除外责任Exclusions

航空、危险嗜好、战争、自杀；自杀 2 年内只退保费Aviation, hazardous hobbies, war, suicide; within 2 years a suicide gets premiums back only

接着讲后四条必要条款。Reinstatement 复效：宽限期过了还没交，保单就失效了，但失效的保单还可以「救回来」。 复效期最长 3 年，条件有两个：一是重新提供可保性证明，也就是身体还得过关； 二是补缴所有欠的保费，加上利息，题库里的利率上限通常写 6%。只有 Lapsed 失效的才能复效，Surrendered 已经退保拿了现金的不行， 钱拿走了，合同就结束了。

Reinstatement: once the grace period passes unpaid the policy lapses, but a lapsed policy can be revived. The window is up to three years, on two conditions: fresh evidence of insurability, meaning the insured still has to qualify, and payment of all the back premiums with interest, which the question bank usually caps at 6%. Only a lapsed policy can be reinstated; a surrendered one cannot: once the cash is taken, the contract is over.

Incontestability 不可异议，是对客户非常重要的保护。保单生效满 2 年后， 保险公司就不能再以投保时欺诈、误告、隐瞒为理由撤销合同。但有几件事不受这条保护：欠费、年龄、性别、身份。 比如年龄报错了，不是撤销保单，而是走下一条。

Incontestability is a major protection for the client. Once the policy has been in force for two years, the insurer can no longer rescind it for fraud, misrepresentation or concealment in the application. Some things sit outside it: nonpayment, age, sex and identity. A wrong age, for instance, doesn't void the policy; it falls under the next provision.

Misstatement of Age 误报年龄：发现年龄报错了，保险公司按正确年龄重新计算赔偿金额， 也就是「这些保费在真实年龄下能买多少保额」，保单照样有效，不会被取消。

Misstatement of age: when a wrong age comes to light, the insurer recalculates the benefit at the correct age, that is, how much coverage the premiums paid would have bought at the true age. The policy stays in force; it isn't cancelled.

Exclusions 除外责任常见四类：航空（非定期航班的私人飞行）、危险嗜好比如跳伞和赛车、战争、自杀。 自杀条款最常考：保单生效 2 年内自杀，公司只退已缴保费，不赔死亡金；满 2 年后正常理赔。 这一页的两个「2 年」，不可异议和自杀，经常放在同一道题里，别搞混成 1 年或 3 年。

The usual exclusions are aviation (private, non-scheduled flying), hazardous hobbies such as skydiving or racing, war, and suicide. Suicide is the one that's tested: a suicide within two years of issue gets the premiums back but not the death benefit; after two years the claim is paid in full. The two "two years" on this slide, incontestability and suicide, often appear in the same question; don't let them slide to one or three.

互动设计Interaction

问大家：客户的保单失效了 2 年，另一位客户 2 年前退保拿了现金，现在都想恢复。谁可以？ 答案：只有第一位，而且要重新证明身体可保、补缴欠费和利息；退保的那位只能重新投保。

Ask the room: one client's policy lapsed two years ago; another surrendered for cash two years ago. Both want their policies back. Who can? Only the first, with new evidence of insurability and back premium plus interest; the second has to apply for a new policy.

例题 · 不可异议条款Practice · Incontestability

第四章Ch. 4

「不可异议」条款使保险公司在多久之后，不得再撤销保单？After how long can the insurer no longer contest the policy?

  1. A6 个月6 months
  2. B1 年1 year
  3. C2 年2 years
  4. D5 年5 years
解析WHY

满 2 年后，即使发现误告、隐瞒、欺诈也不能撤销；欠费、年龄、性别不受此限After two years misrepresentation, concealment or fraud can't void it; nonpayment, age and sex are excepted

题目问：不可异议条款生效后，保险公司在多长时间以后就不能再撤销保单了？

The question: under the incontestable clause, after how long can the insurer no longer contest the policy?

答案是 C，2 年。保单生效满 2 年，就算公司事后发现投保时有误告、隐瞒，甚至欺诈，也不能以此撤销。 A 6 个月和 D 5 年是凑数的；B 1 年最容易误选，因为有些人会把它跟别的期限混在一起。 寿险里跟「2 年」有关的有两条：不可异议 2 年，自杀条款 2 年，两个数一样，正好一起记。

The answer is C, two years. Once the policy has been in force for two years, the insurer can't rescind it even if it later finds misrepresentation, concealment or fraud in the application. A, six months, and D, five years, are filler; B, one year, is the likeliest wrong pick, because people mix it up with other periods. Two life provisions run for two years, incontestability and suicide, so learn them together.

记法：两年一过，公司不能再翻旧账；但欠费、年龄、性别这几样，任何时候都能按实际情况处理。

To remember it: after two years, the insurer can't reopen the application; nonpayment, age and sex can still be dealt with at any time.

受益人 · 按血统还是按人头Per Stirpes vs Per Capita

第四章Ch. 4

Bryan 的三个孩子 Q、P、S 平分 $1,000,000；Q 比父亲先走，留下两个孩子Bryan's three children Q, P and S share $1,000,000; Q dies first, leaving two children

Per Stirpes 按血统Per stirpes: by family line

Q 那一份，往下传给 Q 的两个孩子Q's share passes down to Q's two children

P、S 各约 $333,333P and S: about $333,333 each

Q 的两个孩子各约 $166,667Q's two children: about $166,667 each

Per Capita 按人头Per capita: by head

只在世的人平分，Q 那一份不往下传Only the survivors share; Q's share doesn't pass down

P、S 各 $500,000P and S: $500,000 each

Q 的孩子拿不到Q's children get nothing

受益人这一块，最常考的就是 Per Stirpes 和 Per Capita 的区别。Per Stirpes 是按家系、按血统分， Per Capita 是按人头分。光听定义容易混，我们用一个例子把钱算清楚。

With beneficiaries, the most tested point is per stirpes versus per capita. Per stirpes divides by family line; per capita divides by head. The definitions blur together, so let's work the money through an example.

Bryan 有一张 100 万美元的保单，受益人写三个孩子 Q、P、S 平分。Q 有两个孩子，但 Q 比 Bryan 先过世。

Bryan has a $1,000,000 policy naming his three children, Q, P and S, as equal beneficiaries. Q has two children of his own, but Q dies before Bryan.

如果写的是 Per Stirpes 按血统：每个孩子本来就是三分之一，Q 那三分之一不会消失，而是顺着血统往下传给 Q 的两个孩子。 所以 P 和 S 各拿约 $333,333，Q 的两个孩子平分 Q 那一份，各拿约 $166,667， 四个人加起来正好 100 万。

Under per stirpes, each child's share is one third. Q's third doesn't vanish; it passes down the line to Q's two children. So P and S each receive about $333,333, and Q's two children split Q's third, about $166,667 each. The four amounts add back up to the full million.

如果写的是 Per Capita 按人头：只数赔付时还活着的受益人。Q 已经不在了，他那一份不往下传， 100 万由 P 和 S 两人平分，各 $500,000，Q 的两个孩子什么都拿不到。

Under per capita, you count only the beneficiaries alive at the time of payment. Q is gone and his share doesn't pass down, so P and S split the million, $500,000 each, and Q's two children receive nothing.

记法：Stirpes 是「树枝」，一枝断了，枝上的果子还在；Capita 是「人头」，只数站着的人。 考题只要问「哪种方式把份额留给孙辈」，答案就是 Per Stirpes。

To remember it: stirpes means branches: if a branch is cut, its fruit still counts. Capita means heads: you count whoever is still standing. If a question asks which designation passes a share to the grandchildren, the answer is per stirpes.

例题 · 按血统还是按人头Practice · Per Stirpes vs Per Capita

第四章Ch. 4

让某一类别中「在世成员」平分死亡赔偿金的指定方式是？Which designation splits the death benefit equally among the surviving members of a class?

  1. A按人头Per capita
  2. B类别受益人平均份额Class, equal shares
  3. C每日津贴Per diem
  4. D按血统Per stirpes
解析WHY

Per Capita 只在在世的人之间平分，先走的人的子女拿不到；Per Stirpes 才会把份额传给下一代Per capita splits among survivors only; per stirpes passes a share on to descendants

题目问：让某个类别里「还活着的成员」平分死亡赔偿金，这种指定方式叫什么？关键词是 surviving，在世的。

The question: which designation divides the death benefit equally among the surviving members of a class? The key word is "surviving".

答案是 A，Per Capita 按人头。只数还活着的人，先走的那一份不往下传。 D Per Stirpes 正好相反，会把先走者的那份留给他的子女，是最大的陷阱； B「类别受益人平均份额」听着很像，但它只是描述「写一类人」，没有回答在世不在世的问题； C Per Diem 是每日津贴，是健康险、长期护理里的概念，跟受益人无关，是混淆用的拉丁词。

The answer is A, per capita: only the living are counted, and a predeceased member's share doesn't pass down. D, per stirpes, is the opposite and the main trap, because it does pass that share to the deceased member's children. B, "class, equal shares", sounds close but only describes naming a group; it says nothing about who survives. C, per diem, is a daily benefit from health and long-term care cover, a Latin decoy with nothing to do with beneficiaries.

记法：题目里出现「在世的、surviving」就选 Per Capita；出现「孙辈、下一代、descendants」就选 Per Stirpes。

To remember it: "surviving" points to per capita; "grandchildren", "descendants" or "the next generation" points to per stirpes.

可撤换、不可撤换与共同灾难Revocable, Irrevocable & Common Disaster

第四章Ch. 4
R

Revocable 可撤换受益人Revocable beneficiary

保单持有人随时可以改，不用受益人同意The owner can change it at any time, without the beneficiary's consent

I

Irrevocable 不可撤换受益人Irrevocable beneficiary

改受益人、借现金值、转让保单，都要受益人书面同意Changing the beneficiary, borrowing the cash value or assigning the policy all need their written consent

C

Common Disaster 共同灾难条款Common disaster clause

分不清谁先走时，推定第一受益人先死，赔款转给第二顺位；通常要在 30、60 或 90 天内身故If the order of death can't be shown, the primary is presumed to die first and the contingent is paid; usually within 30, 60 or 90 days

受益人的指定还要分可撤换和不可撤换。Revocable 可撤换是最常见的：保单持有人想改受益人就改， 不需要通知受益人，也不需要他同意。

Beneficiary designations are either revocable or irrevocable. Revocable is the usual one: the owner can change the beneficiary whenever they like, without telling the beneficiary or getting their consent.

Irrevocable 不可撤换就不一样了：受益人等于对这张保单有了「既得权益」。 保单持有人要改受益人、要从现金值里借钱、要把保单转让给别人，都要先拿到这位受益人的书面同意。 实务里离婚协议、商业借款有时会要求写成不可撤换，就是为了让对方放心。

An irrevocable beneficiary is different: they hold a vested interest in the policy. To change the beneficiary, borrow against the cash value or assign the policy, the owner needs that beneficiary's written consent first. In practice a divorce settlement or a business loan sometimes requires an irrevocable designation for exactly that reassurance.

Common Disaster 共同灾难条款解决一个特殊情况：被保险人和第一受益人在同一场意外里几乎同时身故， 分不清谁先走。按 Uniform Simultaneous Death Act《统一同时死亡法》，分不清先后时，推定第一受益人先死， 这样赔款就转给第二顺位受益人；没有第二顺位的，归被保险人的遗产。 保单里的共同灾难条款通常把这个推定延长一段：受益人在被保险人身故后 30、60 或 90 天内也过世，同样视为先死。

The common disaster clause handles a special case: the insured and the primary beneficiary die in the same accident and no one can say who died first. Under the Uniform Simultaneous Death Act, when the order can't be established, the primary beneficiary is presumed to have died first, so the benefit goes to the contingent beneficiary, or to the insured's estate if there is none. The policy clause usually stretches that presumption: if the beneficiary dies within 30, 60 or 90 days after the insured, they are treated as having died first too.

为什么要这样？如果钱先进了第一受益人的遗产，就会按他的遗嘱或继承顺序走，可能落到被保险人完全不想给的人手里， 还要多走一次遗产认证。共同灾难条款的目的，就是让钱按被保险人的意思走。

Why bother? If the money went into the primary beneficiary's estate, it would follow that person's will or the intestacy rules, could end up with someone the insured never meant to benefit, and would go through probate a second time. The common disaster clause keeps the money going where the insured intended.

例题 · 共同灾难条款Practice · Common Disaster

第四章Ch. 4

被保险人与第一受益人在同一事故身亡，无法确定先后，适用哪项条款？The insured and the primary beneficiary die in the same accident and no one can tell who died first. Which provision applies?

  1. A联合第二身故Joint and second-to-die
  2. B同时死亡条款Simultaneous death
  3. C联合生命条款Joint life
  4. D共同灾难条款Common disaster provision
解析WHY

共同灾难条款配合《统一同时死亡法》，推定第一受益人先死，赔款转给第二顺位The common disaster clause, with the Simultaneous Death Act, presumes the primary died first; the contingent is paid

题目问：被保险人和第一受益人在同一场事故里身亡，没法证明谁先走，适用哪一项条款？

The question: the insured and the primary beneficiary die in the same accident, with no proof of who died first. Which provision applies?

答案是 D，共同灾难条款 Common Disaster Provision。它推定第一受益人先死，赔款转给第二顺位受益人。 B「同时死亡」最容易误选：Simultaneous Death 是那部法律的名字，保单里对应的条款叫 Common Disaster，题目问的是「条款」，选 D。 A 联合第二身故和 C 联合生命是两种保单类型，一张单保两个人，跟谁先走的推定无关。

The answer is D, the common disaster provision, which presumes the primary beneficiary died first and pays the contingent. B, "simultaneous death", is the tempting wrong answer: that's the name of the law, while the provision in the policy is called common disaster, and the question asks for the provision. A, joint and second-to-die, and C, joint life, are policy types that cover two lives; they say nothing about who is presumed to die first.

记法：法律叫 Simultaneous Death，条款叫 Common Disaster；结果都是「受益人先走，钱往下一顺位走」。

To remember it: the law is "simultaneous death", the clause is "common disaster", and either way the beneficiary is treated as dying first and the money moves to the next in line.

理赔的六种领法Six Settlement Options

第四章Ch. 4
1

Cash 一次性现金Cash

一次付清；没指定时的默认方式One lump sum; the default when nothing is chosen

2

Interest Only 只付利息Interest Only

本金留在公司，定期付息；利息要交税The principal stays with the insurer; the interest is paid out and taxed

3

Fixed Period 定期分期Fixed Period

期限定死，每期金额随之而定The period is fixed; the payment size follows from it

4

Fixed Amount 定额分期Fixed Amount

每期金额定死，能领几期随之而定The payment is fixed; the number of payments follows from it

5

Life Income 终身收入Life Income

活多久付多久；Joint and Survivor 让第二个人接着领Paid for life; joint and survivor keeps paying a second person

6

Spendthrift 败家子条款Spendthrift Clause

强制分期领；受益人不能借、不能转让，债权人也拿不走Forces instalments; no borrowing or assigning, and creditors can't reach it

受益人拿到死亡赔偿金，可以选不同的领法，英文叫 Settlement Options，结算选项。一共六种，我们一个一个讲。

A beneficiary can take the death benefit in different ways, called settlement options. There are six; let's go through them one at a time.

第一，Cash 一次性现金，一笔全给，受益人什么都没选的时候就是这个，是默认方式。 第二，Interest Only 只付利息：本金留在保险公司，公司按月或按年把利息付给受益人，本金以后再领或者留给下一位。 注意死亡赔偿金本身不交所得税，但这里付出来的利息要交税。

One, cash: a single lump sum, and the default if the beneficiary chooses nothing. Two, interest only: the insurer keeps the principal and pays the interest monthly or yearly; the principal is taken later or passed on. Note that the death benefit itself isn't income-taxed, but the interest paid out here is.

第三和第四是一对，最容易考混。Fixed Period 定期分期是把「期限」定死，比如 10 年领完，每期领多少由本金和利息算出来。 Fixed Amount 定额分期是把「金额」定死，比如每月 $2,000，能领多少期由本金和利息算出来。 一句话：定期定的是时间，定额定的是钱。

Three and four are a pair, and the most confused. Fixed period fixes the length, say ten years, and the size of each payment is worked out from the principal and interest. Fixed amount fixes the payment, say $2,000 a month, and the number of payments is worked out from the principal and interest. In short: fixed period fixes the time; fixed amount fixes the money.

第五，Life Income 终身收入：受益人活多久付多久，钱用不完的风险由保险公司承担。 Joint and Survivor 联合生存版本是两个人一起领，第一个人走了，第二个人接着领， 金额常常会减少，比如 joint and 1/2 survivor，就是剩下的人领原来的一半。

Five, life income: the beneficiary is paid for as long as they live, and the insurer carries the risk of the money running out. The joint and survivor version pays two people; when the first dies, the second carries on, often at a reduced amount, for example joint and one-half survivor, where the survivor receives half the original payment.

第六，Spendthrift Clause 败家子条款，是为了防止受益人一下子把钱花光。 它强制受益人按定期或定额分期领，受益人不能拿这笔钱去借款、不能转让、不能改领法， 受益人的债权人也不能来追这笔钱。这一点题目也会问。

Six, the spendthrift clause, which stops a beneficiary from blowing the money at once. It forces payment in instalments by period or amount; the beneficiary can't borrow against it, assign it or change the option, and the beneficiary's creditors can't reach it either. That point gets asked too.

例题 · 理赔的六种领法Practice · Settlement Options

第四章Ch. 4

受益人想每月领 $2,000，直到本金和利息用完，应选哪种结算方式？A beneficiary wants $2,000 a month until the principal and interest run out. Which option fits?

  1. A定期分期Fixed period
  2. B一次性现金Cash option
  3. C定额分期Fixed amount
  4. D只付利息Interest option
解析WHY

定额是金额定死，本息决定能领几期；定期正好相反，期限定死，每期金额跟着变Fixed amount fixes the payment and lets the term vary; fixed period does the reverse

题目问：受益人希望每个月领 $2,000，一直领到本金和利息全部用完，应该选哪一种结算方式？

The question: a beneficiary wants $2,000 a month until the principal and interest are used up. Which settlement option fits?

答案是 C，定额分期 Fixed Amount。题目里定死的是「每月 $2,000」这个金额，能领多少个月取决于本金和利息，这就是定额。 A 定期分期是陷阱：它定死的是期限，比如「10 年领完」，每月多少是算出来的，正好反过来。 B 一次性现金是一笔拿走，不是每月领；D 只付利息是本金不动、只领利息，不会「用完本金」。

The answer is C, fixed amount. What's fixed in the question is the $2,000 a month; how many months it lasts depends on the principal and interest. That's fixed amount. A, fixed period, is the trap: it fixes the length, say ten years, and works out the monthly figure, the exact reverse. B, cash, is one lump sum, not monthly payments. D, interest only, leaves the principal untouched, so it never "runs out".

记法：题目给了金额就是定额，题目给了年数就是定期。

To remember it: if the question gives a dollar amount, it's fixed amount; if it gives a number of years, it's fixed period.

不丧失价值选择Nonforfeiture Options

第四章Ch. 4
C

Cash Surrender 退保拿现金Cash Surrender Value

超过本金的部分按普通收入课税；可能扣退保费Gain above basis is ordinary income; a surrender charge may apply

R

Reduced Paid-Up 减额付清Reduced Paid-Up

现金值一次付清同类型保单；保额变小，不再缴费The cash value buys a smaller policy of the same type, fully paid up

E

Extended Term 展期定期Extended Term

现金值买同面额的定期，期限由现金值决定；这是默认选项The cash value buys term at the same face for as long as it lasts; the default

A

Automatic Premium Loan 自动垫缴Automatic Premium Loan

漏交保费时，从现金值自动借出来垫上A missed premium is paid by an automatic loan against the cash value

W

Withdrawals 部分提领Withdrawals

UL 可以部分提领；超过本金的部分要交税UL allows partial withdrawals; anything above basis is taxable

Nonforfeiture，不丧失价值条款，意思是：保单一旦有了现金值，就算保单持有人不再交保费，保险公司也不能把这笔钱没收。 客户停缴以后，现金值有三个去处，外加两种借用的办法。

Nonforfeiture means: once a policy has cash value, the insurer can't confiscate it even if the owner stops paying. When premiums stop, the cash value can go three ways, and there are two further ways to use it.

第一，Cash Surrender 退保拿现金：不要这张保单了，把现金值拿回家。拿回来的钱超过累计已缴保费，也就是本金的部分， 按普通收入交税；前几年退保还可能被扣退保费。

One, cash surrender: give up the policy and take the cash value home. Whatever exceeds the premiums paid in, the basis, is taxed as ordinary income, and in the early years a surrender charge may come off.

第二，Reduced Paid-Up 减额付清：用现金值当一次性保费，买一张同类型的保单，比如终身寿险还是终身寿险， 保额变小了，但从此不用再交一分钱，保障一直到终身。 第三，Extended Term 展期定期：用现金值买一张定期保险，面额跟原来一样，能保多久由现金值决定， 钱用完了保障就结束。客户停缴又什么都没选的时候，公司默认走展期定期。这一点考试最爱问。

Two, reduced paid-up: the cash value is used as a single premium for a policy of the same type, whole life staying whole life, at a smaller face, with nothing more to pay and cover for life. Three, extended term: the cash value buys term insurance at the same face amount, for however long the money stretches; when it runs out, so does the cover. If the owner stops paying and chooses nothing, extended term is the default. That's the exam's favourite question here.

另外两种是借用现金值的办法。Automatic Premium Loan 自动垫缴：客户忘了交保费，公司自动从现金值里借钱把保费垫上， 保单不失效，但这是一笔贷款，要计息。Withdrawals 部分提领：万能寿险 UL 允许从现金值里提一部分出来， 提出来的钱先算本金，超过本金的部分才交税。

The other two borrow on the cash value. The automatic premium loan: if a premium is missed, the insurer automatically lends it from the cash value so the policy doesn't lapse; it's a loan, and interest accrues. Withdrawals: universal life lets the owner take part of the cash value out; withdrawals come out of basis first, and only the amount above basis is taxed.

讲师提醒Presenter's note

减额付清和展期定期，可以画成一个对比：一个是「保额变小、保到终身」，一个是「保额不变、保一段时间」。学员一看就分得开。

Draw reduced paid-up and extended term side by side: one is "smaller face, cover for life", the other "same face, cover for a while". People separate them at a glance.

例题 · 不丧失价值选择Practice · Nonforfeiture Options

第四章Ch. 4

$50,000 终身寿险，现金值 $10,000，停缴后选「减额付清」，是指？A $50,000 whole life policy has $10,000 of cash value. The owner stops paying and chooses reduced paid-up. This means:

  1. A换约 $20,000 付清终身About $20,000 of paid-up whole life
  2. B退保拿 $10,000Surrender for $10,000
  3. C$50,000 定期保 10 年$50,000 of term for 10 years
  4. D终身每月领 $200$200 a month for life
解析WHY

减额付清，用现金值一次付清同类型保单；保额变小，从此不再缴费Reduced paid-up buys a smaller policy of the same type, fully paid up

题目：一张 $50,000 的终身寿险，现金值有 $10,000，保单持有人不想再交保费了，选择「减额付清」，这是什么意思？

The question: a $50,000 whole life policy has $10,000 of cash value. The owner wants to stop paying and picks reduced paid-up. What does that mean?

答案是 A，用现金值换一张约 $20,000 的付清终身寿险。同类型，还是终身寿险；保额从 5 万降下来； 从此不再缴费。具体能换多少保额要看被保险人的年龄和公司费率，题目里的 2 万只是示意。 B 退保拿 $10,000 是第一种选择 Cash Surrender；C「$50,000 定期保 10 年」是展期定期的样子，面额不变、保一段时间； D 每月领钱是年金或结算方式的说法，不是不丧失价值选择。

The answer is A: the cash value buys roughly $20,000 of paid-up whole life. Same type of policy, still whole life; a lower face than $50,000; no more premiums. The exact amount depends on the insured's age and the insurer's rates; the $20,000 is illustrative. B, surrendering for $10,000, is the cash surrender option. C, $50,000 of term for ten years, is what extended term looks like: same face, limited time. D, a monthly income, describes an annuity or a settlement option, not a nonforfeiture option.

记法：Reduced 是「保额减少」，Paid-Up 是「已经付清」，两个词拆开读，意思就出来了。

To remember it: "reduced" means a smaller face, "paid-up" means nothing more to pay; read the two words separately and the meaning is right there.

红利的五种用法Five Dividend Options

第四章Ch. 4
1

Cash 领现金Cash

直接寄支票给保单持有人A cheque sent to the owner

2

Reduce Premium 抵保费Reduce Premium

冲抵下一年的保费Credited against next year's premium

3

Accumulate at Interest 留存生息Accumulate at Interest

红利本身不交税，生出来的利息要交税The dividend isn't taxed; the interest it earns is

4

One-Year Term 买一年定期One-Year Term

加买一年期定期，叠在主险上Buys one year of extra term on top of the base policy

5

Paid-Up Additions 付清增额Paid-Up Additions

当一次性保费，加买小额永久寿险；按当时年龄计价A single premium for extra permanent cover, priced at attained age

红利是多收保费的退还，本身不算收入；「按月发收入」不是红利选项A dividend is a return of overcharged premium, not income; "monthly income" is not a dividend option

只有分红保单 Participating Policy 才有红利。红利从哪来？保险公司定价时保费收得比较保守， 实际的死亡率、投资收益、费用比预期好，多收的部分就以红利的形式退回给保单持有人。 所以在税法上，红利被看作保费的退还，本身不算收入、不交税。红利不是保证的，公司每年决定发多少。

Only a participating policy pays dividends. Where do they come from? The insurer prices the premium conservatively; when mortality, investment returns and expenses turn out better than assumed, the overcharge is returned to the owner as a dividend. That's why tax law treats a dividend as a return of premium: it isn't income and isn't taxed. Dividends aren't guaranteed; the company decides each year what to pay.

红利有五种用法。第一，Cash 领现金，直接寄支票。第二，Reduce Premium 抵保费，冲抵下一年要交的保费。 第三，Accumulate at Interest 留存生息，红利留在公司里按利率生息，像个小储蓄账户； 注意这里红利本身不交税，但生出来的利息要交税，这是常考点。

There are five ways to use a dividend. One, cash: a cheque in the post. Two, reduce premium: it's credited against next year's premium. Three, accumulate at interest: the dividend stays with the insurer and earns interest, like a small savings account. The dividend itself isn't taxed, but the interest it earns is, a favourite exam point.

第四，One-Year Term 买一年定期：用红利买一年的额外定期保险，叠在主险上，保额临时加一点。 第五，Paid-Up Additions 付清增额：把红利当成一次性保费，加买一小份同类型的永久寿险， 按被保险人当时的年龄 Attained Age 计价，不用体检。这一项会让保额和现金值一起慢慢长大。

Four, one-year term: the dividend buys a year of extra term cover on top of the base policy. Five, paid-up additions: the dividend is used as a single premium for a small piece of extra permanent cover of the same type, priced at the insured's attained age, with no medical. Over time this grows both the face and the cash value.

最后提醒一个混淆点：「按月发收入」是理赔的结算方式，不是红利的用法。下一页的例题考的就是这个。

One last trap: "monthly income" is a settlement option for a death benefit, not a dividend option. The next practice question tests exactly that.

例题 · 红利的五种用法Practice · Dividend Options

第四章Ch. 4

下列哪一项「不是」保单红利的使用选项？Which of these is NOT an option for using policy dividends?

  1. A购买付清增额Buy paid-up additions
  2. B抵下一年保费Reduce the next premium
  3. C购买一年期定期Buy one-year term
  4. D提供每月收入Fund monthly income payments
解析WHY

红利五选：现金、抵保费、留存生息、一年定期、付清增额；按月发收入是结算选项The five: cash, reduce premium, accumulate, one-year term, paid-up additions; monthly income is a settlement option

题目问：下列哪一项「不是」保单红利的使用方式？看到 NOT，先把五种红利用法在脑子里过一遍。

The question: which of these is NOT a way to use policy dividends? When you see NOT, run through the five dividend options in your head first.

答案是 D，提供每月收入。A 付清增额、B 抵保费、C 一年期定期，都在五种用法里， 另外两种是领现金和留存生息。「按月发收入」听起来很合理，但它属于受益人领死亡赔偿金的结算方式，比如定额分期、终身收入， 不是红利的用法。

The answer is D, funding monthly income payments. A, paid-up additions, B, reducing the premium, and C, one-year term, are all on the list; the other two are cash and accumulation at interest. "Monthly income" sounds reasonable, but it belongs to the settlement options for a death benefit, such as fixed amount or life income, not to dividends.

记法：红利五选，现、抵、存、一年、增额；带「收入、income」字样的，去结算方式那一页找。

To remember it: the five are cash, reduce, accumulate, one-year term and additions; anything that says "income" belongs with the settlement options.

常考附加险Riders on the Exam

第四章Ch. 4
W

Waiver of Premium 豁免保费Waiver of Premium

完全残疾期间免缴；6 个月等候期，通常 65 岁失效Premiums waived in total disability; 6-month wait; usually ends at 65

A

Accelerated Benefit 生前理赔Accelerated Benefit

临终等情况提前领部分死亡金；加州要求及时支付Part of the death benefit paid early, e.g. when terminally ill; California requires prompt payment

S

Spouse / Children Term 家人附约Spouse / Children Term

配偶通常到 65 岁，孩子到 18–21 岁；可转永久Spouse usually to 65, children to 18–21; convertible to permanent

D

Accidental Death 意外身故Accidental Death

意外后 90 天内身故，赔面额 2–3 倍；不含红利增额Death within 90 days pays 2–3× the face; paid-up additions excluded

G

Guaranteed Insurability 保证加保Guaranteed Insurability

结婚、生子时免体检加保；通常 40 岁左右结束Add cover without evidence at marriage or a birth; usually ends around 40

C

Cost of Living / Return of PremiumCost of Living / Return of Premium

COL 随 CPI 加保额；ROP 在约定年龄前身故，加赔已缴保费COL tracks the CPI; ROP adds back premiums if death comes before a stated age

附加险，英文叫 Rider，是挂在主保单上的修改或加项，多交一点保费，多一项保障。考试常考的有六类。

A rider is an amendment or add-on attached to the base policy: a little more premium for an extra benefit. Six kinds come up on the exam.

Waiver of Premium 豁免保费：被保险人完全残疾期间，保费由公司豁免，保单照样有效。 通常要先经过 6 个月等候期，一般 65 岁失效。 Accelerated Benefit 生前理赔：被保险人得了绝症等情况，可以在生前先领一部分死亡赔偿金，用来治病或安排生活； 加州规定保险公司收到完整的理赔资料后要及时支付。提醒客户，提前领的钱可能影响 Medi-Cal 这类公共援助的资格，税务上也要看具体情况。

Waiver of premium: while the insured is totally disabled, the insurer waives the premiums and the policy stays in force. There is normally a six-month waiting period, and the rider usually ends at 65. Accelerated benefit: if the insured is terminally ill or meets another trigger, part of the death benefit can be paid while they're alive, for treatment or to put affairs in order; California requires the insurer to pay promptly once it has the claim information. Tell clients an early payment can affect eligibility for public assistance such as Medi-Cal, and the tax treatment depends on the circumstances.

Spouse / Children / Family Term 家人附约：在主保单上给配偶或孩子加一份定期， 通常配偶保到 65 岁，孩子保到 18 或 21 岁，到期可以转成永久寿险，不用体检。 Accidental Death 意外身故，也叫 Double 或 Triple Indemnity：意外发生后 90 天内身故， 赔基本面额的 2 到 3 倍；注意加倍的只是基本面额，红利买来的付清增额不算在内。

Spouse, children or family term adds term cover for a spouse or children to the base policy, usually to 65 for a spouse and 18 or 21 for children, convertible to permanent cover at the end without a medical. Accidental death, also called double or triple indemnity, pays two or three times the base face if death follows the accident within 90 days; only the base face is multiplied, and paid-up additions bought with dividends don't count.

Guaranteed Insurability 保证加保：在结婚、生孩子这些人生大事发生时，或者在约定的年龄节点， 可以不提供可保证明直接加保，这项选择权通常到 40 岁左右就结束。 Cost of Living 生活费用附约按消费者物价指数 CPI 自动增加保额，抵消通胀。 Return of Premium 退还保费附约：被保险人在约定年龄之前身故，比如 60 岁之前，除了保额，还把已缴的保费一起赔出来。 具体是哪个年龄，看保单上怎么写。

Guaranteed insurability lets the owner add coverage without evidence of insurability at life events such as marriage or a birth, or at set ages; the option usually ends around age 40. Cost of living raises the face automatically with the consumer price index to offset inflation. Return of premium pays the premiums back on top of the face if the insured dies before a stated age, for example 60; the age is whatever the policy specifies.

节奏提示Pacing

这一页数字最密：6 个月、65 岁、90 天、2–3 倍、40 岁。讲完停一下，让大家合上讲义，把五个数字各配一个附约写出来。

This slide is the densest for numbers: six months, 65, 90 days, two to three times, 40. Pause afterwards, have people close their notes, and ask them to match each number to its rider.

例题 · 常考附加险Practice · Riders

第四章Ch. 4

哪项条款在被保险人因重病身故「之前」，就先付出部分赔偿金？Which provision pays part of the death benefit BEFORE the insured dies of a serious illness?

  1. A残疾收入Disability income
  2. B生活费用调整Cost of living
  3. C生前理赔Accelerated death benefit
  4. D豁免保费Waiver of premium
解析WHY

生前理赔在被保险人临终等情况下，提前付出部分死亡赔偿金；加州要求及时支付The accelerated death benefit pays part of the benefit early when death is near; California requires prompt payment

题目问：哪一项条款会在被保险人因重病过世「之前」，先付出一部分死亡赔偿金？

The question: which provision pays part of the death benefit before the insured dies of a serious illness?

答案是 C，生前理赔 Accelerated Death Benefit。它动用的是死亡赔偿金本身，提前给一部分， 以后身故时再赔剩下的。A 残疾收入是残疾后按月给收入，是另一类保险，不动死亡金； B 生活费用调整是随物价加保额；D 豁免保费是残疾时不用交保费，公司并不付钱给客户。 D 最容易误选，因为它也跟「生病」有关，但它省的是保费，不是提前拿赔款。

The answer is C, the accelerated death benefit. It draws on the death benefit itself, paying part early and the rest at death. A, disability income, pays a monthly income after a disability; it's a different kind of cover and doesn't touch the death benefit. B, cost of living, raises the face with inflation. D, waiver of premium, stops premiums during disability, but the insurer pays nothing out to the client. D is the likeliest wrong pick because it also relates to illness, but it saves premium rather than paying the benefit early.

记法：Accelerated 就是「加速」，把死后才给的钱，加速到生前先给。

To remember it: "accelerated" means sped up: money that would come at death is brought forward to while the insured is still alive.

第四章自测Chapter 4 Self-Test

第四章Ch. 4
Q1

加州 Free Look 最少几天，邮购和 60 岁以上呢？California's minimum free look? Mail order, and age 60+?

10 天；邮购、60 岁以上都是 30 天10 days; 30 for mail order and for 60+

Q2

不可异议期多长？How long is the incontestable period?

2 年；期满后不能以欺诈、隐瞒、误告撤销2 years; after it, no rescission for fraud, concealment or misrepresentation

Q3

哪种指定方式把份额留给孙辈？Which designation passes a share to grandchildren?

Per Stirpes，按血统传给下一代Per stirpes, down the family line

Q4

自杀条款几年内不赔死亡金？How long does the suicide exclusion run?

生效 2 年内自杀只退保费；2 年后照赔2 years: premiums refunded only; paid in full after that

第四章自测，四道题，先让大家自己答，再对答案。

The chapter four self-test: four questions. Let people answer on their own first, then go through them.

第一题：加州的 Free Look 最少几天？答案是 10 天；邮购保单和 60 岁以上的 Senior 都是 30 天， 替换保单也是 30 天，都从客户收到保单那天起算。第二题：不可异议期多长？2 年，期满后公司不能再以欺诈、隐瞒、误告为由撤销保单。 这两题错了，回去看必要条款的上下两页。

Question one: California's minimum free look is 10 days; a mail-order policy and a senior aged 60 or over both get 30 days, as does a replacement, all counted from delivery. Question two: the incontestable period is two years, after which the insurer can't rescind for fraud, concealment or misrepresentation. If you missed either, go back over the two required-provisions slides.

第三题：哪种指定方式会把份额留给孙辈？Per Stirpes 按血统。Per Capita 按人头，只在在世的人之间分，孙辈拿不到。 答错的，把 Bryan 一家的例子再算一遍：按血统是 P、S 各约 33 万，Q 的两个孩子各约 16.7 万；按人头是 P、S 各 50 万。

Question three: the designation that passes a share to grandchildren is per stirpes. Per capita divides only among the living, and the grandchildren get nothing. If you missed it, work Bryan's family through again: per stirpes gives P and S about $333,333 each and Q's two children about $166,667 each; per capita gives P and S $500,000 each.

第四题：自杀条款。保单生效 2 年内自杀，公司只退还已缴保费，不赔死亡金；满 2 年后照常理赔。 最后再强调一次宽限期：考场答 30–31 天；加州实务至少 60 天。

Question four: the suicide clause. A suicide within two years of issue gets the premiums back but no death benefit; after two years the claim is paid as normal. And one more reminder about the grace period: answer 30–31 days in the exam; in California practice it's at least 60.

第五章 · Chapter FiveChapter Five

年金Annuities

怕活太久，钱不够用For the fear of outliving your money

寿险防「死太早」，年金防「活太久」；累积期、年金期、各种类型一次讲清Life insurance covers dying too soon, annuities cover living too long: the two phases and the main types

第五章讲年金。先记住一句话：寿险解决「死太早」的风险，年金解决「活太久」的风险。 人走得早，家里没了收入，这是寿险管的事；人活得久，退休的钱先花光了，这是年金管的事。

Chapter five is annuities. Start with one sentence: life insurance handles the risk of dying too soon; an annuity handles the risk of living too long. Die early and the family loses an income, which is life insurance's job; live long and the retirement money runs out first, which is the annuity's job.

这一章要弄清三件事：年金的两个阶段，累积期和年金期；合同里的三个角色；还有各种类型， 即期和延期、固定和指数、合格和不合格，以及领钱的几种方式。名词不算多，但每一对都是考试爱拿来对比的。

Three things to get clear in this chapter: the two phases, accumulation and payout; the three parties to the contract; and the types, immediate against deferred, fixed against indexed, qualified against non-qualified, plus the ways the money can be paid out. Not many terms, but the exam loves to set each pair against the other.

年金 · 核心概念Annuity Basics

第五章Ch. 5
1

防什么What it protects against

保险公司按期付钱，可以付一辈子，防「活太久没钱」The insurer pays at intervals, even for life, so you don't outlive your money

2

Accumulation Period

累积期：把钱付进去，延税增长Money goes in and grows tax-deferred

3

Annuity Period

年金期：开始领钱，一旦开始就回不去Payments begin, and annuitisation can't be reversed

4

三个角色Three parties

Owner, Annuitant, Beneficiary

5

Annuitant 必须是自然人The annuitant must be a person

Owner 可以是公司或信托The owner can be a company or a trust

6

用的表不一样A different table

寿险用死亡率表，年金用假设人活得更久的表Life insurance uses a mortality table; annuities assume longer lives

年金跟寿险刚好反过来。保险公司承诺按期付钱给你，可以付一段时间，也可以付一辈子， 目的就是防止人活得比钱长。

An annuity is life insurance turned around. The insurer promises to pay you at regular intervals, for a set time or for the rest of your life, so that you don't outlive your money.

年金分两个阶段。Accumulation Period 累积期，是把保费付进去的阶段，钱在里面延税增长。 Annuity Period 年金期，是开始领钱的阶段，这一步叫 Annuitization 年金化。 年金化之后，那笔本金就换成了一串定期付款，一旦开始领，就不能把钱放回去、重新累积。

There are two phases. The accumulation period is when premiums go in and grow tax-deferred. The annuity period is when payments come out; turning the account into payments is called annuitisation. Once annuitised, the lump sum has been exchanged for a stream of payments, and you can't put the money back and start accumulating again.

三个角色要分清。Owner 持有人买年金、控制合同；Annuitant 领受人是按他的寿命来算付款的人； Beneficiary 受益人是累积期里领受人过世时拿钱的人。 考试最爱考的一点：Annuitant 必须是自然人，因为付款挂钩的是一个人的寿命；Owner 可以是公司或信托。

Keep the three parties apart. The owner buys and controls the contract; the annuitant is the person whose life the payments are measured by; the beneficiary receives the money if the annuitant dies during accumulation. The point the exam likes most: the annuitant must be a natural person, because the payments depend on a human lifespan. The owner can be a company or a trust.

最后一点：寿险和年金用的表不一样。寿险定价用死亡率表；年金用的表假设人活得更久， 因为买年金的人本来就倾向于身体好、预计长寿的人。对保险公司来说，寿险怕人走得早，年金怕人活得久，所以两边都往保守的方向估。

Last point: the tables differ. Life insurance is priced off a mortality table; annuities use one that assumes longer lives, since the people who buy annuities tend to be healthy and expect to live long. The insurer is cautious both ways: with life insurance it fears early deaths, with annuities long lives.

例题 · 年金防什么风险Practice · What Annuities Protect Against

第五章Ch. 5

人们购买年金，是为了防范哪一种风险？People buy annuities to protect against the risk of:

  1. A死得太早Dying too soon
  2. B变得不可保Becoming uninsurable
  3. C活得比钱长Outliving their resources
  4. D房贷还清前身故Dying before the mortgage is paid
解析WHY

寿险防「死太早」，年金防「活太久」；年金按期付钱，可以付一辈子Life insurance covers dying too soon; an annuity covers living too long by paying for as long as you live

题目问：人们买年金，是为了防哪一种风险？

The question: what risk do people buy annuities to protect against?

答案是 C，活得比自己的钱长。年金的核心承诺就是按期付钱、可以付到人走为止， 所以它防的是长寿风险。A 死得太早是寿险的事；D 房贷没还完人就走了，也是寿险的事，通常用递减定期寿险来解决； B 变得不可保，跟年金无关，那是寿险附约里「保证可加保」之类的选项要处理的。

The answer is C, outliving their resources. An annuity's core promise is to keep paying, potentially until death, so it protects against longevity. A, dying too soon, is life insurance's job. D, dying before the mortgage is paid, is also life insurance, usually decreasing term. B, becoming uninsurable, has nothing to do with annuities; that is what a guaranteed insurability rider on a life policy is for.

记法：寿险怕早，年金怕老。选项里凡是跟「死」有关的，都往寿险那边排除。

To remember it: life insurance fears early, annuities fear old. Any option about dying belongs to life insurance; cross it out.

即期年金与延期年金Immediate vs Deferred Annuities

第五章Ch. 5

SPIA 一次付清即期年金SPIA: single premium immediate

  • 一次付清，买后一个月内开始领One payment; income starts within a month
  • 金额看保费、付款频率、利率、年龄、性别The amount depends on premium, frequency, interest, age and sex
  • 65 岁男性多于 45 岁男性：年纪大A man of 65 gets more than a man of 45: he's older
  • 65 岁男性多于 65 岁女性：男性预期寿命短A man of 65 gets more than a woman of 65: shorter life expectancy

Deferred 延期年金Deferred annuity

  • 一次或分期缴费，将来某个时点起领Funded once or over time; income starts later
  • 常用来累积退休金The usual tool for building retirement savings
  • 当前利率与保证利率，取高Credits the higher of the current or guaranteed rate
  • 59½ 前动用收益，按普通收入课税，另加 10% 罚款Gains taken before 59½: ordinary income tax plus a 10% penalty

先看左边，SPIA，Single Premium Immediate Annuity，一次付清的即期年金。 一次把钱交进去，大约一个月之内就开始领。每期能领多少，取决于五样东西：交了多少保费、多久付一次、利率、 领受人的年龄、领受人的性别。

On the left, the SPIA, the single premium immediate annuity. You pay once, and income starts within about a month. How much each payment is depends on five things: the premium, how often it pays, the interest rate, and the annuitant's age and sex.

年龄和性别为什么影响金额？道理是：预期还能活的年数越短，每期能领的就越多，因为同一笔钱要分的期数少。 所以有两组比较。第一组看年龄：其他条件相同，65 岁男性比 45 岁男性领得多，因为他年纪大。 第二组看性别：65 岁男性比 65 岁女性领得多，因为男性预期寿命短。 注意这两组不能连成一串：45 岁男性还能活的年数比 65 岁女性长，所以他领得反而比她少。

Why do age and sex matter? The shorter the expected remaining lifetime, the larger each payment, because the same money is split over fewer payments. That gives two comparisons. By age: all else equal, a man of 65 gets more than a man of 45, because he's older. By sex: a man of 65 gets more than a woman of 65, because men have the shorter life expectancy. Don't chain the two together: a 45-year-old man has more years ahead of him than a 65-year-old woman, so he gets less than she does, not more.

右边是 Deferred Annuity 延期年金。可以一次缴，也可以分期缴，将来到某个时点才开始领， 今天最常见的用途就是累积退休金。累积期里，利率按当前利率和合同保证利率取高的那个。

On the right, the deferred annuity. It can be funded with one payment or many, and income starts at some later date; today its most common use is building retirement savings. During accumulation it credits the higher of the current rate and the contract's guaranteed rate.

关键考点：59½ 岁之前从年金里动用收益部分，按普通收入课税，另外加 10% 罚款。 罚的是收益，也就是赚的那部分，不是本金。这条即期和延期都适用，后面的税务一章还会再见到。

The key exam point: taking the gain out of an annuity before 59½ means ordinary income tax plus a 10% penalty. The penalty is on the gain, not on the principal. It applies to both kinds, and it comes back in the tax chapter.

例题 · 即期与延期Practice · Immediate vs Deferred

第五章Ch. 5

Joe 用一笔奖金买年金，下个月就开始领月收入。他买的是？Joe buys an annuity with a bonus and income starts next month. It is a:

  1. A避税年金Tax-sheltered annuity
  2. B一次付清延期年金Single premium deferred annuity
  3. C一次付清即期年金Single premium immediate annuity
  4. D个人退休年金Individual retirement annuity
解析WHY

一次付清、一个月内开始领，就是 SPIA；延期年金要到将来才开始领Paid once, income within a month: a SPIA. A deferred annuity starts paying at a later date

题目：Joe 拿一笔奖金买年金，下个月就开始领月收入。他买的是哪一种？

Joe uses a bonus to buy an annuity, and monthly income starts next month. What did he buy?

答案是 C，一次付清即期年金 SPIA。题目里有两个信号：「一笔奖金」说明是一次付清，Single Premium； 「下个月就开始领」说明是即期，Immediate。B 也是一次付清，但它是延期，要将来才开始领，正好错在时间上。 A 避税年金是 403(b) 的别名，给非营利机构和公立学校员工用的；D 个人退休年金是用年金形式开的 IRA，都跟题目无关。

The answer is C, a single premium immediate annuity. The question gives two signals: "a bonus" means one payment, single premium; "starts next month" means immediate. B is also single premium but deferred, so it fails on timing. A, the tax-sheltered annuity, is another name for the 403(b) used by nonprofits and public schools; D, the individual retirement annuity, is an IRA held as an annuity. Neither fits.

记法：看两个词，钱怎么交、什么时候领。一次交、马上领，就是 SPIA。

To remember it: check two things, how it's paid for and when it pays. Paid once and paying right away is a SPIA.

退保费与身故给付Surrender Charges and the Death Benefit

第五章Ch. 5
1

典型退保费阶梯A typical surrender schedule

第 1 年 7%，每年少一个百分点，第 8 年起归零7% in year one, falling a point a year, zero from year eight

2

退保价值Surrender value

已付保费 + 累积利息 − 退保费Premiums paid + interest credited − the surrender charge

3

算例Example

$700 + $35 − $70 = $665

4

累积期身故给付Death benefit during accumulation

现金价值与已付保费，取高；没指定受益人，进 Annuitant 的遗产The greater of cash value and premiums paid; with no beneficiary it goes to the annuitant's estate

年金不是随时可以全额拿走的。前几年退保，保险公司要扣一笔退保费 Surrender Charge， 用来收回前期的佣金和成本。典型的阶梯是：第一年 7%，每年少一个百分点，到第八年降到零。 每家公司、每个产品的阶梯不一样，以合同为准，但考试用的就是这张典型表。

An annuity can't be emptied at any time for free. Surrender in the early years and the insurer deducts a surrender charge to recover its up-front commission and costs. The typical schedule is 7% in the first year, one point less each year, and zero from year eight. Each company and product has its own schedule, so the contract governs, but this is the one the exam uses.

退保时拿到多少？退保价值等于已付保费，加上累积利息，再减掉退保费。 算例：付了 $700，累积利息 $35，扣退保费 $70，退保拿到 $665。这里的 $70 只是为了好算取的整数， 实际扣多少，是合同上那一年的百分比乘以合同规定的基数。

How much do you get on surrender? Surrender value is premiums paid plus interest credited, minus the surrender charge. Example: $700 paid, $35 of interest, a $70 charge, so $665 back. The $70 is a round number for easy arithmetic; the real charge is that year's percentage applied to whatever base the contract specifies.

再看身故给付。累积期里 Annuitant 过世，保险公司付给受益人的，是现金价值和已付保费两者取高的那个。 也就是说，就算账户赔了钱，受益人至少拿回本金。如果没有指定受益人，这笔钱就进 Annuitant 的遗产。

Now the death benefit. If the annuitant dies during accumulation, the beneficiary receives the greater of the cash value and the premiums paid. So even if the account has lost value, the beneficiary gets at least the premiums back. With no beneficiary named, it goes into the annuitant's estate.

考试常考两个地方：退保价值的公式，和身故给付「取高」。看到 greater of 就想到这一页。

The exam likes two things here: the surrender-value formula, and the death benefit being "the greater of". When you see "greater of", think of this slide.

例题 · 59½ 前提取Practice · Withdrawals Before 59½

第五章Ch. 5

年金持有人在 59½ 岁之前提取，罚款是多少？An annuity owner withdraws money before age 59½. The penalty is:

  1. A10%
  2. B15%
  3. C25%
  4. D50%
解析WHY

59½ 前动用的收益部分，按普通收入课税，再加 10% 罚款；本金不罚The gain taken out before 59½ is ordinary income plus a 10% penalty; the principal isn't penalised

题目：年金持有人在 59½ 岁之前提取，罚款是多少？

The question: an annuity owner withdraws before 59½. What is the penalty?

答案是 A，10%。准确地说，是对提出来的收益部分，先按普通收入交税，再加 10% 的罚款。 其他几个数字都是从别处借来的干扰项：D 50% 是题库里 IRA 强制提领取少了的罚款； C 25% 是今天那条罚款的新比例；B 15% 没有对应的规则。

The answer is A, 10%. Precisely: the gain that comes out is taxed as ordinary income, and a 10% penalty is added. The other figures are borrowed distractors. D, 50%, is the question bank's penalty for taking too small an IRA required distribution; C, 25%, is today's rate for that same penalty; B, 15%, matches no rule.

记法：59½ 之前，一律 10%。年金、IRA、MEC 保单，提前动收益都是这个数。

To remember it: before 59½, it's always 10%. Annuities, IRAs and MECs all use the same figure on gains taken early.

年金的支付选项Annuity Payout Options

第五章Ch. 5
选项Option怎么付How it pays
Pure / Straight Life一死即停，本金可能拿不完；月付最高Stops at death, may not return the principal; pays the most
Life with Period Certain终身付，至少付满 X 年，早走余下的年数给受益人For life, but at least X years; the beneficiary gets the rest
Refund Life终身付，至少把保费领回来，差额给受益人For life, and at least the premium comes back
Joint and Survivor两个人，一方走后，另一方按比例继续领Two lives; the survivor keeps a set share
Annuity Certain固定期限或固定金额，不挂钩寿命Fixed period or fixed amount, not tied to a life

保证越多，月付越低The more that's guaranteed, the smaller each payment

年金开始领钱时，要选怎么领。前四种跟寿命挂钩，叫 Life Contingency；最后一种不挂钩寿命。

When payments start, the owner picks how they're paid. The first four depend on a life, called life contingency options; the last one doesn't.

Pure Life，也叫 Life Only 或 Straight Life，纯终身：活着就一直付，人一走立刻停， 哪怕本金还没领完，剩下的也归保险公司。因为没有任何保证，它是所有选项里月付最高的，对保险公司风险最小。

Pure life, also called life only or straight life: it pays while you live and stops the moment you die, even if the principal hasn't all come back; what's left stays with the insurer. With nothing guaranteed, it pays the most per month and carries the least risk for the insurer.

接下来两种很容易混，要分开记。Life with Period Certain 保证的是年数： 比如终身加 10 年保证，活多久付多久，但如果第三年就走了，剩下七年继续付给受益人。 Refund Life 保证的是钱：至少把交进去的保费领回来，早走没领完的差额， 给受益人继续领或一次退还。有的题库把这两种放在一起讲，考试时看清它保证的是年数还是金额。

The next two are easy to confuse, so keep them apart. Life with period certain guarantees a number of years: life with ten years certain pays for life, but if you die in year three, the remaining seven years go to the beneficiary. Refund life guarantees money: at least the premium comes back, and any shortfall at death goes to the beneficiary, in instalments or as a lump sum. Some question banks lump the two together; on the exam, check whether the guarantee is years or dollars.

Single Life 只保一个人；Joint and Survivor 保两个人，通常是夫妻， 第一个人走后，另一个人按约定比例继续领，常见的是二分之一或三分之二。 最后，Annuity Certain 跟寿命没关系，只按固定期限 Fixed Period 或固定金额 Fixed Amount 付完为止。

Single life covers one person; joint and survivor covers two, usually a couple, and after the first death the survivor keeps receiving an agreed share, commonly one-half or two-thirds. Finally, an annuity certain has nothing to do with lifespan: it pays over a fixed period or in a fixed amount until the money is gone.

一条规律管全部：保证越多，月付越低。考试问「哪种月付最高」，答纯终身；问「哪种保证本金」，答 Refund Life。

One rule covers them all: the more that's guaranteed, the smaller each payment. Asked which pays the most, answer pure life; asked which guarantees the principal, answer refund life.

例题 · 支付选项Practice · Payout Options

第五章Ch. 5

哪种支付选项对保险公司风险最小，因而每期付得最多？Which payout option has the least risk to the insurer and pays the most?

  1. A终身加 15 年保证Life with 15 years certain
  2. B终身加 20 年保证Life with 20 years certain
  3. C终身加 30 年保证Life with 30 years certain
  4. D纯终身Straight / pure life
解析WHY

纯终身一死即停，没有保证期，所以月付最高，但可能拿不回本金Pure life stops at death with no guarantee, so it pays the most but may not return the principal

题目：哪种支付选项对保险公司风险最小，因此每期付得最多？

The question: which payout option carries the least risk for the insurer and so pays the most?

答案是 D，纯终身 Straight Life。它什么都不保证，人走就停，保险公司不用为早走的人继续付钱， 所以能把每期金额定得最高。A、B、C 都是终身加保证期，保证期越长，保险公司要承担的就越多，月付就越低： 15 年的比 20 年的高，20 年的比 30 年的高，但三个都低于纯终身。

The answer is D, straight life. It guarantees nothing and stops at death, so the insurer never pays on after an early death and can set each payment highest. A, B and C all add a guaranteed period; the longer the guarantee, the more the insurer takes on and the lower the payment. Fifteen years certain pays more than twenty, twenty more than thirty, and all three pay less than pure life.

记法：保证越少，付得越多。这类题选项里只要有 Pure、Straight、Life Only，基本就是它。

To remember it: the less guaranteed, the more it pays. If an option says pure, straight or life only, that's almost certainly the answer.

固定年金与指数年金Fixed vs Indexed Annuities

第五章Ch. 5

Fixed 固定年金Fixed annuity

  • 有最低保证利率，题库说「通常 3%」A guaranteed minimum rate, "usually 3%" in the question bank
  • 钱进公司总账户，保守投资Invested in the insurer's conservative general account
  • 年金期每期金额固定Level payments in the payout phase
  • 稳，但通胀会啃掉购买力Stable, but inflation eats into it

Indexed 指数年金Indexed annuity

  • 回报挂钩 S&P 500 等指数Crediting tracks an index such as the S&P 500
  • 仍有最低保证Still has a guaranteed floor
  • 涨的部分不全给，公司按合同规则扣一段You don't get all the gain; the contract's formula keeps part
  • 比固定上行多，比变额风险低More upside than fixed, less risk than variable

今天TODAY没有固定的 3%：最低不丧失利率随市场浮动，以合同载明为准There is no fixed 3%: the nonforfeiture minimum floats with rates, so read the contract

市面上两种主流的年金，固定和指数。Fixed Annuity 固定年金有一个最低保证利率， 保险公司把保费放在自己的总账户 General Account 里，多是债券这类保守投资。到了年金期，每期领的金额是固定的。 好处是稳，弱点是通胀：二十年后同样的一千块，买到的东西少多了。

The two main products are fixed and indexed. A fixed annuity has a guaranteed minimum rate; the insurer holds the premium in its general account, mostly in conservative investments such as bonds. In the payout phase each payment is level. The strength is stability; the weakness is inflation: a thousand dollars twenty years from now buys a lot less.

题库说固定年金的最低保证利率「通常 3%」，考试照这个答。但这是旧数字： 今天各州按标准不丧失法定的最低利率，跟着国债利率浮动，范围在 1% 到 3% 之间，低利率年代就是 1%。 见客户时不要说「保证 3%」，以合同上写的为准。

The question bank says the fixed annuity's guaranteed minimum is "usually 3%", and that's what to answer in the exam. But it is a stale figure: under today's standard nonforfeiture laws the minimum floats with Treasury yields between 1% and 3%, and sat at 1% through the low-rate years. With a client, never say "3% guaranteed"; quote the contract.

Indexed Annuity 指数年金，题库叫 Equity Indexed Annuity。它的回报挂钩 S&P 500 这类指数， 但仍然有最低保证，指数跌了也不会亏到本金。指数涨的部分不会全给你，公司按合同的规则扣一段。 讲义里举的是利差法：比如指数涨 12%，公司先留 4%，客户账户记 8%。实际产品更常见的是上限 Cap 和参与率，原理一样，都是用一部分上行换下有保底。

The indexed annuity, called an equity indexed annuity in the question bank, credits interest linked to an index such as the S&P 500, but keeps a guaranteed floor, so a falling index doesn't cost you principal. You don't get the whole gain; the contract's formula keeps part. The handout's example is a spread: the index gains 12%, the company keeps 4%, and the account is credited 8%. Real products more often use a cap or a participation rate, but the idea is the same: give up some upside in exchange for a floor.

一句话定位：指数年金比固定年金上行多，比变额年金风险低。它不算证券，卖它只要寿险执照； 变额年金是证券，还要另外的证券执照。

Its place in one line: more upside than a fixed annuity, less risk than a variable one. It is not a security and a life licence is enough to sell it; a variable annuity is a security and needs a securities licence as well.

例题 · 指数年金Practice · Indexed Annuities

第五章Ch. 5

指数年金（Equity Indexed Annuity）的回报取决于什么？An equity indexed annuity's performance is based on:

  1. A年龄Age
  2. B性别Gender
  3. C与指数挂钩的利息Index-linked interest
  4. D公司总账户The general account
解析WHY

指数年金的利息挂钩 S&P 500 等指数，同时有最低保证；回报取决于总账户的是固定年金Indexed interest follows an index like the S&P 500, with a floor; returns from the general account are a fixed annuity

题目：指数年金的回报取决于什么？

The question: what is an equity indexed annuity's performance based on?

答案是 C，与指数挂钩的利息，名字里的 Indexed 已经告诉你了。 D 公司总账户是陷阱：那是固定年金的钱放在哪里、回报从哪里来，不是指数年金的计息依据。 A 年龄和 B 性别影响的是年金化之后每期领多少，跟累积期的回报无关。

The answer is C, index-linked interest; "indexed" in the name gives it away. D, the general account, is the trap: that is where a fixed annuity's money sits and where its return comes from, not how an indexed annuity is credited. A, age, and B, gender, affect the size of payments after annuitisation, not growth during accumulation.

记法：固定看总账户，指数看指数，变额看分离账户。三种年金的钱各从哪里来，一句话分清。

To remember it: fixed follows the general account, indexed follows an index, variable follows the separate account. One line tells you where each kind gets its return.

合格与不合格年金Qualified vs Non-Qualified Annuities

第五章Ch. 5

Qualified

  • 缴款可抵税Contributions are deductible
  • 须符合 IRS 规则，不能歧视Must meet IRS rules; no discrimination
  • 延税增长，取的时候全额课税Grows tax-deferred; fully taxed on the way out

Non-Qualified

  • 缴款不能抵税Contributions aren't deductible
  • 不需 IRS 批准，可以区别对待No IRS approval; can treat people differently
  • 延税增长，只对超过本金的部分课税Grows tax-deferred; only the gain is taxed

累积期取款走 LIFO：利息先出，先交税Withdrawals during accumulation are LIFO: interest first, so tax first

年金按是否符合联邦税法的要求，分合格和不合格两类。Qualified 合格年金，缴款可以抵税， 要满足 IRS 的规则，不能偏向高薪员工，通常用在公司退休计划里。钱在里面延税增长， 但因为当初交进去的钱没交过税，取出来的时候全额按普通收入课税。

Annuities are split by whether they meet federal tax-law requirements. A qualified annuity has deductible contributions, must follow IRS rules and may not favour the highly paid; it's typically used inside an employer retirement plan. It grows tax-deferred, but since the money went in untaxed, everything that comes out is ordinary income.

Non-Qualified 不合格年金，缴款不能抵税，用的是已经交过税的钱；不需要 IRS 批准， 雇主用它时可以区别对待不同的员工。增值一样延税，取的时候只对超过本金的部分课税，本金是自己交过税的钱，不再课税。

A non-qualified annuity takes no deduction; it's funded with after-tax money. It needs no IRS approval, and an employer using one can treat employees differently. Growth is still deferred, and only the amount above basis is taxed on the way out; the principal was already taxed and isn't taxed again.

关键考点是取款顺序。不合格年金在累积期取钱，走 LIFO，后进先出：后来长出来的利息先出来， 利息要交税；本金最后才出来，不交税。所以先取的每一块钱都先交税，59½ 之前还要加 10% 罚款。

The key exam point is the order of withdrawals. From a non-qualified annuity during accumulation they are LIFO, last in, first out: the interest, which came last, comes out first and is taxable; the principal comes out last and isn't. So every early dollar out is taxed first, plus 10% before 59½.

这也解释了一件事：年金以前有人拿来存孩子的教育金，现在已经不流行了。 孩子上大学时人一般还不到 59½，按 LIFO 一取就先交税、再罚 10%，不划算。

That also explains why annuities, once used to save for children's college, have fallen out of favour: the parent is usually under 59½ when the bills come, and under LIFO every withdrawal is taxed first and penalised 10%.

例题 · 不合格年金Practice · Non-Qualified Annuities

第五章Ch. 5

下列哪一项是不合格（Non-Qualified）年金的特征？Which is a characteristic of a NON-qualified annuity?

  1. A强制参与Mandatory participation
  2. B缴款可抵税Tax-deductible contributions
  3. C缴款有上限Limits on contributions
  4. D收益延税增长Tax-deferred earnings
解析WHY

不合格年金缴款不抵税、没有缴款上限，但收益照样延税；取款按 LIFO，只对收益课税No deduction and no contribution limit, but earnings still grow tax-deferred; withdrawals are LIFO, gains taxed

题目：下列哪一项是不合格年金的特征？

The question: which is a characteristic of a non-qualified annuity?

答案是 D，收益延税增长。这是合格、不合格两种年金共有的好处，所以很多人反而不敢选。 其他三项都是合格计划的特征：B 缴款可抵税，是合格的；C 缴款有上限，是 IRS 给合格计划定的； A 强制参与，是某些雇主合格计划的安排。不合格年金用税后的钱买，想存多少都行，也没人强制你参加。

The answer is D, tax-deferred earnings. Both kinds share this benefit, which is exactly why people hesitate to pick it. The other three describe qualified plans: B, deductible contributions, is qualified; C, contribution limits, are set by the IRS for qualified plans; A, mandatory participation, is a feature of some employer qualified plans. A non-qualified annuity is bought with after-tax money, has no cap, and nobody makes you join.

记法：不合格年金，就是「没抵税、没上限、照样延税」。看到抵税和上限，都是合格那边的。

To remember it: non-qualified means no deduction, no cap, still tax-deferred. Deductions and limits belong to the qualified side.

第五章自测Chapter 5 Self-Test

第五章Ch. 5
Q1

Annuitant 必须是哪种主体？What must the annuitant be?

自然人；Owner 可以是公司或信托A natural person; the owner can be a company or trust

Q2

59½ 之前退保有什么后果？What happens on surrender before 59½?

收益部分按普通收入课税，另加 10% 罚款The gain is ordinary income, plus a 10% penalty

Q3

纯终身和退款终身，差在哪？Pure life vs refund life?

Pure Life 一死就停；Refund Life 至少把保费领回，差额给受益人Pure life stops at death; refund life returns at least the premium

Q4

固定和指数，哪个有最低保证？Fixed or indexed: which has a floor?

两个都有；指数年金还多了挂钩指数的上行Both; the indexed one adds index-linked upside

第五章自测，四道题。第一题，Annuitant 领受人必须是什么？自然人，因为付款要挂钩一个人的寿命； Owner 持有人可以是公司或信托。答错的话，回去看「年金核心概念」那一页的三个角色。

Chapter five self-test, four questions. One: what must the annuitant be? A natural person, because payments are measured by a human life; the owner can be a company or a trust. If you missed it, go back to the three parties on the Annuity Basics slide.

第二题，59½ 岁之前从年金里退保有什么后果？收益部分按普通收入课税，再加 10% 罚款，本金不罚。 这个 10% 在税务一章还会反复出现。

Two: what happens on surrender before 59½? The gain is taxed as ordinary income, plus a 10% penalty; the principal isn't penalised. That 10% keeps coming back in the tax chapter.

第三题，Pure Life 和 Refund Life 有什么不同？Pure Life 人一走就停，本金可能拿不完； Refund Life 保证至少把保费领回来，没领完的差额给受益人。如果你把 Refund Life 和 Period Certain 搞混了， 回去看「支付选项」那一页：一个保证金额，一个保证年数。

Three: how do pure life and refund life differ? Pure life stops at death and may not return the principal; refund life guarantees at least the premium comes back, with any shortfall going to the beneficiary. If you mixed up refund life and period certain, revisit the Payout Options slide: one guarantees dollars, the other years.

第四题，固定和指数年金，哪个有最低保证利率？两个都有，指数年金还多了挂钩指数的上行机会。 这题的陷阱是以为「指数年金跟着市场走，就没有保底」。保底是指数年金和变额年金最大的区别。

Four: fixed or indexed, which has a guaranteed minimum? Both; the indexed annuity adds index-linked upside. The trap is assuming that because it follows the market it has no floor. The floor is the biggest difference between an indexed and a variable annuity.

第六章 · Chapter SixChapter Six

联邦税务Federal Tax

MEC, IRA, 1035, Roth

哪些钱要交税、哪些不用，什么时候交，罚款怎么算Which money is taxed and which isn't, when the tax is due, and how the penalties work

第六章讲联邦税务。这一章回答四个问题：哪些钱要交税、哪些不用交、什么时候交、罚款怎么算。 内容包括寿险本身的税务、MEC 修正养老合同、传统 IRA 和 Roth IRA、转存的规则，还有 1035 交换。

Chapter six is federal tax. It answers four questions: which money is taxed, which isn't, when the tax falls due, and how the penalties work. It covers the taxation of life insurance itself, the MEC, traditional and Roth IRAs, rollover rules and the 1035 exchange.

这一章考试每次必出几道，而且是题库数字最旧的一章。页面上写的是题库口径，考场上照它答； 页底「今天」那一行是现在真正在用的数字，见客户照它说。两个数字都要知道，用在不同的场合。

Every exam has several questions from this chapter, and it's where the question bank's figures are most out of date. The slide shows the question-bank figure, which is what you answer in the exam; the "Today" line at the bottom is what is in force now, which is what you tell a client. Know both, and use each in its place.

寿险税务 · 五条铁则Five Tax Rules for Life Insurance

第六章Ch. 6
1

保费与赔偿金Premiums and death benefit

保费一般不抵税；死亡赔偿金一次性领，免联邦所得税Premiums aren't deductible; a lump-sum death benefit is income-tax-free

2

Cash Value

现金值延税增长；退保时超过本金的部分，按普通收入课税Grows tax-deferred; the amount above basis is ordinary income on surrender

3

Dividends

红利不算收入；留存生息，利息要课税Not income; interest on dividends left to accumulate is taxed

4

Policy Loans

保单借款不课税Policy loans aren't taxed

5

计入遗产的三种情况Three ways into the estate

受保人是持有人；受保人遗产是受益人；死前 3 年内转让保单The insured owned it; the estate is beneficiary; transferred within 3 years of death

个人寿险的税务有五条铁则。第一条，保费一般不能抵税；但死亡赔偿金一次性领取，免联邦所得税。 如果受益人选择分期领，本金部分仍然免税，分期期间产生的利息要交税。

Personal life insurance has five tax rules. One: premiums are generally not deductible, but a death benefit taken as a lump sum is free of federal income tax. If the beneficiary takes it in instalments, the principal is still tax-free, but the interest earned along the way is taxed.

第二条，现金值延税增长。每年长出来的钱不用当年交税；等到退保时，拿到的钱超过本金 Cost Basis 的部分， 按普通收入课税。本金就是你累计交进去的保费。

Two: cash value grows tax-deferred. The growth isn't taxed year by year; on surrender, whatever exceeds your cost basis, the total premiums paid, is taxed as ordinary income.

第三条，红利不算收入，因为分红保单的红利被看成是多收的保费退还给你。 但如果你把红利留在保险公司生息，生出来的利息要交税。第四条，保单借款不交税，因为借的是钱，不是收入。 要提醒一句：借了款、保单又失效了，没还的借款超过本金的部分就要课税；MEC 保单的借款也要课税，下一页讲。

Three: dividends aren't income, because a participating policy's dividend is treated as a return of overcharged premium. Leave the dividends with the insurer to earn interest, though, and that interest is taxed. Four: policy loans aren't taxed; a loan is borrowed money, not income. One caution: if the policy lapses with a loan outstanding, the part above basis becomes taxable, and loans from a MEC are taxed too, as the next slide shows.

第五条，死亡赔偿金免的是所得税，不一定免遗产税。有三种情况会算进受保人的遗产： 受保人自己就是保单持有人；受保人的遗产被指定为受益人；受保人在过世前三年内把保单的拥有权转让出去。 第三种是考试最爱考的，记住「三年」这个数字。

Five: the death benefit escapes income tax, not necessarily estate tax. It is pulled into the insured's estate in three cases: the insured owned the policy; the insured's estate is the named beneficiary; or the insured transferred ownership within three years of death. The third is the exam favourite; remember "three years".

互动设计Interaction

问大家：爸爸是自己保单的持有人和被保险人，受益人是儿子。爸爸过世，儿子一次性领了 50 万。儿子要交所得税吗？要算进爸爸的遗产吗？ 答案：所得税不用交；但因为爸爸自己是持有人，这笔钱要算进他的遗产。

Ask the room: a father owns a policy on his own life, with his son as beneficiary. He dies and the son takes $500,000 as a lump sum. Does the son owe income tax? Is it in the father's estate? Answer: no income tax, but because the father owned the policy, it's included in his estate.

例题 · 死亡赔偿金的税务Practice · Taxing the Death Benefit

第六章Ch. 6

受益人一次性领取的身故赔偿金，在税务上一般是？Lump-sum death benefits received by a beneficiary are generally:

  1. A须缴资本利得税Subject to capital gains tax
  2. B须缴联邦所得税Subject to federal income tax
  3. C免缴联邦所得税Exempt from federal income tax
  4. D计入受益人总收入Included in gross income
解析WHY

一次性死亡赔偿金免联邦所得税；要课税的是退保超本金的部分，和分期领取时的利息A lump-sum death benefit is income-tax-free; what's taxed is surrender gain and interest on instalments

题目：受益人一次性领取的身故赔偿金，在税务上一般怎么处理？

The question: how are lump-sum death benefits paid to a beneficiary generally treated for tax?

答案是 C，免缴联邦所得税，这是五条铁则里的第一条。A 资本利得税是卖股票、卖房子赚的钱才有的； B 和 D 说的其实是同一件事，算进收入、交所得税，正好和规则相反。 要课税的是另外两种情况：活着退保拿到的超过本金的部分，以及受益人选择分期领时产生的利息。

The answer is C, exempt from federal income tax: the first of the five rules. A, capital gains tax, applies to profit on selling stock or property. B and D say the same thing, counting it as income and taxing it, which is the opposite of the rule. What is taxed is something else: the gain above basis on a surrender while alive, and the interest when a beneficiary takes the money in instalments.

记法：人走了，一次领，不交所得税。题目里只要同时出现 lump sum 和 death benefit，就选免税。

To remember it: death, lump sum, no income tax. When a question pairs "lump sum" with "death benefit", pick tax-free.

MEC 修正养老合同The Modified Endowment Contract

第六章Ch. 6
1

为什么有它Why it exists

1988 年（TAMRA）设的闸，防止用一次付清的寿险囤钱避税A 1988 rule (TAMRA) against using single-premium life as a tax shelter

2

七付测试 Seven-Pay TestThe seven-pay test

前 7 年累计保费，不得超过七笔净定额保费之和Premiums in the first seven years may not exceed seven net level premiums

3

一旦 MEC，永远 MECOnce a MEC, always a MEC

取款走 LIFO，收益先出、先课税；59½ 前另加 10% 罚款Withdrawals are LIFO, gain first and taxed; plus 10% before 59½

4

不变的What doesn't change

现金值仍然延税；死亡赔偿金仍然免所得税Cash value still grows deferred; the death benefit is still income-tax-free

MEC 是常考点。为什么会有它？八十年代有人发现，寿险的现金值延税增长、借款又不交税， 于是一次性往寿险里塞一大笔钱，当成避税的存钱罐。1988 年国会通过 TAMRA 法案，加了七付测试 Seven-Pay Test，把这条路堵上。

The MEC is a favourite. Why does it exist? In the 1980s people noticed that cash value grows tax-deferred and loans aren't taxed, so they stuffed large single premiums into life policies and used them as tax-sheltered savings. In 1988 Congress passed TAMRA and added the seven-pay test to close that door.

测试怎么做？保单前七年累计交的保费，不能超过按保证死亡率和保证利率算出来的、七笔净定额保费的总和。 简单说，就是七年交满一张保单所需要的钱，你不能交得比这还快。交快了，测试不通过。

How does it work? Cumulative premiums in the first seven years may not exceed the sum of seven net level premiums calculated on guaranteed mortality and interest. Put simply, you can't fund the policy faster than seven level payments would pay it up. Pay faster, and it fails.

一旦不通过，这张保单就永远是 MEC，回不去了。后果是：取款和借款都按 LIFO，利息收益先出来， 超过本金的部分立刻课税；59½ 岁之前取，另外加 10% 罚款。这就跟上一章讲的不合格年金一个待遇。

Fail it and the policy is a MEC for good. The consequences: withdrawals and loans come out LIFO, gain first, taxable immediately; before 59½ there's a further 10% penalty. In other words, it's treated like the non-qualified annuity from last chapter.

好消息是两样东西不变：现金值仍然延税增长，死亡赔偿金仍然免所得税。 所以 MEC 不是坏保单，只是活着的时候取钱不再有优惠。考试常问「MEC 的死亡赔偿金要不要交税」，答案是不要。

The good news is that two things don't change: the cash value still grows tax-deferred, and the death benefit is still income-tax-free. A MEC isn't a bad policy; it just loses the tax break on money taken out while alive. The exam often asks whether a MEC's death benefit is taxed. It isn't.

例题 · MECPractice · The MEC

第六章Ch. 6

1988 年之后签发、未通过七付测试的寿险保单，称为？A post-1988 policy that fails the seven-pay test is a:

  1. A养老保单Endowment policy
  2. B修正寿险保单Modified life policy
  3. C一次付清合同Single premium contract
  4. D修正养老合同 MECModified endowment contract
解析WHY

七付测试不通过就成了 MEC，而且永远是 MEC；取款走 LIFO，死亡赔偿金仍然免税Failing the seven-pay test makes it a MEC for good; withdrawals are LIFO, the death benefit stays tax-free

题目：1988 年之后签发、没有通过七付测试的寿险保单，叫什么？

The question: what is a post-1988 life policy that fails the seven-pay test?

答案是 D，修正养老合同 MEC。三个干扰项都是在名字上做文章：A 养老保单是到期给付面额的另一种保单； B 修正寿险是前几年保费低、之后调高的终身寿险，跟税务无关，只是名字里也有「修正」； C 一次付清合同很容易变成 MEC，但「一次付清」本身不是 MEC 的名称，分期交得太快一样会变成 MEC。

The answer is D, a modified endowment contract. The distractors all play on names. A, an endowment policy, is a different product that pays the face amount at maturity. B, modified life, is whole life with lower premiums for the first few years and higher ones after; it has nothing to do with tax and only shares the word "modified". C, a single premium contract, easily becomes a MEC, but "single premium" isn't the name, and paying in instalments too fast can make a MEC just the same.

记法：七付测试没过，名字叫 MEC，一辈子改不掉。

To remember it: fail the seven-pay test, and it's a MEC for life.

传统 IRA 五条规则Five Traditional IRA Rules

第六章Ch. 6
1

年度上限 $5,000Annual limit $5,000

配偶账户合计 $10,000；存超了，每年罚 6%$10,000 for a couple with a spousal IRA; excess is penalised 6% a year

2

50 岁追加 $1,000Catch-up at 50: $1,000

50 岁以上，每年可以多存An extra amount each year from age 50

3

强制提领 70½RMDs at 70½

少取的部分，罚 50%50% penalty on the shortfall

4

59½ 前取款罚 10%10% penalty before 59½

豁免：完全残疾，首次购房 ≤ $10,000，高等教育，超过 AGI 一定比例的医疗费，身故Except: disability, a first home up to $10,000, college, medical costs above a share of AGI, death

5

IRA 不能买What an IRA can't hold

人寿保险；收藏品，如艺术品、古董、邮票Life insurance; collectibles such as art, antiques, stamps

今天TODAY上限 $7,500，追加 $1,100；RMD 73 岁（2033 年起 75 岁）；少取罚 25%，及时补正 10%Limit $7,500, catch-up $1,100; RMDs at 73 (75 from 2033); 25% penalty, 10% if fixed promptly

传统 IRA 是考试最常考的退休账户。先说清楚：这一页上的数字是题库口径，考场上照它答；页底「今天」那一行才是 2026 年真正在用的数字。

The traditional IRA is the retirement account the exam tests most. First, be clear: the figures on this slide are the question bank's, which is what you answer in the exam; the "Today" line at the bottom is what's actually in force in 2026.

第一条，年度上限，题库是 $5,000，或劳动收入的 100%，取低。夫妻即使只有一方有收入， 也可以两人各开一个账户，各存 $5,000，合计 $10,000，这叫配偶 IRA。存超了，超出的部分每年罚 6%，直到取出来为止。 第二条，50 岁以上可以追加，题库是 $1,000。今天的数字是上限 $7,500，追加 $1,100。

Rule one: the annual limit, in the question bank, is $5,000 or 100% of earned income, whichever is less. Even if only one spouse earns, each can have an account and put in $5,000, $10,000 together: the spousal IRA. Excess contributions are penalised 6% a year until removed. Rule two: from 50 there's a catch-up, $1,000 in the question bank. Today the limit is $7,500 and the catch-up $1,100.

第三条，强制提领 RMD，题库说 70½ 岁必须开始取，少取的部分罚 50%。这条改动最大： 今天起始年龄是 73 岁，2033 年起是 75 岁；罚款降到 25%，及时补正的话是 10%。考试答 70½ 和 50%，见客户说 73 和 25%。

Rule three: required minimum distributions. The question bank says they must start at 70½, with 50% on any shortfall. This has changed the most: today they start at 73, and at 75 from 2033; the penalty is 25%, or 10% if corrected promptly. Answer 70½ and 50% in the exam; tell a client 73 and 25%.

第四条，59½ 岁之前取款，除了交所得税，再罚 10%，但有几种情况可以免罚：完全残疾；首次购房，最多 $10,000； 合格的高等教育费用；没有报销、超过 AGI 一定比例的医疗费用；还有身故。注意免的只是 10% 罚款，所得税照交。

Rule four: take money out before 59½ and, on top of income tax, there's a 10% penalty, with some exceptions: total disability; a first home, up to $10,000; qualified higher education; unreimbursed medical expenses above a share of AGI; and death. Only the 10% penalty is waived; the income tax is still due.

第五条，IRA 里的钱不能买两样东西：人寿保险，和收藏品，比如艺术品、古董、邮票。 这条考试也常拿来做选项，记住「保险和收藏品」这两个词。

Rule five: an IRA may not hold two things: life insurance and collectibles, such as art, antiques and stamps. This also turns up in answer options; remember "insurance and collectibles".

讲师提醒Presenter's note

这一页一定要讲清楚两套数字的用途。考场上答 $5,000、70½、50%；坐在客户对面，说的是今年的数字。 背了旧数字去考试没问题，脱口而出给客户就出事了。

Make the two sets of numbers explicit here. In the exam: $5,000, 70½, 50%. Across from a client: this year's figures. The old numbers are fine for the test and a problem in front of a client.

例题 · 传统 IRAPractice · The Traditional IRA

第六章Ch. 6

关于传统 IRA，下列哪项正确？Which is TRUE of a traditional IRA?

  1. A可投资人寿保险It can buy life insurance
  2. B可投资收藏品It can buy collectibles
  3. C70½ 岁起强制提领RMDs must begin at 70½
  4. D没有提前取款罚款No early-withdrawal penalty
解析WHY

题库口径：70½ 起强制提领；IRA 不能买寿险和收藏品；59½ 前取款罚 10%Per the question bank, RMDs start at 70½; no life insurance or collectibles; 10% before 59½

今天TODAYRMD 起始年龄是 73 岁，2033 年起 75 岁RMDs start at 73, and at 75 from 2033

题目：关于传统 IRA，下列哪项正确？

The question: which is true of a traditional IRA?

按题库的口径，答案是 C，70½ 岁起必须开始强制提领。A 和 B 正好是 IRA 不能买的两样东西，人寿保险和收藏品； D 也错，59½ 之前取款要罚 10%，只有几种情况能豁免。 但要清楚，70½ 是旧规则：今天的起始年龄是 73 岁，2033 年起是 75 岁。考场上选 C，见客户别说 70½。

By the question bank, the answer is C, RMDs must begin at 70½. A and B are exactly the two things an IRA can't hold, life insurance and collectibles. D is wrong too: there's a 10% penalty before 59½, with only a few exceptions. But 70½ is the old rule: today RMDs start at 73, and at 75 from 2033. Pick C in the exam; don't say 70½ to a client.

记法：考场 70½，现实 73。两个数字都要背，用在不同的场合。

To remember it: 70½ in the exam, 73 in real life. Learn both, and use each in its place.

Roth IRA 与转存规则Roth IRAs and Moving Money

第六章Ch. 6

Roth IRA

  • 存款不抵税No deduction going in
  • 70½ 后还能继续存Contributions allowed after 70½
  • 没有强制提领No required distributions
  • 满 5 年加合格事件，提领免税Tax-free after five years plus a qualifying event

Rollover 与直接划转Rollover vs direct transfer

  • Rollover：钱先到你手里，60 天内转入Rollover: the money comes to you; 60 days to move it
  • 雇主计划付给你本人，强制预扣 20%Paid to you from an employer plan: 20% withheld
  • IRA 转 IRA 不扣 20%，60 天转存一年一次IRA to IRA: no 20%; one 60-day rollover a year
  • 直接划转：不预扣，次数不限Trustee-to-trustee: nothing withheld, no limit

今天TODAY传统 IRA 也取消了存款年龄上限，有劳动收入就能存；转钱实务上永远走直接划转Traditional IRAs no longer have an age cap either; in practice, always use a direct transfer

先看左边的 Roth IRA，跟传统 IRA 对着记。存款不能抵税，用的是交过税的钱； 没有强制提领，活多久都可以不取。题库还特别说 Roth「70½ 之后还能继续存」，用来跟当年的传统 IRA 对比。 今天这个对比已经不成立了：传统 IRA 的存款年龄上限也取消了，只要有劳动收入，两种都能存。

On the left, the Roth IRA, learned against the traditional one. No deduction going in: it's after-tax money. No required distributions: you never have to take money out. The question bank also stresses that a Roth "can still be funded after 70½", in contrast to the traditional IRA of the time. That contrast no longer holds: the traditional IRA's age cap has been removed too, so with earned income you can fund either.

Roth 最大的好处是账户开满 5 年，再加上一个合格事件，提领完全免税，连赚的部分都不交税。 合格事件是：年满 59½、完全残疾、身故，或者首次购房，最多 $10,000。 不合格的提领，先出来的是自己存进去的本金，不交税；动到收益部分，按普通收入课税，59½ 之前还可能另罚 10%。

The Roth's big advantage: once the account is five years old and a qualifying event has occurred, withdrawals are entirely tax-free, gains included. The qualifying events are reaching 59½, disability, death, or a first home purchase up to $10,000. In a non-qualified withdrawal your own contributions come out first, tax-free; once you reach the earnings, they're ordinary income and may carry the 10% penalty before 59½.

右边讲钱怎么从一个退休账户搬到另一个。Rollover 转存：钱先打到你自己手里，你要在 60 天内存进新账户， 超过 60 天就当成取款，要交税、可能还要罚。20% 强制预扣只在雇主计划，比如 401(k)、403(b)，把钱直接付给你本人时才有； IRA 转 IRA 没有这条，但 60 天的转存十二个月里只能做一次。

On the right, moving money between retirement accounts. In a rollover the money is paid to you and you have 60 days to deposit it in the new account; miss the deadline and it's a distribution, taxable and possibly penalised. The mandatory 20% withholding applies only when an employer plan, such as a 401(k) or 403(b), pays the money to you directly. IRA-to-IRA has no such rule, but you get only one 60-day rollover in any twelve months.

Trustee-to-Trustee Transfer 直接划转，是钱从一家托管机构直接打到另一家，你自己碰不到。 不预扣、不限次数、没有 60 天的风险。所以实务上，帮客户搬退休账户，永远走直接划转。

A trustee-to-trustee transfer sends the money straight from one custodian to the other; it never touches your hands. Nothing withheld, no limit on how often, no 60-day risk. So in practice, when you move a client's retirement money, always use a direct transfer.

例题 · Roth IRAPractice · The Roth IRA

第六章Ch. 6

与传统 IRA 相比，Roth IRA 的特点是？Compared with a traditional IRA, a Roth IRA:

  1. A缴款可抵税Has deductible contributions
  2. B70½ 岁起强制提领Has RMDs from 70½
  3. C不抵税、无 RMD、合格提领免税No deduction, no RMDs, tax-free if qualified
  4. D70½ 后不能再存Allows no contributions after 70½
解析WHY

Roth 存款不抵税，没有强制提领；账户满 5 年加合格事件，提领免税A Roth takes no deduction and has no RMDs; after five years plus a qualifying event, withdrawals are tax-free

题目：跟传统 IRA 比，Roth IRA 的特点是什么？

The question: compared with a traditional IRA, what's true of a Roth?

答案是 C：存款不抵税、没有强制提领、合格提领免税。其他三个都是把传统 IRA 的特征安到了 Roth 头上： A 缴款可抵税，是传统 IRA；B 70½ 起强制提领，是题库里传统 IRA 的规则；D 70½ 后不能再存，也是题库里传统 IRA 的旧规则， Roth 从来没有这个限制。

The answer is C: no deduction, no RMDs, tax-free qualified withdrawals. The other three pin traditional-IRA features on the Roth. A, deductible contributions, is the traditional IRA. B, RMDs from 70½, is the question bank's traditional-IRA rule. D, no contributions after 70½, is also the bank's old traditional-IRA rule; the Roth never had it.

记法：Roth 是「前面交税，后面免税」，存的时候没优惠，取的时候全免，所以也不逼你取。

To remember it: a Roth is "tax now, tax-free later": no break going in, nothing owed coming out, so nobody forces you to take it.

1035 交换 · 能换的方向Section 1035 Exchanges

第六章Ch. 6

可以（免税）Allowed, tax-free

  • 寿险换寿险Life to life
  • 寿险换养老保险或年金Life to endowment or annuity
  • 养老保险换养老保险或年金Endowment to endowment or annuity
  • 年金换年金Annuity to annuity

不可以Not allowed

  • 年金换寿险Annuity to life insurance
  • 终身寿险换定期寿险Whole life to term

往「保障更少、更像现金」的方向可以；反过来不行Toward less insurance and more cash is fine; the reverse is not

1035 交换没有时间限制There is no time limit on a 1035 exchange

1035 交换，名字来自税法第 1035 条，意思是把一份保单或年金换成另一份，不用为里面的收益交税。 本来退掉旧保单，超过本金的部分要交税；走 1035 交换，收益原封不动带到新合同里，继续延税。

The 1035 exchange, named after section 1035 of the tax code, lets you swap one policy or annuity for another without paying tax on the gain. Surrendering the old contract would make the gain above basis taxable; through a 1035 exchange the gain carries over into the new contract and stays deferred.

能换的方向有四种：寿险换寿险；寿险换养老保险或年金；养老保险换养老保险或年金；年金换年金。 不能换的有两种：年金不能换寿险；终身寿险不能换定期寿险。

Four directions are allowed: life to life; life to endowment or annuity; endowment to endowment or annuity; annuity to annuity. Two are not: annuity to life insurance, and whole life to term.

怎么记？看方向。寿险的保障最多，养老保险次之，年金几乎只剩现金。往「保障更少、更像现金」的方向走可以，反过来不行。 道理是：从年金换寿险，等于用延税的钱去买一份新的死亡保障，税法不给这个优惠。终身换定期也一样，定期没有现金值，延税的收益没有地方放。

How to remember it: look at the direction. Life insurance carries the most protection, endowment less, and an annuity is almost pure cash. Moving toward less insurance and more cash is allowed; the reverse is not. The reasoning: going from an annuity to life insurance would use tax-deferred money to buy new death protection, and the code doesn't grant that. Whole life to term fails too: term has no cash value, so the deferred gain has nowhere to go.

最后一点：1035 交换没有时间限制，保单买了多久都可以换。考试偶尔会拿「必须持有满几年」来做干扰项。

One last point: there's no time limit on a 1035 exchange; a contract can be exchanged however long you've held it. The exam sometimes offers "must be held for X years" as a distractor.

例题 · 1035 交换Practice · 1035 Exchanges

第六章Ch. 6

下列哪一种 1035 交换不被允许（不能免税）？Which 1035 exchange is NOT allowed tax-free?

  1. A寿险换寿险Life to life
  2. B寿险换年金Life to annuity
  3. C养老保险换年金Endowment to annuity
  4. D年金换寿险Annuity to life
解析WHY

寿险可以换年金，年金不能换回寿险；终身寿险也不能换定期Life can become an annuity, but an annuity can't become life insurance; whole life can't become term

题目：下列哪一种 1035 交换不被允许，也就是不能免税？

The question: which 1035 exchange is not allowed tax-free?

答案是 D，年金换寿险。A 寿险换寿险、B 寿险换年金、C 养老保险换年金，都在允许的清单上。 这道题的陷阱是 B 和 D 长得像，只是方向相反：寿险换年金可以，年金换寿险不行。看题时一定看清楚谁换成谁。

The answer is D, annuity to life. A, life to life, B, life to annuity, and C, endowment to annuity, are all on the allowed list. The trap is that B and D look alike with the direction reversed: life to annuity is fine, annuity to life is not. Read carefully which way the exchange goes.

记法：保障只能往下换，不能往上换。选项里出现「年金换寿险」或「终身换定期」，就是不允许的那个。

To remember it: protection can only step down, never up. If an option says annuity to life or whole life to term, that's the one that isn't allowed.

第六章自测Chapter 6 Self-Test

第六章Ch. 6
Q1

一次性领的死亡赔偿金交所得税吗？Is a lump-sum death benefit taxed?

不交，免联邦所得税No, it's free of federal income tax

Q2

七付测试测的是什么？What does the seven-pay test check?

是否成为 MEC：前 7 年保费是否交得太快Whether it's a MEC: funded too fast in the first seven years

Q3

IRA 强制提领年龄？罚款？RMD age? The penalty?

题库：70½；少取罚 50%Question bank: 70½; 50% of the shortfall

Q4

1035 能不能年金换寿险？Can an annuity be 1035'd into life?

不能；寿险换年金可以，反过来不行No; life to annuity works, not the reverse

今天TODAYRMD 从 73 岁开始（2033 年起 75 岁）；少取罚 25%，及时补正 10%RMDs start at 73 (75 from 2033); the penalty is 25%, or 10% if corrected promptly

第六章自测。第一题，一次性领取的死亡赔偿金要不要交联邦所得税？不用交。 要交税的是退保超过本金的部分，和分期领取时产生的利息。答错的话，回去看「五条铁则」那一页。

Chapter six self-test. One: is a lump-sum death benefit subject to federal income tax? No. What is taxed is surrender gain above basis and the interest on instalment payouts. If you missed it, go back to the five rules.

第二题，七付测试测的是什么？测这张保单会不会变成 MEC，也就是前七年保费是不是交得太快、超过了七笔净定额保费的总和。 第三题，IRA 强制提领从几岁开始，取少了罚多少？题库答案是 70½ 岁，罚少取部分的 50%。 页底那一行是今天的数字：73 岁，2033 年起 75 岁；罚款 25%，及时补正 10%。考场答 70½，见客户说 73。

Two: what does the seven-pay test check? Whether the policy becomes a MEC: whether premiums in the first seven years exceeded the sum of seven net level premiums. Three: when do IRA RMDs start, and what's the penalty for taking too little? The question-bank answer is 70½ and 50% of the shortfall. The line at the bottom is today's: 73, rising to 75 from 2033; a 25% penalty, 10% if corrected promptly. Answer 70½ in the exam; say 73 to a client.

第四题，1035 交换能不能把年金换成寿险？不能。寿险换年金可以，反过来不行；终身寿险也不能换成定期。 这一题如果犹豫，记住那句话：保障只能往下换，不能往上换。

Four: can a 1035 exchange turn an annuity into life insurance? No. Life to annuity is allowed, not the reverse, and whole life can't become term. If you hesitated, remember: protection can step down, never up.

第七章 · Chapter SevenChapter Seven

合格退休计划Qualified Plans

401(k), SEP, SIMPLE, Keogh

谁能用、限额多少；Defined Benefit 和 Defined Contribution 差在哪Who can use each plan, the limits, and how defined benefit differs from defined contribution

第七章把企业用的合格退休计划过一遍。三个问题：每种计划谁能用、限额是多少、 Defined Benefit 固定福利和 Defined Contribution 固定缴款差在哪里。

Chapter seven runs through the qualified retirement plans employers use. Three questions: who can use each plan, what the limits are, and how defined benefit differs from defined contribution.

跟上一章一样，这一章的限额数字也是题库的旧口径。页面上写题库数字，考场照它答； 页底「今天」那一行是 2026 年的数字。这一章篇幅短，但每一种计划的名字和适用对象都会考。

As in the last chapter, the limits here are the question bank's old figures. The slide shows the bank's numbers for the exam; the "Today" line gives 2026's. The chapter is short, but every plan's name and who it's for gets tested.

合格计划 · 五大特性Five Marks of a Qualified Plan

第七章Ch. 7

五大特性Five marks

  • 为员工和受益人设立Set up for employees and their beneficiaries
  • 书面化，并告知员工Written down and communicated
  • 缴款公式不偏向高管、股东、高薪No favouring owners, officers or the highly paid
  • 永久性，经 IRS 认可Permanent and IRS-approved
  • 有归属 Vesting 安排A vesting schedule

两大类Two kinds

Defined Benefit
承诺将来领多少，雇主担风险；适合年长、高薪、接近退休Promises the payout; the employer bears the risk; suits older, higher-paid staff near retirement

Defined Contribution
定好投多少，领多少不保证；适合年轻员工Fixes what goes in, not what comes out; suits younger staff

DC 定投入，DB 定领取DC fixes the input; DB fixes the output

一个退休计划要成为「合格」计划，享受税务优惠，要具备五个特性。第一，专门为员工和他们的受益人设立。 第二，正式写成书面文件，并且告知员工。第三，缴款公式不能偏向高管、股东或高薪员工。 第四，是永久性的，并经 IRS 认可。第五，有归属 Vesting 安排，也就是雇主缴的那部分，员工要工作多久才完全归自己。

To be "qualified" and get the tax advantages, a retirement plan needs five things. One, it exists for employees and their beneficiaries. Two, it's formally written down and communicated to employees. Three, the contribution formula may not favour officers, owners or the highly paid. Four, it's permanent and approved by the IRS. Five, it has a vesting schedule: how long an employee must work before the employer's contributions are fully theirs.

五条里考得最多的是第三条，不歧视 Nondiscrimination。合格计划拿了税务优惠，就不能只给老板和高管用。 下一页的例题考的就是它。

The one tested most is the third, nondiscrimination. A plan that gets tax breaks can't be run just for the owners and executives. The next practice question is about exactly this.

合格计划分两大类。Defined Benefit 固定福利计划，承诺的是员工退休时能领多少，通常按薪水的一个比例乘以服务年数来算。 雇主有责任让计划里的钱够付，投资亏了雇主补，所以风险在雇主。它适合年长、高薪、接近退休的员工，因为离退休近， 要在短时间里攒够一笔确定的退休金。

Qualified plans come in two kinds. A defined benefit plan promises what the employee will receive at retirement, usually a percentage of salary times years of service. The employer must keep the plan funded and makes up any investment shortfall, so the risk is the employer's. It suits older, higher-paid employees close to retirement, who need a set amount built up in a short time.

Defined Contribution 固定缴款计划反过来：只定好每年投进去多少，最后能领多少不保证，看投资表现，常常跟公司利润挂钩。 它适合刚开始工作的年轻员工，时间长，可以慢慢累积。一句话记：DC 定投入，DB 定领取。

A defined contribution plan is the reverse: it fixes what goes in each year and guarantees nothing about what comes out, which depends on investment results and is often tied to company profits. It suits younger employees with time to build up savings. In one line: DC fixes the input, DB fixes the output.

例题 · 不歧视原则Practice · Nondiscrimination

第七章Ch. 7

哪一项规定阻止退休计划偏向高薪员工？Which rule prevents plans from favouring highly paid employees?

  1. A归属Vesting
  2. B不歧视Nondiscrimination
  3. C最低分配规则Minimum distribution
  4. D提前取款罚款Early-withdrawal penalty
解析WHY

合格计划的缴款公式不得偏向高管、股东、高薪员工，这就是不歧视原则A qualified plan's formula may not favour owners, officers or the highly paid: that is nondiscrimination

题目：哪一项规定阻止退休计划偏向高薪员工？

The question: which rule stops a retirement plan from favouring highly paid employees?

答案是 B，不歧视 Nondiscrimination，题目里的「偏向」就是歧视的意思。 A 归属 Vesting 讲的是雇主缴的钱多久归员工；C 最低分配规则是到了年龄必须开始取钱，也就是 RMD； D 提前取款罚款是 59½ 之前取钱的 10%。三个都是合格计划里真实存在的规则，但都不是管「偏向谁」的。

The answer is B, nondiscrimination; "favouring" is another word for discriminating. A, vesting, is about when employer money becomes the employee's. C, minimum distribution, is the rule that you must start withdrawing at a certain age, the RMD. D, the early-withdrawal penalty, is the 10% before 59½. All three are real qualified-plan rules, but none governs who is favoured.

记法：题目说 favor 或 highly paid，就选 Nondiscrimination。

To remember it: when a question says "favour" or "highly paid", choose nondiscrimination.

六种计划一览Six Plans at a Glance

第七章Ch. 7
计划Plan谁用Who uses it题库数字Question-bank figure
SEP小公司，雇主缴款Small employers; employer-funded$49,000 或薪资 25%，取低$49,000 or 25% of pay
401(k)员工税前缴，公司可 MatchPre-tax deferrals; employer may match$16,500；借款 50% 或 $50,000$16,500; loans 50% / $50,000
SIMPLE少于 100 名员工Under 100 employees员工 $11,500；雇主 Match 至 3%$11,500; 3% match
Keogh / HR-10个体户；21 岁、1 年、1,000 小时Self-employed; 21, 1 year, 1,000 hours$49,000 或收入 100%，取低$49,000 or 100% of income
403(b) / TSA非营利机构、公立学校Nonprofits, public schools$16,500；50 岁加 $5,000$16,500; +$5,000 at 50
529教育账户，不是退休计划Education account, not retirement上限约 $235,000Cap around $235,000

今天TODAY401(k)、403(b) $24,500；SIMPLE $17,000；SEP、Keogh $72,000；529 各州不同401(k), 403(b) $24,500; SIMPLE $17,000; SEP, Keogh $72,000; 529 varies by state

六种常见的计划。表上第三列全部是题库的旧数字，只用于考试；今天的数字在页底，下面也会逐个说。

Six common plans. The third column is entirely the question bank's old figures, for the exam only; today's are at the bottom, and I'll give each one as we go.

SEP，简化雇员养老金计划，给小型雇主用，雇主出钱，存进每个员工自己的 IRA。题库上限是 $49,000 或薪资的 25%，取低。 Keogh，也叫 HR-10，给个体户和合伙人用，题库上限是 $49,000 或收入的 100%，取低； 员工满 21 岁、工作满 1 年、每年工作 1,000 小时以上，就必须纳入。今天这两种的上限都要看 DC 计划的年度添加上限，2026 年是 $72,000。 Keogh 现在用得少了：设立和行政都比较麻烦，大多数个体户改用 SEP-IRA 或 Solo 401(k)。

The SEP, simplified employee pension, is for small employers: the employer contributes into each employee's own IRA. The bank's cap is $49,000 or 25% of pay, whichever is less. The Keogh, or HR-10, is for the self-employed and partners: $49,000 or 100% of income in the bank, and any employee who is 21, has a year of service and works 1,000 hours a year must be covered. Today both are capped by the defined-contribution annual-additions limit, $72,000 for 2026. Keoghs are less common now: they're more work to set up and run, so most self-employed people use a SEP-IRA or a solo 401(k) instead.

401(k)，员工从税前薪水里扣钱存进去，公司可以 Match 配一部分。题库上限 $16,500，50 岁以上可以追加； 急用可以借，最多是账户的 50% 或 $50,000，取低，这个借款上限今天仍然有效。 403(b)，也叫 TSA 避税年金，是非营利机构和公立学校员工用的，题库上限 $16,500，50 岁追加 $5,000。 今天 401(k) 和 403(b) 是同一条线：$24,500，50 岁以上加 $8,000；60 到 63 岁这几年，追加额换成 $11,250。

In a 401(k) employees defer pre-tax pay and the company may match part of it. The bank's limit is $16,500 with a catch-up from 50; you can borrow up to 50% of the account or $50,000, whichever is less, and that loan limit still applies today. The 403(b), or tax-sheltered annuity, is for employees of nonprofits and public schools: $16,500 in the bank, plus $5,000 at 50. Today the 401(k) and 403(b) share one line: $24,500, plus $8,000 from 50; at ages 60 to 63 that catch-up is replaced by $11,250.

SIMPLE 给少于 100 名员工的小生意用，题库里员工最多存 $11,500，雇主按薪水 Match 到 3%。 今天是 $17,000，50 岁以上加 $4,000。

The SIMPLE is for businesses with fewer than 100 employees: $11,500 for the employee in the bank, with the employer matching up to 3% of pay. Today it's $17,000, plus $4,000 from 50.

最后是 529，州办的大学储蓄计划，钱延税增长，用来付大学费用时提领免税。题库说上限约 $235,000； 实际上各州不同、每年调，加州的更高。要特别提醒：529 是教育储蓄账户，不是退休计划， 题库只是把它放在这一章一起记，见客户时别把它当退休计划讲。

Last, the 529, a state college-savings plan: growth is tax-deferred and withdrawals for college costs are tax-free. The bank says the cap is about $235,000; in reality it varies by state and rises each year, and California's is higher. An important reminder: a 529 is an education savings account, not a retirement plan. The question bank only lists it here for convenience; don't present it to a client as a retirement plan.

节奏提示Pacing

这一页信息最密，可以先只讲「谁用」那一列，让大家把六个名字和对象配上，再回头讲数字。数字分两遍讲：先讲考场答案，再讲今天的数字。

This is the densest slide. Go through the "who uses it" column first so people match the six names to their users, then come back to the numbers, in two passes: the exam answer first, then today's figure.

例题 · 公立学校用哪种计划Practice · The Plan for Public Schools

第七章Ch. 7

哪一种退休计划是专为公立学校系统的员工设计的？Which plan was designed for employees of public school systems?

  1. AKeogh
  2. B401(k)
  3. C403(b) 避税年金403(b) / TSA
  4. DIRA
解析WHY

403(b) 用于非营利机构和公立学校；Keogh 给个体户，SEP、SIMPLE 给小企业The 403(b) serves nonprofits and public schools; Keogh is for the self-employed, SEP and SIMPLE for small firms

题目：哪一种退休计划是专为公立学校系统的员工设计的？

The question: which retirement plan was designed for employees of public school systems?

答案是 C，403(b)，也叫 TSA 避税年金，给非营利机构和公立学校的员工用。 A Keogh 是给个体户和合伙人的；B 401(k) 是一般营利企业的员工计划；D IRA 是个人自己开的账户，不是专为哪个行业设计的。

The answer is C, the 403(b), also called the tax-sheltered annuity, for employees of nonprofits and public schools. A, the Keogh, is for the self-employed and partners. B, the 401(k), is the plan for employees of ordinary for-profit companies. D, the IRA, is an individual account, not designed for any particular sector.

记法：老师、医院、慈善机构，就是 403(b)；个体户是 Keogh；小公司是 SEP 和 SIMPLE。

To remember it: teachers, hospitals and charities mean 403(b); the self-employed mean Keogh; small companies mean SEP and SIMPLE.

第七章自测Chapter 7 Self-Test

第七章Ch. 7
Q1

Defined Benefit 适合什么员工？Who suits a defined benefit plan?

年长、高薪、接近退休Older, higher-paid, close to retirement

Q2

SIMPLE 对员工人数的限制？The SIMPLE's employee limit?

少于 100 名员工Fewer than 100 employees

Q3

Keogh 纳入的年工时门槛？Keogh's yearly hours threshold?

1,000 小时1,000 hours

Q4

401(k) 借款上限？The 401(k) loan limit?

账户的 50% 或 $50,000，取低50% of the account or $50,000, lesser

第七章自测。第一题，Defined Benefit 固定福利计划适合什么样的员工？年长、高薪、接近退休的。 因为它承诺的是将来领多少，离退休越近，越需要一个确定的数字。答错的话，回去看「DC 定投入，DB 定领取」那一页。

Chapter seven self-test. One: who is a defined benefit plan suited to? Older, higher-paid employees close to retirement, because it promises a set payout, which matters most when retirement is near. If you missed it, revisit the slide with "DC fixes the input, DB fixes the output".

第二题，SIMPLE 计划对员工人数有什么限制？少于 100 名员工。 第三题，Keogh 计划要求员工每年最少工作多少小时才必须纳入？1,000 小时，另外两个条件是满 21 岁、工作满一年。

Two: what's the SIMPLE's limit on employees? Fewer than 100. Three: how many hours a year must an employee work before a Keogh must cover them? 1,000 hours, together with being 21 and having a year of service.

第四题，401(k) 的借款上限？账户的 50% 或 $50,000，取低的那个，这个数今天也没变。 第二到第四题如果有错，回去看「六种计划一览」那张表，把每种计划的对象和数字再对一遍。

Four: the 401(k) loan limit? 50% of the account or $50,000, whichever is less, and that is still the rule today. If you missed any of two to four, go back to the six-plan table and match each plan to its users and figures again.

第八章 · Chapter EightChapter Eight

保险监管Insurance Regulation

执照、处分、公平交易Licensing, penalties and fair dealing

死规定、罚款数字、天数限制都集中在这一章；背下来就是分Hard rules, penalty figures and deadlines, all in one chapter: memorise them and the points are yours

第八章是保险监管。这一章是加州考试的「必拿分」章节：怎么拿执照、执照怎么维持、违规罚多少、 哪些销售行为是法律明令禁止的，全都集中在这里。

Chapter eight is insurance regulation, and it's one of the chapters where the California exam hands you points: how to get a licence, how to keep it, what a violation costs, and which sales practices the law forbids outright. It's all here.

这一章跟前面讲产品、讲条款不一样，几乎没有需要推理的东西，全是死规定：多少小时、多少天、多少钱。 所以学法也不一样，不用想「为什么」，把数字和名词对上号就行。我们一页一页过，每页后面都有一道例题。

Unlike the product and provision chapters, there is almost nothing to reason out here; it's all fixed rules: so many hours, so many days, so many dollars. So study it differently: don't ask why, just pair each figure with its term. We'll go page by page, with a practice question after each.

获取执照：条件与流程Getting Licensed

第八章Ch. 8
  • 基本条件：年满 18 岁，本州居民，没有相关重罪记录The basics: 18 or older, a California resident, no disqualifying felony
  • 考前教育：2026 年 1 月 1 日起只需 12 小时 Ethics & Codes，其中 1 小时反欺诈Pre-licensing: from 1 January 2026, just 12 hours of ethics and codes, one of them anti-fraud AB 943 之前（到 2025 年 12 月 31 日）：20 小时寿险 + 12 小时伦理与保险法 = 32 小时Before AB 943 (through 31 December 2025): 20 hours of life + 12 of ethics and code = 32
  • 申请：交申请表和申请费，通过笔试Applying: file the application and fee, pass the written exam
  • 保险专员 Commissioner 可以拒发：不可信赖，不够能力，未满足前提条件The Commissioner may refuse: untrustworthy, incompetent, or a prerequisite not met

先看怎么拿到执照。基本条件三条：年满 18 岁、是本州居民、没有相关的重罪记录。 然后完成考前教育、交申请表和申请费、通过笔试。这几步题目里常以「下列哪一项不是拿执照的条件」的形式出现。

First, how you get licensed. Three basic conditions: be 18 or older, be a resident of the state, and have no disqualifying felony. Then complete pre-licensing education, file the application and fee, and pass the written exam. Questions often ask which of these is not a requirement.

考前教育这一条今年变了，一定要讲清楚。到 2025 年 12 月 31 日为止，加州寿险考前教育是 20 小时寿险加 12 小时伦理与加州保险法，一共 32 小时。AB 943 通过以后，2026 年 1 月 1 日起只需要 12 小时 Ethics & California Insurance Code 课程，其中包括 1 小时反欺诈。 网上很多攻略还写着 32 小时，那是旧规定，不是我们写少了。

Pre-licensing changed this year, so be clear on it. Through 31 December 2025, California life pre-licensing was 20 hours of life plus 12 of ethics and the California Insurance Code, 32 hours in all. Under AB 943, from 1 January 2026 it is only the 12-hour ethics and California Insurance Code course, including one hour of anti-fraud. Plenty of online guides still say 32; that's the old rule, not an omission on our part.

谁可以拒发执照？加州的监管官叫 Commissioner，保险专员。题库有时写 Superintendent， 那是纽约等外州的叫法，题库沿用了外州的措辞，指的是同一个职位。拒发的理由通常是三种： 不可信赖、不够能力、没有满足前提条件。

Who can refuse a licence? California's regulator is the Insurance Commissioner. The question bank sometimes says "Superintendent", which is New York's title borrowed from other states; it means the same office. The usual grounds for refusal are three: untrustworthiness, incompetence, and failing to meet a prerequisite.

题库里偶尔还会问「哪些人可以豁免笔试」，讲义给的例子是 CLU 持证人、只卖旅行意外或行李险的票务代理、 以及销售时间不超过一半的互助会（Fraternal）代表。这一条了解即可，遇到题目能认出来就够了。

The bank occasionally asks who is exempt from the written exam; the course gives CLU holders, ticket agents selling only travel accident or baggage cover, and fraternal representatives who spend half their time or less selling. Just recognise it if it comes up.

例题 · 考前教育Practice · Pre-Licensing

第八章Ch. 8

2026 年 1 月 1 日起（AB 943 之后），加州寿险考前教育要求是？From 1 January 2026 (after AB 943), California life pre-licensing education requires:

  1. A32 小时（20 + 12）32 hours (20 + 12)
  2. B只要 12 小时伦理与保险法Only 12 hours of ethics and codes
  3. C40 小时40 hours
  4. D不需要上课No education at all
解析WHY

2025 年底以前是 20 小时寿险加 12 小时伦理，共 32 小时；2026 年起只要 12 小时，含 1 小时反欺诈Through 2025 it was 20 + 12 = 32 hours; from 2026 it is 12 hours of ethics and codes, one of them anti-fraud

题目问：2026 年 1 月 1 日起，也就是 AB 943 之后，加州寿险的考前教育要求是多少？

The question: from 1 January 2026, after AB 943, what does California require in life pre-licensing education?

答案是 B，只要 12 小时伦理与保险法课程，其中 1 小时是反欺诈。 A 的 32 小时是旧规定，20 小时寿险加 12 小时伦理，到 2025 年底为止适用，这是最大的陷阱，因为网上资料大多还写这个数。 C 的 40 小时是凑数的；D 说不需要上课，加州从来没有这种规定。

The answer is B, only the 12-hour ethics and codes course, one hour of it anti-fraud. A, 32 hours, is the old rule (20 of life plus 12 of ethics), in force through the end of 2025; it's the main trap, because most material online still shows it. C, 40 hours, is filler; D, no education, has never been the rule in California.

记法：2026 年起，「12」一个数就够了；看到年份写 2026 以后，32 就是错的。

To remember: from 2026, the only number is 12. If the question is dated 2026 or later, 32 is wrong.

执照者的类型Types of Licensee

第八章Ch. 8
类型Type代表谁Represents要点Key point
Agent代理人保险公司Insurer领薪水、不收申请、不拿佣金的员工不算Salaried staff who take no applications or commission aren't agents
Broker经纪受保人Insured为客户的最佳利益办事Acts in the client's best interest
Consultant顾问客户Client收费提供建议；不得持有保险公司股份Advises for a fee; may not hold an insurer's stock
Independent Adjuster独立理赔人保险公司Insurer公正地核定损失Adjusts claims impartially
Public Adjuster公众理赔人受保人Insured不能是保险公司的员工，也不能是律师Can't be the insurer's employee or an attorney

执照者按角色分五种。考试最爱考的一个问题就是：这个人代表谁？ 先记住一条主线：Agent 代表保险公司，Broker 代表客户。其余三种往这两边靠就行。

Licensees come in five roles, and the exam's favourite question is: whom does this person represent? Hold one line first: an agent represents the insurer; a broker represents the client. The other three fall on one side or the other.

Agent 代理人代表保险公司。注意一个细节：保险公司里拿薪水、不接受申请表、也不收佣金的员工， 不算代理人，不需要代理人执照。Broker 保险经纪代表受保人，为客户的最佳利益做事。

An agent represents the insurer. One detail: a salaried employee of the insurer who takes no applications and earns no commission is not an agent and doesn't need an agent's licence. A broker represents the insured and acts in the client's best interest.

Consultant 顾问向公众收费，讲某张保险的优缺点、给建议，他代表的是付费的客户； 正因为要保持中立，他不能是任何保险公司的高管、员工或股东。

A consultant charges the public a fee to advise on the pros and cons of insurance, so he represents the paying client; to stay neutral, he can't be an officer, employee or shareholder of any insurer.

最后两个都叫 Adjuster，理赔人，但方向相反。Independent Adjuster 独立理赔人受保险公司委托，公正地核定损失， 代表保险公司。Public Adjuster 公众理赔人是客户请来跟保险公司谈理赔的，代表受保人， 所以他不能是保险公司的员工、代理人或经纪，也不能是律师。记法：Independent 站公司那边，Public 站客户那边。

The last two are both adjusters, facing opposite ways. An independent adjuster is engaged by the insurer to assess losses impartially and represents the insurer. A public adjuster is hired by the client to negotiate the claim with the insurer and represents the insured, so he can't be the insurer's employee, agent or broker, nor an attorney. To remember: independent sits with the company, public sits with the client.

例题 · 执照者类型Practice · Types of Licensee

第八章Ch. 8

保险经纪（Broker）受酬交易保险，按法定定义代表的是谁？An insurance broker transacts insurance, for compensation, on behalf of:

  1. A他人（受保人），非保险公司Another person, not the insurer
  2. B保险公司，不是客户The insurer, not clients
  3. C任何难放业务的代理Any surplus-lines agent
  4. D财产险经纪指派的人A P&C broker's appointee
解析WHY

Broker 代表受保人，为客户的最佳利益办事；代表保险公司的是 AgentA broker represents the insured, in the client's interest; it is the agent who represents the insurer

题目问：保险经纪 Broker 受酬交易保险时，按法律定义，他代表的是谁？

The question: by legal definition, on whose behalf does a broker transact insurance for pay?

答案是 A，代表他人，也就是受保人，而不是保险公司。B 正好说反了，代表保险公司的是 Agent， 这是这道题真正的陷阱，Agent 和 Broker 一对调，很多人就选错。C 说的是专门承接难放业务（surplus lines）的代理， D 说的是财产险经纪指派的人，这两个都是凑数的，跟 Broker 的定义无关。

The answer is A: another person, the insured, not the insurer. B is the exact reverse; it is the agent who represents the insurer, and swapping the two is the real trap. C, a surplus-lines agent, and D, a P&C broker's appointee, are filler with nothing to do with the definition.

记法：Agent 跟公司，Broker 跟客户。看到「on behalf of」就问自己：这个人替谁说话？

To remember: the agent goes with the company, the broker with the client. Whenever you see "on behalf of", ask who this person speaks for.

临时执照与执照维持Temporary Licence and Renewal

第八章Ch. 8

临时执照 Temporary LicenseTemporary licence

签发不超过 90 天，可以续Issued for up to 90 days, renewable

总计不超过 15 个月No more than 15 months in total

只服务现有业务，不能开拓新业务Existing business only, no new solicitation

服役期间，可延续到退役后 60 天In military service, it runs to 60 days after discharge

执照维持Keeping the licence

  • 每 2 年到期；CDI 提前 90 天提醒Expires every 2 years; CDI reminds you 90 days ahead
  • 最早可提前 90 天续Renew up to 90 days early
  • CE：24 小时 / 2 年，含 3 小时伦理或反欺诈CE: 24 hours per 2 years, 3 of them ethics or anti-fraud
  • 改地址、受处分：30 天内书面通知 CDIAddress change or discipline: tell CDI in writing within 30 days

临时执照是常考点。签发不超过 90 天，可以续，但总共不能超过 15 个月。 它的用途很窄：只能服务现有业务，不能出去揽客、开拓新业务。典型情况是原来持照的人过世或丧失能力， 家里人暂时接手维持现有客户。服兵役期间，临时执照可以延续到退役后 60 天。

The temporary licence is a regular. It is issued for no more than 90 days, can be renewed, but cannot exceed 15 months in all. Its use is narrow: servicing existing business only, no soliciting new clients. The typical case is a licensee who dies or becomes incapacitated, with family keeping the existing book going for a while. During military service it can run until 60 days after discharge.

再看执照怎么维持。加州执照每 2 年到期，到期日跟你的生日有关。CDI，加州保险局，会提前 90 天发提醒； 续证最早可以提前 90 天提交。

Now keeping the licence. A California licence expires every two years, on a date tied to your birthday. CDI, the California Department of Insurance, sends a reminder 90 days ahead, and you can file the renewal up to 90 days early.

继续教育 CE 是 每 2 年 24 小时，其中 3 小时是伦理或反欺诈。题目有时会给 15 小时之类的干扰项， 加州是 24。最后一条最常考：改地址、受到行政处分、背景信息有变化，一律 30 天内书面通知 CDI。

Continuing education is 24 hours every two years, three of them ethics or anti-fraud. Distractors like 15 hours show up; California's figure is 24. And the most-tested line: an address change, a disciplinary action or any change in background goes to CDI in writing within 30 days.

讲师提醒Presenter's note

这一页有好几个 90：临时执照 90 天、提前 90 天提醒、提前 90 天续。可以让大家一起念一遍「三个 90、一个 15 个月、一个 30 天」。

This page has several 90s: a 90-day temporary licence, a reminder 90 days out, renewal 90 days early. Have the room say it together: "three 90s, one 15 months, one 30 days."

例题 · 执照维持Practice · Keeping the Licence

第八章Ch. 8

执照签发后，背景信息有变化，须在多少天内书面通知专员？After a licence is issued, a change in background information must be reported to the Commissioner within:

  1. A15 天15 days
  2. B20 天20 days
  3. C30 天30 days
  4. D45 天45 days
解析WHY

改地址、受处分、背景变化，一律 30 天内书面通知 CDIAddress changes, discipline and background changes all go to CDI in writing within 30 days

题目问：执照签发以后，背景信息发生变化，要在多少天内书面通知专员？

The question: once licensed, within how many days must a change in background information be reported to the Commissioner in writing?

答案是 C，30 天。A 的 15 天、B 的 20 天、D 的 45 天都是干扰项。 其中 20 天要特别小心，它是下一页「收到罚单 20 天内付款」的数字，两个容易串在一起。

The answer is C, 30 days. A (15), B (20) and D (45) are distractors. Watch B in particular: 20 days belongs to the next page, paying a fine within 20 days, and the two get mixed up.

记法：凡是「向 CDI 报告变化」，就是 30 天。改地址、受处分、背景变化，都一样。

To remember: any change you report to CDI is 30 days: address, discipline or background alike.

罚款数字：考场照答Penalty Figures for the Exam

第八章Ch. 8
  • 代理人单次违章 $500，累计上限 $2,500An agent's violation: $500 each, $2,500 in aggregate
  • 违反停止令（Cease and Desist Order）：单次最高 $5,000Breaching a cease-and-desist order: up to $5,000 per violation
  • 专员的累计罚款上限：$10,000The Commissioner's cumulative cap: $10,000
  • 收到罚单后 20 天内付清Pay within 20 days of receiving the penalty notice
  • 执照吊销后 1 年内不得重新申请No reapplying for 1 year after a revocation

实务IN PRACTICE这组数字有些是外州的老数；考试照答，真遇到处分金额的问题，查加州保险法（CIC）当期条文或问合规Some of these are other states' older figures. Answer them in the exam; for a real case, check the current California Insurance Code or ask compliance

罚款这一页，题库里的数字要背熟。代理人单次违章罚 $500，累计上限 $2,500。 违反专员发出的停止令，Cease and Desist Order，单次最高 $5,000，这是最常考的一个。 专员的累计罚款总上限是 $10,000。

For penalties, learn the question bank's figures. An agent's violation is $500 each, capped at $2,500 in aggregate. Breaching the Commissioner's cease-and-desist order is up to $5,000 per violation, the one asked most. The Commissioner's overall cumulative cap is $10,000.

两个时间：收到罚单后 20 天内必须付清，不付的话专员可以吊销或暂停执照； 执照被吊销以后，1 年内不能重新申请。

Two time limits: pay within 20 days of receiving the penalty, or the Commissioner may revoke or suspend the licence; and after a revocation, no new application for a year.

但是要跟大家说清楚：这组数字是考试用的。其中有些明显是外州的老数，跟加州现行条文对不上。 考场上照题库答没问题；实务上任何涉及处分金额的问题，请直接查加州保险法当期条文，或者问公司合规， 不要凭这一页跟客户或同业下结论。

But be clear with the room: these figures are for the exam. Some are plainly other states' older numbers and don't match California's current code. Answer the bank's way in the exam; for anything real involving a penalty amount, read the current California Insurance Code or ask compliance, and don't settle anything with a client or colleague off this page.

例题 · 罚则Practice · Penalties

第八章Ch. 8

专员发出文件扣押通知，当事人拒不交出文件，处罚是？Failing to deliver records after the Commissioner's seizure notice is punishable by:

  1. A1 年监禁1 year in jail
  2. B$1,000 罚款A $1,000 fine
  3. C1 年监禁和/或 $1,000 罚款Up to 1 year and/or $1,000
  4. D由各州自行决定It varies by state
解析WHY

拒交被扣押的文件属轻罪，题库答案是监禁和罚款可以并处Withholding seized records is a misdemeanor; the bank's answer allows jail, a fine, or both

题目问：专员发出文件扣押通知以后，当事人拒不交出文件，会受到什么处罚？

The question: if someone refuses to hand over records after the Commissioner's seizure notice, what is the penalty?

题库的答案是 C，最高 1 年监禁和/或 $1,000 罚款。拒交被扣押的文件属于轻罪， 「和/或」的意思是可以只判一样，也可以两样一起判。A 和 B 各说了一半，都不完整； D 说由各州自行决定，题目问的是这一条规定本身，不是在问哪个机关管，所以不选。

The bank's answer is C: up to a year in jail and/or a $1,000 fine. Withholding seized records is a misdemeanor, and "and/or" means either one or both. A and B each give half and are incomplete; D, "varies by state", dodges the rule the question is actually about.

记法：选项里出现「和/或」把前两项合在一起的，往往就是答案。 这道题的数字和上一页一样，是考场口径。

To remember: an option that combines the two before it with "and/or" is usually the answer. Like the last page, this figure is the exam's.

禁止的不公平交易行为Prohibited Unfair Practices

第八章Ch. 8
M

Misrepresentation 谎告误报Misrepresentation

销售时故意做不实陈述Knowingly making false statements in a sale

F

False Advertising 虚假广告False Advertising

广告、小册子不实，欺骗或误导Ads or brochures that are untrue, deceptive or misleading

D

Defamation 诽谤同业Defamation

口头或书面中伤同业的财务状况Running down another insurer's finances, in speech or writing

R

Rebating 回扣Rebating

用钱、分佣、个人服务诱导投保；公司印制的广告品 $15 以下不算Inducing a sale with money, commission or services; company ad items under $15 don't count

S

Sharing Commissions 分佣Sharing Commissions

只能分给同一公司、同一授权线上的持照同事Only with a licensed colleague on the same carrier's line of authority

U

Unfair Discrimination 歧视Unfair Discrimination

不得按婚姻、种族、肤色、国籍、宗教、残疾区别对待Not by marital status, race, colour, national origin, religion or disability

这一页是必考点，六种禁止的不公平交易行为，按首字母记 M、F、D、R、S、U。

This page is guaranteed exam material: six prohibited unfair practices, remembered by their initials, M, F, D, R, S, U.

Misrepresentation 谎告误报：销售时故意说不实的话，比如把保单条款、红利说得比实际好。 False Advertising 虚假广告：在报纸、杂志、电视、小册子上发布不实、欺骗或误导的内容。 Defamation 诽谤同业：口头或书面中伤别家保险公司的财务状况，比如说「那家公司快倒了」。

Misrepresentation: knowingly saying something untrue in a sale, such as overstating a policy's terms or dividends. False advertising: untrue, deceptive or misleading material in newspapers, magazines, television or brochures. Defamation: running down another insurer's finances in speech or writing, such as "that company is about to go under".

Rebating 回扣：用钱、分一部分佣金、承诺或者个人服务，来诱导客户买保险，都是回扣。 唯一的例外是公司或代理人印制的广告品，价值在 $15 以下的不算，比如印了公司名字的笔、日历。 Sharing Commissions 分佣：佣金只能分给同一家公司、同一条授权线上有执照的同事，没执照的朋友帮你介绍客户，不能分佣金给他。

Rebating: using money, part of the commission, a promise or personal services to induce a purchase. The one exception: advertising items printed by the company or agent worth under $15, such as a branded pen or calendar. Sharing commissions: only with a licensed colleague at the same carrier on the same line of authority; an unlicensed friend who refers a client can't be paid a share.

Unfair Discrimination 不公平歧视：同样风险的人，不能因为婚姻状况、种族、肤色、国籍、宗教、残疾而区别对待。 考试最爱考的是 Rebating 的 $15 和分佣的「同公司、同授权线、有执照」这两个条件。

Unfair discrimination: people of the same risk can't be treated differently by marital status, race, colour, national origin, religion or disability. The exam's favourites are the $15 rebating threshold and the three conditions on sharing commission: same carrier, same line, licensed.

例题 · 不公平交易Practice · Unfair Practices

第八章Ch. 8

代理人误报保单将派发的红利金额，构成？An agent who misrepresents the dividends a policy will pay is guilty of:

  1. A重罪A felony
  2. B轻罪A misdemeanor
  3. C射幸性违约An aleatory breach
  4. D信托违规A fiduciary infraction
解析WHY

误报红利属 Misrepresentation，是轻罪；六种不公平行为记 M、F、D、R、S、UMisrepresenting dividends is a misdemeanor; the six unfair practices are M, F, D, R, S, U

题目问：代理人对保单将要派发的红利金额做了不实陈述，这构成什么？

The question: an agent misstates the dividends a policy will pay. What is that?

答案是 B，轻罪 Misdemeanor。这就是上一页的 M，Misrepresentation。A 重罪太重了，是最常见的误选； C「射幸性违约」是把第一章合同特性里的 Aleatory 借来凑数，射幸是合同的性质，不是一种违法行为； D「信托违规」听起来像，但题目问的是这类行为在法律上的定性。

The answer is B, a misdemeanor: the M on the last page, misrepresentation. A, a felony, is too heavy and the most common wrong pick. C borrows "aleatory" from the contract features in chapter one; that's a property of a contract, not an offence. D sounds plausible, but the question asks how the law classifies the act.

记法：误报条款、红利，属于轻罪。看到「misrepresent dividends」，直接选 misdemeanor。

To remember: misstating terms or dividends is a misdemeanor. See "misrepresent dividends", pick misdemeanor.

联邦监管：FCRA 与 §1033Federal Rules: FCRA and §1033

第八章Ch. 8

FCRA 公平信用报告法Fair Credit Reporting Act

1971 年生效，FTC 主管In force since 1971, enforced by the FTC

Consumer Report：就业、信用、公开记录Consumer report: employment, credit, public records

Investigative Report：访谈亲友邻居，须事先告知Investigative report: interviews friends and neighbours; disclose in advance

超过 10 年的破产、7 年的其他负面记录不得写入；寿险或信用 $150,000 以上不受此限No bankruptcies over 10 years or other adverse items over 7, except for life cover or credit of $150,000+

§1033 Waiver

对象：曾犯涉及不诚实、违反信任的重罪者Who: anyone convicted of a felony involving dishonesty or breach of trust

须有 Commissioner 书面同意，才能从事保险业Needs the Commissioner's written consent to work in insurance

未经同意从业：最高 5 年监禁Working without consent: up to 5 years

保险欺诈：最高 10 年；危及保险公司安全的，最高 15 年Insurance fraud: up to 10 years, or 15 if it endangers the insurer

这一页是两条联邦法。先看左边，FCRA，公平信用报告法，1971 年生效，由联邦贸易委员会 FTC 主管。 保险公司核保时会用到两类报告：Consumer Report 消费者报告，从就业记录、信用报告、公开渠道收集投保人的信息； Investigative Consumer Report 调查报告，是去访谈投保人的亲友、邻居得来的，这一种必须事先告知投保人。

Two federal laws on this page. On the left, the Fair Credit Reporting Act, in force since 1971 and enforced by the Federal Trade Commission. Underwriters use two kinds of report: a consumer report, built from employment records, credit reports and public sources; and an investigative consumer report, built from interviews with the applicant's friends and neighbours, which must be disclosed to the applicant in advance.

报告里能写多久以前的事，有个时限：超过 10 年的破产记录、超过 7 年的其他负面信息，不能写进报告。 但有一个例外：如果是金额 $150,000 或以上的寿险或信用交易，这个时限就不适用，旧记录也可以写进去。 讲义原稿把这一条说反了，请以这里为准。违反 FCRA 的，要赔偿对方的实际损失和合理的律师费，故意违反的处罚更重。

There's a time limit on what a report may include: bankruptcies older than 10 years and other adverse items older than 7 can't be reported. The exception: for life insurance or credit of $150,000 or more, that limit doesn't apply, and older records may be included. The original course notes had this backwards; go by this version. A violator owes the consumer's actual damages and reasonable attorney's fees, and wilful violations are punished more heavily.

右边是 Section 1033，联邦法的重要规定：曾犯涉及不诚实或违反信任的重罪的人， 没有拿到监管官的书面同意，也就是 1033 Waiver，不得从事保险业务。在加州，给这个书面同意的就是 Commissioner。

On the right is Section 1033, a key federal provision: anyone convicted of a felony involving dishonesty or breach of trust may not work in insurance without the regulator's written consent, the 1033 waiver. In California, that consent comes from the Commissioner.

罚则三个数：没拿到同意就从业，最高 5 年监禁；保险欺诈最高 10 年；如果欺诈危及保险公司的安全稳健，最高 15 年。 考试最常问的是「1033 Waiver 是给谁的」，答案就是有不诚实重罪记录、想进入保险业的人。

Three penalty figures: working without consent, up to 5 years; insurance fraud, up to 10; fraud that jeopardises the insurer's safety and soundness, up to 15. The usual question is who the 1033 waiver is for: someone with a felony for dishonesty who wants to work in insurance.

例题 · FCRAPractice · FCRA

第八章Ch. 8

哪一种关于信用与个人特征的报告，可能影响寿险或健康险的投保资格？Which report on a person's credit and character may affect eligibility for life or health insurance?

  1. A代理人报告Agent's report
  2. B消费者报告Consumer report
  3. C主治医师声明Attending physician's statement
  4. DMIB 披露MIB disclosure
解析WHY

消费者报告管信用和个人特征，受 FCRA 规范；医师声明和 MIB 管的是健康The consumer report covers credit and character under the FCRA; the physician's statement and MIB concern health

题目问：哪一种关于信用和个人特征的报告，可能影响一个人买寿险或健康险的资格？

The question: which report on someone's credit and character can affect eligibility for life or health cover?

答案是 B，消费者报告，受 FCRA 规范。题干里的关键词是「信用与个人特征」。 A 代理人报告是代理人在申请书上写的观察，不是信用报告；C 主治医师声明讲的是病史； D MIB 是保险业共享的健康信息库，也是管健康的。C 和 D 是核保资料，但跟信用无关。

The answer is B, the consumer report, governed by the FCRA. The key words are "credit and character". A, the agent's report, is the agent's own observations on the application. C, the attending physician's statement, is medical history. D, the MIB, is the industry's shared medical information bureau, also about health. C and D are underwriting sources, but not about credit.

记法：题目讲信用、名声、生活方式，就是 Consumer Report；讲病史，就是医师声明或 MIB。

To remember: credit, reputation or lifestyle means a consumer report; medical history means the physician's statement or the MIB.

第八章自测Chapter 8 Self-Test

第八章Ch. 8
Q1

加州寿险考前教育要几小时？Pre-licensing hours for California life?

2026 年起 12 小时 Ethics & Codes；之前是 32 小时12 from 2026; 32 before that

Q2

违反停止令，单次罚多少？Fine per cease-and-desist breach?

最高 $5,000（考场口径）Up to $5,000 (the exam figure)

Q3

加州 CE 每 2 年几小时？California CE every two years?

24 小时，含 3 小时伦理或反欺诈24 hours, 3 of ethics or anti-fraud

Q4

多少以下的广告品不算回扣？Ad items below what value aren't rebates?

$15 以下，限公司印制的广告品Under $15, company-made only

Q5

1033 Waiver 是给谁的？Who needs a 1033 waiver?

曾犯不诚实或违反信任重罪的人Felons for dishonesty or breach of trust

第八章自测，五题。第一题，加州寿险考前教育要几小时？2026 年 1 月 1 日起只要 12 小时 Ethics 与加州保险法课程； 2025 年底之前是 20 加 12，共 32 小时。答成 32 的，回去看「获取执照」那一页。

Chapter eight self-test, five questions. One: how many pre-licensing hours for California life? From 1 January 2026, just the 12-hour ethics and California Insurance Code course; through 2025 it was 20 plus 12, 32. If you said 32, go back to "Getting Licensed".

第二题，违反停止令单次罚多少？考场答案是 $5,000。记住这是题库口径，实务上查当期条文。 第三题，加州 CE 每 2 年多少小时？24 小时，其中 3 小时伦理或反欺诈。这两题错了，回看「临时执照与执照维持」和「罚款数字」两页。

Two: the fine per breach of a cease-and-desist order? The exam answer is $5,000; remember it's the bank's figure, and in practice you check the current code. Three: California CE every two years? 24 hours, three of them ethics or anti-fraud. Missed either? Revisit the renewal and penalty pages.

第四题，多少以下的礼物不算回扣？$15 以下，而且只限公司或代理人印制的广告品。 第五题，1033 Waiver 是给谁的？曾经犯过涉及不诚实或违反信任重罪的人，没有 Commissioner 的书面同意不能从事保险。 这两题错了，回看「不公平交易」和「联邦监管」两页。

Four: below what value is a gift not a rebate? Under $15, and only for advertising items printed by the company or agent. Five: who is the 1033 waiver for? Someone convicted of a felony involving dishonesty or breach of trust, who can't work in insurance without the Commissioner's written consent. Missed these? Revisit the unfair-practices and federal-rules pages.

第九章 · Chapter NineChapter Nine

加州专属与补遗California Only

老人保护、保单替换、适合性、反洗钱Seniors, replacement, suitability, anti-money laundering

州考约 15–20% 的题出自加州法规；全是死规定，背了就是分Roughly 15–20% of the state exam comes from California rules: all hard rules, all points for memorising

第九章是加州专属的内容，加上前面几章没讲透的补遗。加州州考大约 15% 到 20% 的题出自这里： 60 岁以上老人的保护、保单替换的流程、Twisting 和 Churning、年金适合性、STOLI、Buyer's Guide，还有反洗钱。

Chapter nine is the California-only material, plus odds and ends earlier chapters didn't cover fully. Roughly 15 to 20 per cent of the state exam comes from here: protections for clients 60 and over, the replacement process, twisting and churning, annuity suitability, STOLI, the buyer's guide and anti-money laundering.

这一章全是死规定，没有推理，背了就是分。如果复习时间只剩一个晚上，先背这一章。 最后两页是全书的必背数字表和一页口诀，考前一晚看这两页就够了。

This chapter is all hard rules, nothing to reason out, points for memorising. If you have one evening left, start here. The last two pages are the numbers cheat sheet and the one-page mnemonics; the night before the exam, those two pages are all you need.

加州 60 岁以上老人保护Protecting Seniors 60+

第九章Ch. 9

Senior = 投保时年满 60 岁（CIC §10127.10）A senior is 60 or older at application (CIC §10127.10)

  • 寿险与年金 Free Look 30 天（一般保单 10 天）Free look on life and annuities: 30 days (10 for ordinary policies)
  • 期内退保：全额退还，不扣手续费Cancel inside it: a full refund, no charges
  • 封面打印 NOTICE TO SENIOR CONSUMERThe cover carries NOTICE TO SENIOR CONSUMER
  • 不得用「保证回报」「无风险」这类字眼，不得贬低同业No "guaranteed return" or "no risk", and no running down other carriers
  • 用旧年金的退保金买新年金：必须做适合性评估A new annuity funded by surrendering an old one: suitability review required

加州州考最高频的考点之一，就是 60 岁及以上的人买保险时的额外保护，这部分必出题。 先记定义：加州保险法第 10127.10 条规定，投保时年满 60 岁，就属于 Senior。 注意是 60，不是 65，也不是 59½。

One of the most frequently tested California topics is the extra protection for buyers aged 60 and over; expect a question. Start with the definition: under CIC §10127.10, anyone 60 or older at application is a senior. Sixty, not 65, and not 59½.

第一项保护：寿险和年金的 Free Look 延长到 30 天，一般保单只有 10 天。 第二项：老人在 Free Look 期内退保，公司必须全额退还保费，一分手续费都不能扣。 第三项：保单封面要打印「NOTICE TO SENIOR CONSUMER」，提醒老人这是给他的特别通知。

First protection: the free look on life and annuities extends to 30 days, against 10 for an ordinary policy. Second: a senior who cancels inside the free look gets a full refund of premium with no charges at all. Third: the policy cover must carry "Notice to Senior Consumer", flagging it as a notice meant for them.

第四项是销售用语：不能用「保证回报」「无风险」这类误导的字眼，也不能贬低别家公司。 第五项最重要：如果老人买新年金的钱，是从旧年金退保来的，代理人必须先做适合性评估， 把新旧产品的得失比较清楚，再决定是不是真的对客户有利。

Fourth, the sales language: no misleading phrases like "guaranteed return" or "no risk", and no disparaging other companies. Fifth, and most important: if the money for a senior's new annuity comes from surrendering an old one, the agent must do a suitability review first, weighing what is gained and lost before deciding whether the switch really serves the client.

互动设计Interaction

问大家：一位 62 岁的客户买了一张终身寿险，第 20 天想退，能不能全额退？答案：能，60 岁以上 Free Look 是 30 天，而且全额退还。

Ask the room: a 62-year-old buys whole life and wants out on day 20. Full refund? Yes: at 60-plus the free look is 30 days, with everything returned.

例题 · 老人的定义Practice · Who Is a Senior

第九章Ch. 9

就加州寿险与年金而言，Senior（老人）是指几岁起？For California life insurance and annuities, a "senior" is someone aged:

  1. A59½ 岁59½
  2. B60 岁60
  3. C62 岁62
  4. D65 岁65
解析WHY

投保时年满 60 岁（CIC §10127.10）；寿险、年金的 Free Look 是 30 天，全额退还60 or older at application (CIC §10127.10), with a 30-day free look and a full refund

题目问：就加州的寿险和年金而言，Senior 老人是从几岁算起？

The question: for California life insurance and annuities, from what age is someone a senior?

答案是 B，60 岁，依据是加州保险法第 10127.10 条。其余三个都是别的地方的「年龄门槛」，专门拿来干扰： A 的 59½ 是 IRA 和年金提前取款罚 10% 的分界线；C 的 62 岁是社安金最早可以领的年龄； D 的 65 岁是 Medicare 的年龄，也是年金适合性里「交易可被宣告无效」那条的年龄。

The answer is B, 60, under CIC §10127.10. The other three are age thresholds from elsewhere, used as distractors: A, 59½, is the line for the 10% early-withdrawal penalty on IRAs and annuities; C, 62, is the earliest Social Security age; D, 65, is the Medicare age, and also the age in the suitability rule about voidable sales.

记法：加州 Senior 是 60，Free Look 是 30，60 对 30。

To remember: California seniors start at 60, and their free look is 30: sixty and thirty.

保单替换的流程The Replacement Process

第九章Ch. 9
1

什么算替换What Counts

让现有保单失效、放弃、退保，或借款超过现金值的 25%Lapsing, forfeiting or surrendering a policy, or borrowing over 25% of its cash value

2

Notice Regarding Replacement

代理人和投保人都签字；申请时给客户一份Signed by agent and applicant; the client gets a copy at application

3

保留证据Keep the Records

代理人保留副本和全部销售材料，至少 3 年The agent keeps the copy and all sales material for at least 3 years

4

新公司的责任The Replacing Insurer

5 个工作日内通知原公司，附比较表Notifies the existing insurer within 5 business days, with a comparison form

5

Free Look 至少 30 天A 30-Day Free Look

替换保单一律强制，不论客户年龄Mandatory on every replacement, whatever the client's age

保单替换 Replacement 是加州州考必出题。先看定义：让现有保单失效（lapsed）、丧失（forfeited）、退保（surrendered）， 或者从现有保单借款超过现金值的 25%，都算替换。最后这一条容易漏：不退保，只是大额借款，也算。

Replacement is a sure question on the California exam. The definition first: letting an existing policy lapse, be forfeited or surrendered, or borrowing more than 25% of its cash value, all count as replacement. The last one is easily missed: no surrender, just a large loan, still counts.

流程很严格。第一步，投保时代理人给客户一份 Notice Regarding Replacement，替换通知书， 代理人和投保人都要签名，申请时把一份副本留给客户。第二步，代理人要保留这份通知书的副本，连同所有销售材料，至少 3 年。

The process is strict. Step one: at application the agent gives the client a notice regarding replacement; both agent and applicant sign it, and the client keeps a copy. Step two: the agent keeps a copy, with all sales material, for at least three years.

第三步，新保险公司，Replacing Insurer，收到申请后，5 个工作日内通知原保险公司，Existing Insurer， 并提供比较表，Comparative Information Form。第四步，所有替换保单的 Free Look 强制至少 30 天， 即使客户不是老人，也是 30 天。

Step three: the replacing insurer, on receiving the application, notifies the existing insurer within five business days and supplies a comparative information form. Step four: every replacement policy carries a mandatory free look of at least 30 days, even when the client isn't a senior.

这一页的数字连起来记：25%、3 年、5 个工作日、30 天。考试最爱考的是 5 个工作日和 30 天。

String the figures together: 25%, three years, five business days, 30 days. Five business days and 30 days are the favourites.

例题 · 保单替换Practice · Replacement

第九章Ch. 9

代理人劝阻被保险人更换现有保单，这种行为叫？An agent's attempt to talk a client out of replacing an existing policy is called:

  1. A异化Alienation
  2. B隐瞒Concealment
  3. C保全Conservation
  4. D替换Replacement
解析WHY

Conservation 是劝客户留住旧保单；Replacement 是把旧保单换掉Conservation means keeping the existing policy in force; replacement means swapping it out

题目问：代理人劝客户不要更换现有保单，这种行为叫什么？

The question: what is it called when an agent tries to talk a client out of replacing an existing policy?

答案是 C，Conservation 保全，就是把旧保单保住。D 的 Replacement 正好是反面，题目里两个词一起出现，最容易选反； A 的 Alienation 不是保险术语；B 的 Concealment 隐瞒，是投保人隐瞒重要事实，第一章合同那部分讲过，跟这里无关。

The answer is C, conservation: conserving the old policy. D, replacement, is the opposite, and with both words on the page it's easy to pick the wrong one. A, alienation, isn't an insurance term. B, concealment, is an applicant hiding a material fact, from the contract material in chapter one, and unrelated.

记法：Conserve 是「保」，Replace 是「换」。劝人别换，就是保全。

To remember: conserve means keep, replace means swap. Talking someone out of swapping is conservation.

§790.03 不公平交易行为§790.03 Unfair Practices

第九章Ch. 9
T

Twisting 扭转Twisting

误导性比较，把客户从别家挖过来；跨公司A misleading comparison that moves a client from another carrier

C

Churning 翻搅Churning

用同一家公司的现金值买新单，只为再赚佣金；同公司Using cash value at the same carrier to buy a new policy, for the commission

B

Boycott / Coercion / Intimidation

联合抵制、强迫、威胁Joint boycotts, coercion and threats

D

Defamation 诽谤同业Defamation

口头或书面中伤同业的财务状况Running down another insurer's finances, in speech or writing

R

Rebating 回扣Rebating

广告品 $15 以下豁免；给钱、分佣都禁止Ad items under $15 are exempt; cash or a share of commission is not

M

Misrepresentation 谎告Misrepresentation

误告保单条款、公司财务状况；虚假广告同属此类Misstating policy terms or a carrier's finances; false advertising too

加州保险法第 790.03 条列出的不公平交易行为，州考必出，要全部记牢。第八章讲过的几种这里会再出现， 但加州这一页最重要的是头两个：Twisting 和 Churning，最常考，也最常被记反。

The unfair practices listed in California Insurance Code §790.03 are a sure question. Several from chapter eight reappear, but the two that matter most here are twisting and churning: asked most, and reversed most.

Twisting 扭转：故意做误导性的比较，诱使客户退掉旧保单，去买另一家公司的，是跨公司的。 Churning 翻搅：用同一家公司保单里的现金值去买这家公司的新保单，纯粹为了再赚一次佣金，是同一家公司内部的。 记法：Twist 是扭到外面去，Churn 是在自家锅里搅。

Twisting: a deliberately misleading comparison that gets a client to drop a policy and buy from another company; it crosses carriers. Churning: using cash value in one company's policy to buy a new policy from the same company, purely to earn commission again; it stays inside one carrier. To hold it: twisting turns them outward, churning stirs your own pot.

其余四种：Boycott、Coercion、Intimidation，联合抵制、强迫、威胁，比如几家联手不跟某个代理人做生意，逼他就范。 Defamation 诽谤同业的财务状况。Rebating 回扣，广告印刷品 $15 以下豁免，超过的就算，给客户现金、分佣金都禁止。 Misrepresentation 谎告，有意误告保单条款、保险公司的财务状况；虚假广告也属于这一类。

The other four: boycott, coercion and intimidation, such as several parties agreeing to shut an agent out until he complies. Defamation of another carrier's finances. Rebating, with printed advertising items under $15 exempt and anything above caught; cash to the client or a share of commission is forbidden. And misrepresentation, knowingly misstating policy terms or an insurer's finances, with false advertising in the same family.

例题 · Twisting 与 ChurningPractice · Twisting vs Churning

第九章Ch. 9

误导客户退掉旧保单，改买另一家公司的保单，称为？Misleading a client into dropping a policy to buy one from a different insurer is:

  1. A扭转Twisting
  2. B翻搅Churning
  3. C回扣Rebating
  4. D诽谤Defamation
解析WHY

Twisting 跨公司；Churning 是在同一家公司里用现金值换新单，只为多拿佣金Twisting crosses carriers; churning swaps policies inside one carrier for the commission

题目问：误导客户退掉旧保单，改买另一家公司的保单，这叫什么？

The question: misleading a client into dropping a policy to buy one from another company is called what?

答案是 A，Twisting 扭转。关键词是「另一家公司」。B 的 Churning 也是换保单，但是在同一家公司里面换， 这是最大的陷阱；C 回扣是拿好处引诱投保，D 诽谤是中伤别家的财务状况，都跟「换保单」无关。

The answer is A, twisting. The key words are "a different insurer". B, churning, also swaps policies, but within the same company: that's the trap. C, rebating, is inducing a sale with a benefit; D, defamation, is running down a rival's finances. Neither is about swapping policies.

记法：题目里出现 different insurer 或 another company，就是 Twisting；出现 same insurer，就是 Churning。

To remember: "different insurer" or "another company" means twisting; "same insurer" means churning.

年金适合性 SuitabilityAnnuity Suitability

第九章Ch. 9

CIC §10509.910：卖年金之前，先做适合性评估CIC §10509.910: a suitability review before any annuity sale

  • 收集 12 项消费者信息Gather twelve categories of consumer information 年龄、收入、税务、目标、流动性、风险承受度、负债、现有保险与金融产品、规划经验、资金用途等Age, income, tax status, objectives, liquidity, risk tolerance, debts, existing products, experience, intended use…
  • 形成合理信念：这份年金确实符合客户需求Form a reasonable belief that the annuity fits the client's needs
  • 记录保留至少 5 年Keep the records at least five years
  • 65 岁以上客户未做评估就成交：交易可被宣告无效A sale to a client over 65 without one: can be declared void
  • 违规：暂停执照，按次罚款Violations: licence suspension and per-violation fines

适合性 Suitability 是加州保险法第 10509.910 条对年金销售的硬性要求，州考必考。一句话：卖年金之前，先确认它真的适合这个客户。

Suitability is a hard requirement on annuity sales under California Insurance Code §10509.910, and it is always tested. In one line: before selling an annuity, establish that it truly suits this client.

怎么确认？代理人要收集客户的 12 项信息：年龄、收入、财务状况、税务状况、投资目标、流动性需求、风险承受能力、 负债、现有的保险、其他金融产品、理财规划经验，以及打算怎么用这笔年金的钱。然后基于这些信息，形成一个「合理信念」， 确认这份年金确实符合客户的需求。

How? The agent gathers twelve categories of information: age, income, financial situation, tax status, objectives, liquidity needs, risk tolerance, debts, existing insurance, other financial products, planning experience, and how the annuity money is meant to be used. On that basis the agent forms a reasonable belief that the annuity meets the client's needs.

记录要保留至少 5 年，这是考试最爱考的数字。注意不要跟替换资料的 3 年搞混：替换 3 年，适合性 5 年。

The record is kept at least five years, the exam's favourite figure here. Don't confuse it with the three years for replacement paperwork: replacement three, suitability five.

后果：对 65 岁以上的客户，没做适合性评估就成交的，交易可以被宣告无效；违规的代理人可能被暂停执照，并按次罚款。

Consequences: a sale to a client over 65 without a suitability review can be declared void, and the agent faces licence suspension and per-violation fines.

例题 · 年金适合性Practice · Annuity Suitability

第九章Ch. 9

加州年金适合性的记录，至少要保留多久？California annuity suitability records must be kept for at least:

  1. A2 年2 years
  2. B3 年3 years
  3. C5 年5 years
  4. D永久Permanently
解析WHY

CIC §10509.910：收集 12 项信息，形成合理信念，记录保留至少 5 年Twelve categories of information, a reasonable belief, and records kept at least five years

题目问：加州年金适合性的记录，至少要保留多久？

The question: how long, at minimum, must California annuity suitability records be kept?

答案是 C，5 年。B 的 3 年是最大的陷阱，那是保单替换资料的保留期限，两个数字很容易串； A 的 2 年没有对应的规定，考生常把它跟执照 2 年到期混在一起；D 永久，法律没有这么要求。

The answer is C, five years. B, three years, is the main trap: that's the retention period for replacement paperwork, and the two get crossed. A, two years, matches no rule here; people confuse it with the two-year licence term. D, permanently, isn't required by law.

记法：年金适合性 5 年，AML 客户身份记录也是 5 年；替换 3 年。

To remember: suitability five years, AML identity records also five; replacement three.

STOLI：陌生人发起的寿险STOLI Is Illegal

第九章Ch. 9

关键在于：投保那一刻，可保利益必须真实存在The test: a genuine insurable interest at the moment of application

STOLI：违法STOLI: illegal

  • 第三方出钱，给不相干的人投保A third party funds a policy on a stranger
  • 一开始就为了转卖套利Built for resale from day one
  • 后果：保单取消，民事处罚，执照吊销Rescission, civil penalties, revocation

Viatical / Life Settlement：合法Viatical / life settlement: legal

  • 投保时可保利益是真的The insurable interest was real at the start
  • 后来情况变了，才把保单卖掉Circumstances changed later, then it was sold

STOLI 是 Stranger-Originated Life Insurance 的缩写，陌生人发起的寿险。意思是：第三方出钱，给一个跟他根本没关系的人买保险， 等这个人过世以后收钱，或者把保单转卖套利。加州明文禁止这种安排，州考会考。

STOLI stands for stranger-originated life insurance: a third party pays for a policy on someone they have no relationship with, to collect when that person dies or to resell the policy at a profit. California prohibits it outright, and the exam asks about it.

判断的关键只有一条：投保那一刻，可保利益必须真实存在。合法的可保利益包括对自己、配偶、直系亲属、受抚养人， 以及生意上的合伙人、关键员工、债权人对债务人。一个陌生的投资人，对被保险人没有任何可保利益。

The deciding test is one line: at the moment of application, a genuine insurable interest must exist. Legitimate interests include yourself, your spouse, close family and dependants, and in business, partners, key employees, and a creditor in a debtor. A stranger-investor has no insurable interest at all.

一定要跟 Viatical 和 Life Settlement 分清楚，它们是合法的二级市场。区别在于：它们投保的时候可保利益是真的， 是后来情况变了，比如得了重病需要钱、或者保单不再需要了，才把保单卖掉。STOLI 是从一开始就为了卖，所以违法。

Keep it apart from viaticals and life settlements, which are a lawful secondary market. The difference: the insurable interest was real when they were bought, and circumstances changed later (a serious illness and a need for cash, or the cover is no longer needed) before the policy was sold. STOLI is built for sale from the start, so it's illegal.

违反 STOLI 规定的后果：保单可以被取消，要受民事处罚，代理人的执照可能被吊销。

The consequences: the policy can be rescinded, civil penalties apply, and the agent's licence can be revoked.

例题 · STOLIPractice · STOLI

第九章Ch. 9

STOLI 被禁止，主要是因为投保时缺少什么？STOLI is illegal mainly because, at inception, it lacks:

  1. A足够的保费Enough premium
  2. B真实的可保利益A genuine insurable interest
  3. C指定受益人A named beneficiary
  4. D体检A medical exam
解析WHY

STOLI 一开始就为转卖，投保时没有真实的可保利益；Life Settlement 投保时利益是真的，合法STOLI is built for resale with no real interest at the start; a life settlement had one, so it's legal

题目问：STOLI 被禁止，主要是因为投保的时候缺少什么？

The question: STOLI is banned chiefly because, at inception, it lacks what?

答案是 B，真实的可保利益。A 保费不是问题，STOLI 的投资人往往很愿意付保费； C 受益人照样可以指定，只是指定的是投资人；D 体检也照样可以做。这三个都是保单的普通要素，不是 STOLI 违法的原因。

The answer is B, a genuine insurable interest. A isn't the issue; STOLI investors are usually happy to pay premium. C, a beneficiary can still be named; it's just the investor. D, a medical exam can still happen. These are ordinary features of a policy, not why STOLI is illegal.

记法：STOLI 看起点，起点没有可保利益就违法；Life Settlement 起点有，后来才卖，合法。

To remember: STOLI is judged at the start; no interest at the start means illegal. A life settlement had it at the start and sold later, so it's legal.

Buyer's Guide vs Policy Summary

第九章Ch. 9

Buyer's Guide 购物指南Buyer's guide

通用手册，州监管局批准，各公司同一份A generic, regulator-approved booklet, the same from every carrier

讲怎么挑寿险、保额和产品Explains how to choose life cover, amounts and products

接受申请之前给客户Given before the application is accepted

Policy Summary 保单概要Policy summary

这一张保单的具体说明Describes this particular policy

公司、代理人、保额、保费、现金值、红利、退保价值、身故赔偿Carrier, agent, face, premium, cash value, dividends, surrender value, death benefit

投保前或投保时给客户Given at or before application

做替换时，原公司和新公司都要拿到On a replacement, both the existing and the replacing insurer get them

Buyer's Guide 和 Policy Summary 是两份不同的文件，州考很容易混。分清楚只要问一句：这份文件是讲「所有寿险」，还是讲「这一张保单」？

The buyer's guide and the policy summary are two different documents, and the exam likes to mix them up. One question separates them: is this document about life insurance in general, or about this particular policy?

Buyer's Guide 购物指南是一份通用手册，解释客户怎么挑选寿险、怎么定保额、有哪些产品类型。 它是州监管局批准的标准格式，所有公司用的都是同一份。必须在接受申请之前给客户。

The buyer's guide is a generic booklet explaining how to choose life insurance, how to size the cover and what product types exist. It's a regulator-approved standard format, and every company uses the same one. It must reach the client before the application is accepted.

Policy Summary 保单概要是这一张具体保单的说明：保险公司名称、代理人姓名和地址、保险面额、保费、现金值、红利、 退保价值、身故赔偿金。必须在投保前或投保时给客户。

The policy summary describes this specific policy: the insurer's name, the agent's name and address, the face amount, premium, cash value, dividends, surrender value and death benefit. It is delivered at or before application.

另外，做保单替换的时候，这两份文件原保险公司和新保险公司都要拿到。记法：Guide 是通用的、更早给；Summary 是本单的、投保时给。

And on a replacement, both the existing and the replacing insurer receive them. To remember: the guide is generic and comes earlier; the summary is about this policy and comes at application.

例题 · Buyer's GuidePractice · Buyer's Guide

第九章Ch. 9

通用版购物指南（Buyer's Guide）必须在什么时候交给客户？The generic buyer's guide must be given to the client:

  1. A保单交付时At policy delivery
  2. B接受申请之前Before the application is accepted
  3. C首次理赔时At the first claim
  4. D仅在客户要求时Only on request
解析WHY

Buyer's Guide 是通用手册，接受申请前给；Policy Summary 是本单说明，投保前或投保时给The guide is generic and comes before the application is accepted; the summary comes at or before application

题目问：通用版的购物指南 Buyer's Guide，必须在什么时候交给客户？

The question: when must the generic buyer's guide be given to the client?

答案是 B，接受申请之前。它的作用是帮客户挑产品，当然要在决定之前给。 A 保单交付时太晚了，那时候已经买完了；C 首次理赔时更晚，跟购买决定毫无关系；D 仅在客户要求时，错在「仅」字，这是法定义务，不是看客户要不要。

The answer is B, before the application is accepted. It exists to help the client choose, so it has to arrive before the choice. A, at delivery, is too late, the purchase is done; C, the first claim, is later still; D, only on request, fails on "only": it's a legal duty, not something that depends on the client asking.

记法：「指南」是买之前看的；「概要」是买的时候拿的。

To remember: a guide is read before you buy; a summary comes with what you bought.

反洗钱 AML：USA PATRIOT ActAnti-Money Laundering

第九章Ch. 9

卖有现金值的寿险和年金，就受这套规则约束Selling cash-value life or annuities puts you under these rules

  • AML 培训：入职时一次，之后每 2–3 年复训AML training: on appointment, then every 2–3 years
  • 客户身份识别 CIP：核实身份，记录保留 5 年Customer identification (CIP): verify identity, keep records 5 years
  • 可疑活动：24 小时内通知合规，30 天内向 FinCEN 提交 SARSuspicious activity: compliance within 24 hours, a SAR to FinCEN within 30 days
  • 现金达到 $10,000：报 Form 8300Cash of $10,000 or more: file Form 8300
  • 红旗：无关第三方当受益人，大额现金一次付清，刚买就急着借款或退保Red flags: an unrelated beneficiary, a large cash lump sum, a rush to borrow or surrender

反洗钱 AML，是 911 之后由 USA PATRIOT Act，美国爱国者法案，强制保险业建立的合规体系。 所有卖有现金值的寿险和年金的公司，都必须有 AML 合规计划，我们做代理人的也在这套规则里面。

Anti-money laundering is the compliance framework the USA PATRIOT Act imposed on the insurance industry after 9/11. Every company selling cash-value life insurance or annuities must run an AML programme, and as agents we work inside it.

具体要求：代理人要完成 AML 培训，通常入职时做一次，之后每 2 到 3 年复训。 要执行 CIP 客户身份识别程序，核实客户的身份，记录保留 5 年。

In concrete terms: agents complete AML training, usually on appointment and then every two to three years. They follow the customer identification programme, verifying identity and keeping the records five years.

发现可疑活动：24 小时内通知公司合规部门，由公司在 30 天内向 FinCEN，联邦金融犯罪执法网， 提交可疑活动报告 SAR。现金交易达到 $10,000，要提交 Form 8300。

On suspicious activity: tell the company's compliance department within 24 hours, and a suspicious activity report goes to FinCEN, the Financial Crimes Enforcement Network, within 30 days. Cash of $10,000 or more means a Form 8300.

常见的红旗有三个：受益人是一个跟客户毫无关系的第三方；客户用现金一次付一大笔保费；保单刚买完就急着借款或者退保。 考试最常考的是 24 小时、30 天、5 年、$10,000 这四个数字。

Three common red flags: a beneficiary with no connection to the client; a large premium paid in cash in one go; a rush to borrow against or surrender the policy right after it's issued. The exam's favourite figures are 24 hours, 30 days, five years and $10,000.

讲师提醒Presenter's note

这一页跟实务直接相关。提醒大家：发现可疑情况，你的动作是 24 小时内报合规，不要自己去问客户、更不要提醒客户「这可能会被报告」。

This page is directly practical. Remind everyone: when something looks suspicious, your move is to tell compliance within 24 hours. Don't investigate with the client yourself, and never tip them off that it may be reported.

例题 · 反洗钱Practice · Anti-Money Laundering

第九章Ch. 9

反洗钱规定下，可疑活动报告（SAR）须在多少天内提交 FinCEN？A suspicious activity report (SAR) must be filed with FinCEN within:

  1. A24 小时24 hours
  2. B10 天10 days
  3. C30 天30 days
  4. D90 天90 days
解析WHY

24 小时是通知公司合规部门的时限；向 FinCEN 提交 SAR 是 30 天24 hours is the deadline for telling compliance; the SAR goes to FinCEN within 30 days

题目问：在反洗钱规定下，可疑活动报告 SAR 要在多少天之内提交给 FinCEN？

The question: under the AML rules, within how many days must a suspicious activity report be filed with FinCEN?

答案是 C，30 天。A 的 24 小时是最大的陷阱：24 小时是代理人通知公司合规部门的时限，不是交给 FinCEN 的时限。 题目问的是「提交 FinCEN」，所以是 30 天。B 的 10 天和 D 的 90 天都没有对应的规定。

The answer is C, 30 days. A, 24 hours, is the big trap: that's the deadline for the agent to tell the company's compliance department, not for filing with FinCEN. The question says "filed with FinCEN", so it's 30 days. B (10 days) and D (90 days) match no rule.

记法：24 / 30：先 24 小时报内部，再 30 天报联邦。看清题目问的是哪一步。

To remember: 24 / 30: inside the company in 24 hours, to the federal government in 30 days. Read which step the question is asking about.

其它常考补遗Odds and Ends

第九章Ch. 9
P

Pre-Need 殡葬保险Pre-Need and Burial

为殡葬提前买的小额保险；资金存入信托，加州禁止混用Small policies for funeral costs; funds go into trust and can't be commingled

M

Modified Premium Whole LifeModified Premium Whole Life

前 5–10 年保费低，之后涨到较高的固定保费Lower premiums for the first 5–10 years, then a higher level premium

L

长期护理 LTCLong-Term Care

销售前先修 8 小时，之后每期复训 4 小时8 hours before selling, then 4 hours each renewal period

A

提前给付附约 ABRAccelerated Benefit Rider

三种触发：绝症（预期 12–24 个月），慢性病，重大疾病Triggers: terminal illness (12–24 months), chronic illness, critical illness

S

Split Dollar

雇主出现金值部分，雇员出纯保障部分；常见于高管福利Employer pays the cash-value part, the employee the pure cover; an executive benefit

D

Deferred CompensationDeferred Compensation

高管福利，用寿险或年金资助；不属于合格计划An executive benefit funded with life or annuities; not a qualified plan

这一页把州考会出、但前面章节没充分讲到的小话题集中过一遍，每一个记住一句话就够。

This page sweeps up small topics the state exam includes but earlier chapters didn't fully cover. One sentence each is enough.

Pre-Need 预先安葬保险，是为殡葬服务提前买的小额保险，资金要存入信托，加州禁止资金混用（commingle）， 必须独立账户。Modified Premium Whole Life 修正保费终身寿险，前 5 到 10 年保费比较低，之后涨到一个较高的固定保费， 适合现在收入不高、以后会涨的年轻人。

Pre-need or burial insurance is a small policy bought ahead for funeral services; the money is held in trust, and California forbids commingling it: it needs its own account. Modified premium whole life charges lower premiums for the first five to ten years, then a higher level premium, suiting a young buyer whose income will rise.

长期护理 LTC 不是寿险考试的主项，但要知道：销售 LTC 之前要先修 8 小时培训，之后每个续证周期复训 4 小时。 Accelerated Benefit Rider 提前给付附约，生前可以先拿一部分身故赔偿，三种触发条件：绝症（通常预期寿命 12 到 24 个月）、 慢性病、重大疾病。

Long-term care isn't a main topic of the life exam, but know this: selling LTC requires eight hours of training first, then four hours each renewal period. An accelerated benefit rider pays part of the death benefit while the insured is alive, triggered by terminal illness (usually a life expectancy of 12 to 24 months), chronic illness or critical illness.

Split Dollar 分摊保费寿险，是雇主和雇员分摊保费的高管福利：雇主出现金值那部分，雇员出纯保障那部分。 Deferred Compensation 延期补偿，也是高管福利计划，常用寿险或年金来资助，但它不属于合格退休计划， 没有合格计划的税务待遇，这一点常考。

Split dollar is an executive benefit where employer and employee share the premium: the employer pays the cash-value portion, the employee the pure insurance portion. Deferred compensation is another executive plan, often funded with life insurance or annuities, but it is not a qualified plan and doesn't get qualified-plan tax treatment, a frequent question.

例题 · Split DollarPractice · Split Dollar

第九章Ch. 9

分摊保费（Split Dollar）寿险里，保费通常由谁分摊？In a split-dollar plan, the premium is usually shared between:

  1. A两家保险公司Two insurers
  2. B雇主与雇员The employer and the employee
  3. C代理人与客户The agent and the client
  4. D政府与雇主Government and employer
解析WHY

雇主出现金值那部分，雇员出纯保障那部分，常作高管福利The employer pays the cash-value part and the employee the pure cover, usually as an executive benefit

题目问：在 Split Dollar 分摊保费的寿险安排里，保费通常是谁和谁分摊？

The question: in a split-dollar arrangement, who usually shares the premium?

答案是 B，雇主与雇员。雇主出现金值那部分，雇员出纯保障那部分，常用作留住高管的福利。 A 两家保险公司分担的是再保险，不是 Split Dollar；C 代理人替客户出保费，那就成了回扣；D 政府与雇主，是凑数的。

The answer is B, the employer and the employee: the employer pays the cash-value portion, the employee the pure insurance portion, typically as a benefit to keep executives. A, two insurers sharing, is reinsurance, not split dollar. C, an agent paying a client's premium, would be a rebate. D is filler.

记法：Split Dollar 是公司和员工「拆」一张保单。看到 executive benefit 和 split，就选雇主与雇员。

To remember: split dollar is a company and an employee splitting one policy. See "executive benefit" and "split", pick employer and employee.

第九章自测Chapter 9 Self-Test

第九章Ch. 9
Q1

加州 Senior 是几岁？California's senior age?

投保时 60 岁及以上（CIC §10127.10）60 or older at application (CIC §10127.10)

Q2

Twisting 和 Churning 怎么分？Twisting vs churning?

Twisting 跨公司；Churning 同一家公司Twisting across carriers; churning within one

Q3

替换保单的 Free Look 至少几天？Minimum free look on a replacement?

30 天，强制30 days, mandatory

Q4

年金适合性记录保留几年？How long are suitability records kept?

至少 5 年At least 5 years

Q5

发现可疑活动，多久通知合规？How soon to tell compliance?

24 小时；30 天内向 FinCEN 提交 SAR24 hours; the SAR to FinCEN in 30 days

第九章自测，五题。第一题，加州 Senior 是几岁？投保时 60 岁或以上，加州保险法第 10127.10 条。 第二题，Twisting 和 Churning 怎么分？Twisting 跨公司，Churning 在同一家公司里。 这两题错了，回看「老人保护」和「§790.03」两页。

Chapter nine self-test, five questions. One: California's senior age? 60 or older at application, CIC §10127.10. Two: twisting versus churning? Twisting crosses carriers; churning stays inside one. Missed these? Revisit the seniors page and the §790.03 page.

第三题，替换保单的 Free Look 至少几天？30 天，强制，不论客户年龄。 第四题，年金适合性记录保留几年？至少 5 年；答成 3 年的，是跟替换资料搞混了。 这两题错了，回看「保单替换」和「年金适合性」两页。

Three: the minimum free look on a replacement? 30 days, mandatory, whatever the client's age. Four: how long are suitability records kept? At least five years; if you said three, you mixed it up with replacement paperwork. Missed these? Revisit the replacement and suitability pages.

第五题，发现可疑活动，多久通知合规部门？24 小时内；然后 30 天内向 FinCEN 提交 SAR。 错了的，回看「反洗钱」那一页，记住「24 / 30」。

Five: how soon do you tell compliance about suspicious activity? Within 24 hours, then a SAR to FinCEN within 30 days. Missed it? Revisit the AML page and remember "24 / 30".

加州必背数字California Numbers to Memorise

第九章Ch. 9
项目Item数字Figure依据 / 备注Basis / note
Free Look：一般寿险Free look: ordinary10 天10 days自收到保单起算From delivery
Free Look：60 岁以上Free look: age 60+30 天30 daysCIC §10127.10
Free Look：邮购Free look: mail order30 天30 days邮寄订购独有Mail-order only
Free Look：替换保单Free look: replacement30 天30 days强制Mandatory
宽限期Grace period30–31 天30–31 days题库口径Question bank加州个人寿险至少 60 天（CIC §10113.71）California individual life: at least 60 days (CIC §10113.71)
年金适合性记录Suitability records5 年5 yearsCIC §10509.910
替换：通知原公司Replacement notice5 个工作日5 business days由新公司发出From the replacing insurer
继续教育 CEContinuing education24 小时 / 2 年24 hours / 2 years含 3 小时伦理或反欺诈Including 3 hours ethics or anti-fraud
考前教育（加州）Pre-licensing (CA)12 小时12 hours2026 年 1 月 1 日起（AB 943）From 1 January 2026 (AB 943)
Senior 定义Senior defined60 岁及以上60 and overCIC §10127.10

这一页是加州必背数字一览，考前一晚就看这一页和下一页。先看 Free Look 四个数：一般寿险 10 天； 60 岁以上 30 天；邮购保单 30 天；替换保单也强制 30 天。只有一般保单是 10 天，其余都是 30。

This is the California numbers page; the night before the exam, this page and the next are all you need. The four free-look figures first: 10 days for an ordinary policy; 30 at 60-plus; 30 for mail order; and a mandatory 30 on a replacement. Only the ordinary policy is 10; everything else is 30.

宽限期这一行要特别讲一下。考试照题库答 30 到 31 天，期内过世照赔，扣掉欠的保费。 但是加州的个人寿险，按加州保险法第 10113.71 条，宽限期至少 60 天。考场上答 30–31， 跟客户讲加州保单的时候，说至少 60 天。

The grace period needs a word. In the exam, answer the bank's 30 to 31 days; a death inside it is paid, less the unpaid premium. But for California individual life policies, Insurance Code §10113.71 sets a grace period of at least 60 days. Answer 30–31 in the exam; when talking to a client about a California policy, say at least 60.

然后是几个「年」和「天」：年金适合性记录 5 年；替换时新公司 5 个工作日内通知原公司。 加州继续教育是每 2 年 24 小时，不是 15 小时，其中 3 小时伦理或反欺诈。

Then the years and days: suitability records five years; on a replacement, the new insurer notifies the old one within five business days. California CE is 24 hours every two years, not 15, with three hours of ethics or anti-fraud.

考前教育：2025 年底之前是 20 小时寿险加 12 小时伦理与保险法，共 32 小时；AB 943 之后，2026 年 1 月 1 日起只需要 12 小时 Ethics 与加州保险法课程，含 1 小时反欺诈。最后，加州 Senior 的法定定义是60 岁及以上。

Pre-licensing: through 2025, 20 hours of life plus 12 of ethics and code, 32 in all; after AB 943, from 1 January 2026, only the 12-hour ethics and California Insurance Code course, including one hour of anti-fraud. And California's legal definition of a senior is 60 and over.

口诀（一）· 通用知识Mnemonics (1): General

第九章Ch. 9
STARR分担、转移、避免、自留、减少Share, transfer, avoid, retain, reduce
DIME债务、收入、房贷、开支Debt, income, mortgage, expenses
HPLHazard → Peril → LossHazard → peril → loss
5 Roles保险公司、投保人、被保险人、受益人、代理人Insurer, owner, insured, beneficiary, agent
Three AuthExpress、Implied、ApparentExpress, implied, apparent
SECLE遗属保障、建遗产、攒现金、流动性、保遗产Survivors, estate, cash, liquidity, conservation
UL A vs BA 面额固定；B 面额加现金值A: level face; B: face plus cash value
WL Pay终身缴、限期缴、趸缴、修正保费Continuous, limited, single, modified
Settlement 6现金、利息、定期、定额、终身、联合生存Cash, interest, period, amount, life, joint
Nonforfeiture 3退保现金、减额付清、展期定期Cash, reduced paid‑up, extended term
Dividend 5现金、抵保费、生息、一年定期、增额Cash, premium, interest, 1-year term, paid-up
SPIA · 59½即期年金；59½ 前取，收益交税加 10% 罚款Immediate annuity; before 59½, tax plus 10%
Seven-PayMEC 测试：前 7 年保费有上限MEC test: 7 years' premium vs net level
IRA 70½（考场）/ 73（今天）IRA 70½ (exam) / 73 (today)强制提领；取少了按 50% 罚RMDs; 50% penalty on a shortfall
1035Life→Annuity 可以；反过来不行；WL→Term 不行Life→annuity yes; annuity→life no; WL→term no

最后两页是「带走的口诀」，把整套课的核心记忆点压成两页：这一页是通用知识，下一页是加州州考。考前一晚、进考场前 30 分钟，过这两页就够了。

The last two slides are the take-away: the core memory hooks of the whole course on two pages, general knowledge here and the California exam next. The night before, and the 30 minutes before you go in, these two pages are enough.

这一页是通用知识：STARR 处理风险五法；DIME 算保额；Hazard、Peril、Loss 一条链；五个角色；三种代理权限； SECLE 寿险的五个个人用途，遗属保障、建立遗产、积累现金、流动性、保全遗产；UL 的 Option A 和 B；终身寿险四种缴费方式； 结算六选、不丧失三选、红利五选；SPIA 和 59½；七年测试 Seven-Pay；1035 交换的方向。

This page is the general knowledge: STARR for handling risk; DIME for sizing cover; the hazard, peril, loss chain; the five roles; the three kinds of authority; SECLE, the five personal uses of life insurance (survivor protection, estate creation, cash accumulation, liquidity, estate conservation); UL options A and B; the four whole-life payment patterns; six settlement, three nonforfeiture and five dividend options; SPIA and 59½; the seven-pay test; and which way a 1035 exchange can go.

IRA 那一格特别说一下：考场上答 70½ 岁开始强制提领、取少了罚 50%，那是题库口径；今天是 73 岁开始， 少取的罚款是 25%，及时补正降到 10%。考试照左边答，见客户照右边说。

A word on the IRA cell: in the exam, required distributions start at 70½ with a 50% penalty on a shortfall, which is the question bank's figure; today they start at 73, and the penalty is 25%, or 10% if corrected promptly. Answer the exam's way; tell clients today's.

口诀（二）· 加州州考Mnemonics (2): California

第九章Ch. 9
CE 24h加州每 2 年 24 小时，含 3 小时伦理California: 24 hours per 2 years, 3 ethics
$5K违反停止令，单次上限Cease-and-desist breach, per violation
$15 Rebate广告礼品 $15 以下不算回扣Ad gifts under $15 aren't rebates
Senior 60+加州 Free Look 30 天California free look: 30 days
Replace 30/5Free Look 30 天，5 个工作日通知原公司30-day free look, 5 business days' notice
Twist vs ChurnTwisting 跨公司；Churning 同公司Across carriers vs within one
Suit 5y年金适合性记录保留 5 年Suitability records: 5 years
AML 24/3024 小时报合规；30 天报 FinCEN24 hours, 30 days; $10K → Form 8300
STOLI ✗陌生人投保违法；Life Settlement 合法Illegal; life settlements are legal

这一页是加州州考必出：CE 每 2 年 24 小时；违反停止令 $5,000；回扣 $15；Senior 60 岁、Free Look 30 天； 替换 30 天和 5 个工作日；Twisting 跨公司、Churning 同公司；适合性 5 年；AML 的 24 小时、30 天、$10,000；STOLI 违法。

This page is the California exam material: CE of 24 hours every two years; $5,000 for breaching a cease-and-desist order; the $15 rebate line; seniors at 60 with a 30-day free look; replacement's 30 days and five business days; twisting across carriers, churning within one; suitability records for five years; AML's 24 hours, 30 days and $10,000; and STOLI is illegal.

最后三句话。考前一晚：只看这两页口诀和前面那张加州数字表，不要再翻新内容，翻了只会慌。 考试当天：不会的先跳过，全部做完再回头，卡在一道题上是最不划算的事。 考完之后：执照只是起点；开始见客户以后，你要用的数字是今天的数字，不是题库的数字。

Three last things. The night before: read only these two mnemonics pages and the California numbers table; new material at that point just unsettles you. On the day: skip what you don't know, finish everything, then come back; stalling on one question is the worst trade available. Afterwards: the licence is only the start; once you're seeing clients, the numbers you use are today's, not the question bank's.

本文目录Contents
  1. 考试格式：题数、时间、通过线Format: questions, time, passing score
  2. 题库的数字，和今天的数字The question bank's numbers vs today's
  3. 地基：风险、合同、代理权Foundations: risk, contract, authority
  4. 寿险基础：可保利益、保额、核保Life basics: interest, amount, underwriting
  5. 产品：定期、终身、万能、团体Products: term, whole, UL, group
  6. 条款、受益人、选择权、附约Provisions, beneficiaries, options, riders
  7. 年金Annuities
  8. 联邦税务：MEC、IRA、1035Federal tax: MEC, IRA, 1035
  9. 合格退休计划Qualified plans
  10. 监管：执照、处分、不公平交易Regulation: licensing, penalties, unfair practices
  11. 加州专属：州考的送分章California-only: the chapter that gives points away
  12. 最容易考错的成对概念The pairs people get backwards
  13. 加州必背数字California numbers to memorise
  14. 口诀、考前一晚、考试当天Mnemonics, the night before, the day itself
这一页怎么用How to use this page

上面的幻灯片按九章一页一个知识点，每个知识点后面跟一道题库风格的例题， 讲解里把每个错误选项为什么错都讲了；每章最后一页是自测。下面的全文是同一套内容的概念梳理、口诀和加州那些死规定。 例题只是示范，要大量刷题，去买一套正规题库，或者用执照课程自带的。

The slides above take the nine chapters one point per slide, each followed by a practice question in the style of the question bank, with notes on why every wrong option is wrong; each chapter ends with a self-test. The article below covers the same ground as concept maps, mnemonics and the California hard rules. The examples are only samples; for drilling, buy a proper bank or use the one bundled with your pre-licensing course.

更要紧的一件事：题库里退休与税务部分用的还是旧数字： IRA 上限 $5,000、401(k) $16,500、强制提领 70½ 岁。这些数字在考场上可能仍然是「标准答案」， 但拿去跟客户讲就是错的。哪些旧、今天该是多少，全部列在下面第二节。

And one thing that matters more: the retirement and tax figures in the question bank are from an older edition: a $5,000 IRA limit, $16,500 for a 401(k), RMDs starting at 70½. Those may still be the "right" answer in the testing centre, but quoting them to a client is wrong. Section two below lists every one of them against the current figure.

一、考试格式：题数、时间、通过线1. Format: questions, time, passing score

总题数（Life-only）Questions (life only)80 题 = 75 计分 + 5 预测试80 = 75 scored + 5 pretest
通过线Passing score45 题（75 计分题的 60%）45 (60% of the 75 scored)
时间Time1 小时 45 分1 hour 45 minutes
Life + A&H 合并考Combined life + A&H150 计分 + 10 预测试 = 160 题，3 小时 15 分150 scored + 10 pretest = 160 questions, 3h15m
考试机构VendorPSI；考场现场或在线监考PSI; test centre or online proctored
语言Languages简体中文、英文，另有西/韩/越/塔加禄语Simplified Chinese, English, plus Spanish, Korean, Vietnamese, Tagalog
出分Results交卷即知；不过可以立刻重报，再付一次考试费Immediate; a retake can be booked straight away, at another exam fee
能带什么What you can bring不能带笔记和手机；草稿纸由考场提供No notes, no phone; scratch paper is provided

题数、时长和通过线由 CDI 与 PSI 决定，会调整； 报名前先看 PSI 当期的 Candidate Information Bulletin。

Counts, timing and the pass mark are set by CDI and PSI and do change. Read the current PSI Candidate Information Bulletin before you book.

两个推论值得先说。第一，45/75 意味着可以错 30 题， 不必追求全懂，把加州那一章和死规定拿稳就已经过半。 第二，5 道预测试题不计分而且不告诉你是哪 5 道， 所以遇到怪题别慌，很可能它根本不算分。

Two things follow. First, 45 out of 75 means you can miss thirty. You don't need everything, and nailing the California chapter plus the hard rules already gets you most of the way. Second, the five pretest questions don't count and aren't marked, so an odd question is no reason to panic; it may not be scored at all.

二、题库的数字，和今天的数字2. The question bank's numbers vs today's

这是整页最重要的一节。左边那一列是题库的口径， 考场上照它答；右边是现在真正在用的数字， 见客户、写方案、做讲座照它说。两列不一样，是因为题库更新得比税法慢， 不是谁写错了。

This is the most important section on the page. The left column is the question bank's figure, which is what to answer in the exam. The right is what is actually in force, which is what to say to a client, put in a proposal, or present at a seminar. The two differ because question banks update more slowly than the tax code, not because anyone made a mistake.

项目Item 题库口径Question bank 今天（2026）Today (2026)
IRA 年度上限IRA annual limit$5,000$7,500$7,500
IRA 50 岁追加IRA catch-up at 50$1,000$1,100
401(k) 员工延税401(k) employee deferral$16,500$24,500；50+ 加 $8,000；60–63 岁替代为 $11,250$24,500; +$8,000 at 50; at 60–63 it is replaced by $11,250
403(b) / TSA403(b) / TSA$16,500，50 岁加 $5,000$16,500, +$5,000 at 50与 401(k) 同一条线：$24,500Same line as the 401(k): $24,500
SIMPLE 员工延税SIMPLE deferral$11,500$17,000（50+ 加 $4,000）$17,000 (+$4,000 at 50)
SEP / Keogh 上限SEP / Keogh cap$49,000看「DC 年度添加上限」：$72,000Read it as the DC annual-additions cap: $72,000
强制提领起始年龄RMD start age70½ 岁Age 70½73 岁（2033 年起 75 岁）73 (75 from 2033)
RMD 取少了的罚款Penalty for a short RMD差额的 50%50% of the shortfall25%；及时补正降到 10%25%, or 10% if corrected promptly
传统 IRA 存款年龄上限Age cap on traditional IRA contributions70½ 之后不能再存No contributions after 70½已取消，有劳动收入就能存Removed; earned income is enough
终身寿险满期年龄Whole life maturity age100 岁Age 100现行死亡率表下的新保单通常 121 岁Typically 121 on policies priced off the current mortality tables
寿险宽限期Life grace period30–31 天30–31 days加州个人寿险不少于 60 天，失效前另须 30 天通知（CIC §10113.71）California individual life: at least 60 days, plus 30 days' notice before lapse (CIC §10113.71)
固定年金保证利率Fixed annuity guaranteed rate「通常 3%」"Usually 3%"最低不丧失利率是浮动的，以合同载明为准The nonforfeiture floor floats; read the contract
529 账户上限529 account cap$235,000$235,000各州不同、逐年调；加州更高Varies by state and rises each year; California's is higher

右列数字与退休账户地图、 税务规划两页保持一致，那两页有每一项的算法。

The right-hand column matches the retirement-accounts page and the tax-planning page, which show the arithmetic behind each line.

记住这一条The one to remember

考场上，你是在回答「这本书怎么说」；坐在客户对面，你是在回答「今年是多少」。 背了 $16,500 去考试没问题，脱口而出给客户就出事了。

In the testing centre you are answering "what does the book say". Across the table from a client you are answering "what is it this year". Memorising $16,500 for the exam is fine; saying it to a client is not.

三、地基：风险、合同、代理权3. Foundations: risk, contract, authority

保险是什么？把可能发生的损失，从一个人头上分摊到很多人头上。 一千个人凑钱，谁先出事大家一起赔他，每个人交的那笔钱叫保费。 整个考试的第一章就是在把这句话拆开。

What is insurance? It spreads a possible loss from one person across many. A thousand people put money in; whoever is hit first is paid by all of them; what each puts in is the premium. The whole first chapter is that sentence taken apart.

角色Role是谁Who it is
Insurer保险公司，合同里的 PrincipalThe carrier, the principal in the contract
Applicant / Owner出钱的人，有权改受益人Pays the premium, controls the beneficiary designation
Insured被保的那条命；可以不是 OwnerThe life covered; need not be the owner
Beneficiary人走了钱给他；Contingent 是第二顺位Receives the benefit; the contingent is next in line
Agent代表保险公司；Broker 代表客户Represents the insurer; a broker represents the client

两种风险

Two kinds of risk

纯粹风险（Pure）只可能变坏，不可能赚钱，比如生病、死亡、车祸、火灾。 只有这种可保。投机风险（Speculative）可能赚也可能亏（炒股、开赌场）， 保险公司不碰。风险不能被消灭，只能被管理。

Pure risk can only turn out badly: illness, death, a crash, a fire. Only this kind is insurable. Speculative risk can go either way (equities, a casino), and carriers don't touch it. Risk is never eliminated, only managed.

Hazard → Peril → Loss

Hazard → peril → loss

Hazard 是抬高概率的条件，分三种：Physical 实质（心脏病）、 Moral 道德（故意纵火骗保）、Morale 心理（反正有保险所以马虎）。 Peril 是造成损失的直接原因（火灾、死亡、疾病）。 Loss 是能用钱算出来的那个结果。

Hazard is the condition that raises the odds, in three flavours: physical (a heart condition), moral (arson for the payout), morale (carelessness because there's coverage). Peril is the direct cause of the loss: fire, death, illness. Loss is the result you can put a dollar figure on.

STARR：处理风险五法

STARR: five ways to handle risk

Sharing 分担（相互保险）、Transfer 转移（这就是买保险）、 Avoidance 规避（干脆不做）、Retention 自留 （Deductible、Co-Pay、自保）、Reduction 减少（装烟雾报警器）。 提高保额是转移，不是规避，这题几乎必考。

Sharing (reciprocals), Transfer (that's buying insurance), Avoidance (not doing the thing), Retention (deductibles, co-pays, self-insurance), Reduction (the smoke alarm). Raising a limit is transfer, not avoidance; that one is nearly always asked.

可保风险六要素

Six marks of an insurable risk

损失要偶然、可衡量、可预测；不能是灾难性的（一次事故不能把公司赔垮）； 风险载体要够多（大数定律）；保险不能强制（公司有权挑客户）。 考题最常挖的坑就是把「必须是灾难性的」放进选项。

The loss must be accidental, measurable and statistically predictable; it must not be catastrophic (one event can't sink the carrier); the pool must be large (law of large numbers); and coverage can't be compulsory (the carrier may select). The trap in the question set is an option reading "must be catastrophic".

逆选择 vs 大数定律

Adverse selection vs large numbers

逆选择：身体越差越想多买。公司用三招压它：限额、加价、拒保， 外加自杀条款（两年内不赔）。大数定律：人越多，实际损失越贴近预期， 公司才敢承保。再保险则是把自己扛的那部分卖给别家。

Adverse selection: the worse the health, the more coverage wanted. Carriers counter it three ways (cap the amount, raise the price, decline), plus the suicide clause (nothing paid in the first two years). The law of large numbers: the bigger the pool, the closer actual losses track expected, which is what makes underwriting possible at all. Reinsurance sells part of the retained risk on to someone else.

代理人的三种权限

An agent's three authorities

Express 明示：合同里写明的。Implied 默示： 没写，但为了完成工作必须做的。Apparent 显示：法庭强制承认的。 代理人说「保险已经生效」，客户合理相信，第二天客户走了，法院会要公司赔。 还有受托责任：不得混用客户的钱（commingle），不得给回扣。

Express: written into the contract. Implied: not written, but necessary to do the job. Apparent: what a court will enforce: the agent says "you're covered", the client reasonably believes it, the client dies the next day, and the carrier pays. Plus the fiduciary duty: never commingle client money, never rebate.

公司分类Carrier type谁拥有 / 关键点Owned by / the point
Stock 股份制Stock股东所有；通常发不分红（Non-Par）保单Shareholders; usually issues non-participating policies
Mutual 互惠制Mutual保单持有人所有；发分红（Par）保单Policyowners; issues participating policies
Fraternal 互助社Fraternal宗教或友好组织，只服务会员A lodge or society, members only
Government 政府Government社安金、Medicare、洪水险Social Security, Medicare, flood
Admitted vs Non-admittedAdmitted vs non-admitted有没有本州的 Certificate of AuthorityWhether it holds this state's certificate of authority
Domestic / Foreign / Alien本州 / 外州 / 外国。内华达注册的公司在加州是 Foreign，不是 AlienThis state / another state / another country. A Nevada-chartered insurer is foreign in California, not alien

合同成立四要素：要约与承诺（交申请表加保费是 Offer，公司承保是 Acceptance）、 对价（Consideration，不要求双方相等）、当事人有行为能力（加州 18 岁以上、神志清醒）、合法目的。 保险合同的五个特性：Adhesion 附和（公司单方拟定，歧义按对客户有利解释）、 Aleatory 机会（交换的价值不对等）、Personal 个人（转让要公司书面同意）、 Unilateral 单务（只有公司做了可强制执行的承诺）、Conditional 条件（理赔以条件成就为前提）。

Four elements of a contract: offer and acceptance (application plus premium is the offer; issuing the policy is acceptance), consideration (which need not be equal on both sides), competent parties (18 and of sound mind in California), and a legal purpose. Five characteristics of an insurance contract: adhesion (one side drafts it, so ambiguity is read against the drafter), aleatory (unequal exchange of value), personal (assignment needs the carrier's written consent), unilateral (only the carrier makes an enforceable promise), and conditional (the claim is paid only if the conditions are met).

四、寿险基础：可保利益、保额、核保4. Life basics: interest, amount, underwriting

可保利益（Insurable Interest）：你和受保人之间要有「他出事你会真的有损失」的关系： 自己、配偶、父母子女、近亲，或者生意合伙人、关键员工；债主对欠债的人也有。 考试最爱考的那一点是：寿险只要求投保时存在。 保单生效之后离了婚，公司照样赔。

Insurable interest: there must be a relationship in which the insured's death would actually cost you something: yourself, a spouse, a parent or child, a close relative, a business partner or key employee; a creditor also has one in a debtor's life. The point the exam loves: in life insurance it is required only at inception. Divorce after the policy is issued doesn't change the payout.

个人五用途 · SECLE

Five personal uses · SECLE

Survivor Protection 家人生活保障、Estate Creation 创造遗产、Cash Accumulation 资金累积、Liquidity 流动性、 Estate Conservation 保存遗产（赔偿金拿去付遗产税）。

Survivor protection, estate creation, cash accumulation, liquidity, and estate conservation (the death benefit paying the estate tax).

商业四用途

Four business uses

Buy-Sell 买卖协议、Key Person 关键员工 （受益人是公司，保费不可抵税、赔偿金免税）、Executive Bonus 高管分红 （雇主抵税、员工计入应税收入）、Business Continuation 生意持续。 考题常把买卖协议塞进「个人用途」的选项里。

Buy-sell; key person (the company is the beneficiary, premiums are not deductible, the benefit is tax-free); executive bonus (deductible to the employer, taxable income to the employee); and business continuation. The question set likes to slip buy-sell into a list of personal uses.

保多少 · HLV 与 DIME

How much · HLV and DIME

生命价值法算受保人未来税后收入的现值（收入、通胀、剩余工作年数、 货币时间价值）。需求法用 DIME：Debt 债务、Income 收入替代、 Mortgage 房贷、Expenses 教育与安葬。HLV 看收入，Needs 看缺口。

The human life value approach discounts future after-tax income (earnings, inflation, working years left, time value of money). The needs approach uses DIME: debt, income replacement, mortgage, expenses. HLV looks at income; needs looks at the hole.

社安四大块 · RMDS

Social Security · RMDS

Retirement 退休（40 credits = Fully Insured）、 Medicare（65 岁）、Disability 残疾（预计持续 12 个月以上）、Survivors 遗属。 Blackout Period：最小的孩子满 16 岁起，到在世配偶 60 岁为止，遗属金停发， 这正是寿险要补的那一段。

Retirement (40 credits is fully insured), Medicare (65), Disability (expected to last 12 months or more), Survivors. The blackout period runs from the youngest child turning 16 until the surviving spouse turns 60, with no survivor benefit in between. That is exactly the gap life insurance fills.

社安金的实际算法（bend point、早领打折、延后加成、 配偶与遗属怎么领）在退休账户地图里， 那一版才是跟客户讲的版本。

The actual Social Security arithmetic (bend points, early-claiming reductions, delayed credits, spousal and survivor rules) is on the retirement-accounts page. That's the version to use with a client.

保费怎么定：死亡率（按年龄、性别）、投资回报、运营费（Loading）、缴费频率。 公式是 Mortality − Interest = Net Premium，Net + Loading = Gross Premium。 缴得越勤保费越贵：Monthly > Quarterly > Semi-Annual > Annual。

How the premium is set: mortality (age and gender), investment return, expense (loading), and mode. The formula is mortality − interest = net premium; net + loading = gross. The more often you pay, the more it costs: monthly > quarterly > semi-annual > annual.

两种收据Two receipts什么时候开始保When coverage starts
Conditional 附条件收据Conditional receipt要核保通过、认定为标准体才追溯生效；不过就不赔Retroactive only if underwriting comes back standard; otherwise no coverage
Binding / Unconditional 立约收据Binding / unconditional receipt拿到就生效，事后核保发现不可保也照赔Coverage begins on issue, even if underwriting later finds the applicant uninsurable

Field Underwriter（就是你）的职责：阻止逆选择、正当揽客、把申请表填完整准确、取得签名、 收首期保费，以及递送保单时收 Statement of Good Health。 申请表 Part 1 是一般信息、Part 2 是医疗，Agent Report 不算合同的一部分。 Backdating 倒签最多六个月，目的是按更小的年龄算保费。 公司那一侧则靠体检与化验、APS（需签署授权）、MIB、Consumer Report 和 Investigative Report， 最后分成 Preferred / Standard / Substandard / Declined 四档。 禁止按种族、国籍、肤色、性别歧视。

The field underwriter (you) prevents adverse selection, solicits properly, completes the application fully and accurately, obtains signatures, collects the initial premium, and takes a statement of good health at delivery. Part 1 of the application is general information, Part 2 medical; the agent's report is not part of the contract. Backdating is capped at six months, and its purpose is a lower issue age. On the carrier's side: exams and labs, an APS (which needs signed authorisation), the MIB, consumer reports and investigative reports, ending in preferred, standard, substandard or declined. Discrimination by race, national origin, colour or sex is prohibited.

实务版的核保流程（要收哪七件、体检怎么准备、九个费率等级、 哪些病直接不可保）在核保页。 考试考的是名词，那一页讲的是怎么把案子批下来。

The working version (the seven things to collect, how to prep a paramed, the nine rate classes, what is flatly uninsurable) is on the underwriting page. The exam tests the vocabulary; that page is about getting a case approved.

Viatical 与 Life Settlement：绝症患者把自己的保单卖掉套现， 他叫 Viator，中间人叫 Broker，收购方叫 Provider。 Viatical 针对绝症，Life Settlement 针对年长但不再需要保障的人。 两者都合法，因为投保当时可保利益是真的， 后来情况变了才拿出来卖。这一点是它跟 STOLI 的分界线，下面第十一节会再讲。

Viaticals and life settlements: a terminally ill insured sells their own policy for cash. The seller is the viator, the intermediary is the broker, the buyer is the provider. Viaticals involve terminal illness; life settlements involve older insureds who no longer need the coverage. Both are legal because the insurable interest was real when the policy was issued and circumstances changed afterwards. That is the line between them and STOLI, which section eleven returns to.

五、产品：定期、终身、万能、团体5. Products: term, whole, UL, group

三种定期Three kinds of term面额与保费Face and premium典型用途Typical use
Level 定额Level面额不变；整段定额保费，或逐年涨（ART）Face level; premium level for the term, or annually renewable最常见的 20 年期The standard 20-year
Increasing 递增Increasing面额随通胀上升，保费不变Face rises with inflation, premium level当通胀附约用As a COL rider
Decreasing 递减Decreasing面额逐年降，保费不变Face falls each year, premium level房贷险、Credit LifeMortgage protection, credit life

定期寿险是纯死亡保障：没有现金值，没有满期金，活到期满就失效， 同样的钱能买到最大的保额。公司可以设投保最高年龄（通常 75–90 岁）。

Term is pure death protection: no cash value, no maturity payout, it simply ends if the insured outlives it, and it buys the most face amount per dollar. Carriers set a maximum issue age, usually somewhere between 75 and 90.

四种终身寿险Four whole life forms缴费期Pay period要点The point
Single Premium一次付清One payment立刻有现金值；初始保费最高Cash value immediately; highest initial premium
Limited Pay（如 7-Pay）Limited pay (e.g. 7-pay)7 年、10 年、20 年7, 10 or 20 years缴费期短、保费高；7-Pay 正是 MEC 测试的那条线Short and expensive; 7-pay is the MEC test line
Ordinary / StraightOrdinary / straight缴到满期To maturity年保费最低，最常见Lowest annual premium, the most common
Modified Whole Life前低后高Low then higher前 3–5 年便宜，之后涨；总价高于 StraightCheap for three to five years, then up; costs more overall

初始保费由低到高：Modified < Ordinary < Limited Pay < Single， 缴费期越短，每一期越贵。终身寿险保费固定、死亡赔偿保证、现金值通常从第三年开始累积， 可以借出来用，没还的部分从赔偿金里扣。 满期时现金值等于面额、保单结束。题库答 100 岁，现行保单通常是 121 岁（见第二节）。

Initial premium, lowest to highest: modified < ordinary < limited pay < single: the shorter the pay period, the larger each payment. Whole life has a level premium, a guaranteed death benefit, and cash value that typically starts building in year three, borrowable, with any unpaid loan deducted from the benefit. At maturity the cash value equals the face and the policy ends. The question bank says age 100; current policies generally say 121 (section two).

Universal Life

Universal life

七十年代末出现的「灵活保费可调寿险」。两个组件：纯保障成本（ART）加现金值账户。 两种缴法：Minimum Premium 只够撑当年，Target Premium 是公司建议的水平。 现金值按当前利率与最低保证利率取高。

The flexible-premium adjustable policy that appeared in the late seventies. Two components: the pure cost of protection (ART) and a cash value account. Two ways to pay: the minimum premium, which carries it for the year, and the target premium the carrier suggests. Interest is the higher of the current and the guaranteed minimum rate.

Option A 与 Option B

Option A and option B

A（Level）：面额固定，便宜，现金值和赔偿金之间必须留出走廊 （Corridor，1984 年起的 IRS 要求）。B（Increasing）： 赔偿金 = 面额 + 现金值，更贵。B 的答案永远是「面额加现金值」。

A (level): a fixed face, cheaper, with a required corridor between cash value and death benefit (an IRS requirement dating from 1984). B (increasing): death benefit = face + cash value, and costs more. The answer for B is always "face plus cash value".

Joint vs Survivorship

Joint vs survivorship

Joint Life 是 first-to-die，按平均年龄定价，比两张个人保单便宜， 典型用途是夫妻房贷。Survivorship 是 second-to-die， 要等最后一个人走才赔，预期年限更长，所以比 Joint 还便宜， 典型用途是遗产税，或者留给需要长期照顾的孩子。

Joint life is first-to-die, priced off an average age, cheaper than two individual policies, typically used for a couple's mortgage. Survivorship is second-to-die, paying only when the last insured dies; the longer expectancy makes it cheaper still. It's used for estate tax, or for a child who will need care.

未成年人 · 加州

Minors · California

加州 18 岁以下不能直接持有保单，公司也不会把赔偿金直接付给未成年受益人， 必须经监护人、受托人或 UTMA 账户。父母给孩子投保的可保利益必须真实存在。 Payor Rider：出钱的大人身故或残疾，公司代付保费到孩子 21 或 25 岁。

In California a minor cannot own a policy, and a carrier will not pay a benefit directly to a minor beneficiary; it goes through a guardian, a trustee, or an UTMA account. The insurable interest for a parent insuring a child must be genuine. The payor rider has the carrier pay premiums until the child is 21 or 25 if the paying adult dies or becomes disabled.

团体寿险五条：通常是雇主与雇员之间、年度可续的定期（ART）； 不需要可保性证明；雇员拿到的是 Certificate，雇主才持有 Master Policy； 离职后 31 天内可以不体检转成个人永久寿险，按 Attained Age 的标准费率； Master Policy 终止时，待满五年的人可以转成个人保险。

Five points on group life: usually employer-to-employee, annually renewable term; no evidence of insurability; the employee holds a certificate while the employer holds the master policy; on leaving, there are 31 days to convert to individual permanent coverage without a medical, at attained-age standard rates; and if the master policy terminates, someone with five years of coverage may convert.

终身与 IUL 在实务里怎么比、指数怎么计息， 看 WL 与 IUL 和 IUL 如何运作。

For how whole life and IUL actually compare, and how indexed crediting works, see WL vs IUL and How IUL Works.

六、条款、受益人、选择权、附约6. Provisions, beneficiaries, options, riders

必要条款Required provision内容与数字What it says
Ownership / AssignmentOwnership / assignmentAbsolute 完全转让（永久）vs Collateral 抵押转让（临时，常用于贷款）Absolute (permanent) vs collateral (temporary, usually for a loan)
Entire Contract保单加申请表复印本就是全部合同；改动须双方同意The policy plus the attached application is the whole contract; changes need both sides
Free Look加州最少 10 天；邮购 30 天；60 岁以上 30 天；替换保单 30 天At least 10 days in California; 30 for mail order, for insureds 60+, and on a replacement
Grace Period题库答 30–31 天；期间身故照赔，扣掉欠缴保费。加州个人寿险法定不少于 60 天（CIC §10113.71）The bank says 30–31 days; a death in that window is paid less the unpaid premium. California requires at least 60 days on individual life (CIC §10113.71)
Reinstatement失效后最长 3 年；要可保性证明 + 补缴保费与利息（≤6%）。已退保的不能复效Up to three years after lapse, with evidence of insurability plus back premium and interest (≤6%). A surrendered policy cannot be reinstated
Incontestability2 年后不得以误告、隐瞒、欺诈为由撤销；但欠费、年龄、性别、身份不受此限After two years the carrier cannot contest for misrepresentation, concealment or fraud, though nonpayment, age, sex and identity are outside it
Misstatement of Age按正确年龄重算赔偿金额，不取消保单The benefit is recomputed at the correct age; the policy stands
Exclusions航空、危险嗜好、战争、自杀（2 年内只退保费）Aviation, hazardous hobbies, war, suicide (premium only within two years)

Per Stirpes vs Per Capita

Per stirpes vs per capita

三个孩子平分 100 万，其中一个比父亲先走、留下两个孩子。 Per Stirpes（按血统）：每人三分之一，先走的那一份约 33.3 万留给他的两个孩子，各约 16.7 万；另两人各约 33.3 万。 Per Capita（按人头）：在世的两人平分，各 50 万，孙辈什么都拿不到。

Three children split a million; one predeceases the parent, leaving two children of their own. Per stirpes: each child's third is about $333,333, and the predeceased child's third passes down, about $166,667 to each grandchild. Per capita: the two survivors split it, $500,000 each, and the grandchildren get nothing.

可撤换与共同灾难

Revocable, and common disaster

Revocable 可撤换：随时改受益人，不用谁同意。 Irrevocable 不可撤换：改受益人、借现金值、转让保单，都要受益人书面同意。 共同灾难条款配《统一同时死亡法》，在分不清先后时推定受益人先走， 赔款转给第二顺位；通常要求在 30 / 60 / 90 天内身故才适用。

Revocable: the owner changes the beneficiary at will. Irrevocable: changing the beneficiary, borrowing the cash value or assigning the policy all need the beneficiary's written consent. The common disaster clause, with the Uniform Simultaneous Death Act, presumes the beneficiary died first when the order can't be established, so the benefit goes to the contingent; it usually applies within a 30-, 60- or 90-day window.

六种理赔支付方式Six settlement options怎么发How it pays
Cash 一次性Cash没指定时的默认方式The default when nothing is elected
Interest Only 利息Interest only本金留在公司，按期付息；利息要交税The principal stays with the carrier and interest is paid out, and it is taxable
Fixed Period 定期Fixed period期限定死，每期金额随之而定You fix the period; the payment falls out of it
Fixed Amount 定额Fixed amount金额定死，能领几期随之而定You fix the payment; the number of periods falls out of it
Life Income 终身Life income活多久付多久；Joint and Survivor 让配偶继续领For as long as they live; joint and survivor continues to a spouse
Spendthrift 败家子条款Spendthrift clause强制分期，受益人不能借、不能转让、不能改Forces instalments; the beneficiary cannot borrow against, assign or alter it

不丧失价值选择 · 三种

Three nonforfeiture options

Cash Surrender 退保拿现金（超过本金的部分按普通收入课税）； Reduced Paid-Up 用现金值一次付清同类型保单，面额变小、从此不再缴费； Extended Term 用现金值买同面额的定期，期限由现金值决定， 这是默认选项。另有 Automatic Premium Loan 自动垫缴， 以及 UL 的部分提领。

Cash surrender: take the money (anything above basis is ordinary income). Reduced paid-up: the cash value buys a smaller fully-paid policy of the same type, with no further premium. Extended term: the cash value buys term at the same face, for however long it lasts, and this is the default. Alongside them sit the automatic premium loan and, on UL, partial withdrawals.

红利五种用法

Five dividend options

领现金、抵下年保费、留存生息（本金不课税，利息要）、 买一年期定期、买付清增额（按 Attained Age 计价）。 「按月发收入」是结算选项，不是红利选项，这是常考的混淆点。 红利本身不算收入，因为它在税法上被视为保费的返还。

Cash, reduce next year's premium, accumulate at interest (the dividend isn't taxed, the interest is), buy one-year term, or buy paid-up additions at attained age. "Monthly income" is a settlement option, not a dividend option, a favourite confusion. The dividend itself isn't income, because tax law treats it as a return of premium.

常考附约Riders that get asked about条件与年限Terms
Waiver of Premium 豁免保费Waiver of premium完全残疾期间免缴；通常 6 个月等候期；一般 65 岁失效Premiums waived during total disability; typically a six-month wait; usually ends at 65
Accelerated Benefit 生前理赔Accelerated death benefit三大触发：绝症（通常 12–24 个月）、慢性病、重疾Three triggers: terminal (usually 12–24 months), chronic, critical
Spouse / Children / Family TermSpouse / children / family term配偶通常到 65 岁、孩子到 18–21 岁；可转永久Spouse usually to 65, children to 18–21; convertible
Accidental Death 意外身故Accidental death意外后 90 天内身故；赔基本面额的 2–3 倍，不含红利买来的保额Death within 90 days of the accident; two or three times the base face, excluding dividend-purchased coverage
Guaranteed InsurabilityGuaranteed insurability结婚、生子等事件时免体检加保；通常 40 岁失效Buy more without evidence at marriage, a birth and similar events; usually ends at 40
Cost of Living / Return of PremiumCost of living / return of premiumCOL 随 CPI 自动加保额；ROP 在指定年龄前身故时加赔已缴保费COL raises the face with the CPI; ROP adds back the premiums paid if death occurs before a stated age

生前理赔在实务里的三种触发、等待期、税务和理赔流程， 在生前福利那一页， 那里也把两个容易混淆的时间条件分开讲清楚了。

The working detail on accelerated benefits (the three triggers, the waiting periods, the tax treatment, the claim process) is on the living-benefits page, which also separates two time conditions that are easy to confuse.

七、年金7. Annuities

寿险解决「死太早」，年金解决「活太久」。 三个角色是 Owner 持有人、Annuitant 领受人、Beneficiary 受益人， Annuitant 必须是自然人（Owner 可以是公司或信托）。 累积期是把钱付进去、延税增长；年金期是开始领钱，一旦开始就回不去了。 寿险用死亡率表，年金用一张「假设人活得更久」的表。

Life insurance answers dying too soon; an annuity answers living too long. Three parties (owner, annuitant, beneficiary), and the annuitant must be a natural person (the owner can be a company or a trust). The accumulation period is money going in and growing tax-deferred; the annuity period is money coming out, and annuitisation doesn't reverse. Life insurance is priced off a mortality table; annuities off one that assumes longer lives.

支付选项Payout option怎么付How it pays
Pure / Straight Life 纯终身Pure / straight life一死即停，月付最高，但本金可能拿不完，对公司风险最小Stops at death, pays the most per month, and may not return the principal; the least risk to the carrier
Life with Period CertainLife with period certain保证最少付 X 年（如 10 年）；活得久就一直付Guarantees at least X years, say ten, and keeps paying for life
Refund LifeRefund life保证本金付完，早走的余额给受益人Guarantees the principal is returned, the balance going to the beneficiary
Joint and SurvivorJoint and survivor一方走后另一方按约定比例继续领Continues to the survivor at an agreed percentage
Annuity CertainAnnuity certain只按固定期限或固定金额付完为止，不挂钩寿命Fixed period or fixed amount only; not tied to a life

即期与延期

Immediate and deferred

SPIA 一次付清，一个月内开始领；金额取决于保费、频率、利率、 年龄、性别。Deferred 一次或分期缴，将来某个时点起领， 现在最常见的退休累积工具。两者都是 59½ 之前动用收益部分： 按普通收入课税，外加 10% 罚款。

A SPIA is paid for once and starts within a month; the payment depends on premium, mode, interest, age and sex. A deferred annuity is funded once or over time and starts later; it's the common accumulation vehicle. For both, touching the gain before 59½ means ordinary income tax plus a 10% penalty.

退保费与身故给付

Surrender charges and death benefit

典型的退保费阶梯：第 1 年 7%，往后每年少一个百分点，第 8 年归零。 退保价值 = 已缴保费 + 累积利息 − 退保费。 累积期身故给付 = 现金价值与已缴保费取高； 没指定受益人就进 Annuitant 的遗产。

The typical schedule: 7% in year one, falling a point a year, zero from year eight. Surrender value = premiums paid + interest credited − the charge. The death benefit during accumulation is the greater of cash value and premiums paid; with no beneficiary named it falls into the annuitant's estate.

固定与指数

Fixed and indexed

Fixed：有保证最低利率，公司拿去投在保守的总账户，年金期金额固定； 稳，但通胀会啃掉购买力。Indexed：回报挂钩 S&P 500 之类的指数， 同时仍有最低保证；比固定有上行，比变额风险低。 （题库里的「通常 3%」是旧数字，见第二节。）

Fixed: a guaranteed minimum rate, invested in the carrier's conservative general account, with a level payout: stable, but inflation erodes it. Indexed: crediting tracks an index such as the S&P 500 while keeping a floor: more upside than fixed, less risk than variable. (The question bank's "usually 3%" is a stale figure; see section two.)

合格与不合格

Qualified and non-qualified

Qualified：缴款可抵税、须符合 IRS 规则、不能歧视，取的时候全额课税。 Non-Qualified：缴款不能抵税，但增值延税，取的时候只对超过本金的部分课税。 累积期取款走 LIFO：利息先出，所以先交税。 这正是年金早年被当教育金工具、后来不流行的原因。

Qualified: deductible contributions, IRS rules, no discrimination, and everything taxable on the way out. Non-qualified: no deduction, growth deferred, and only the gain taxed on withdrawal. Withdrawals during accumulation come out LIFO: interest first, so tax first. That is exactly why annuities fell out of favour as a college-funding vehicle.

年金在实务里怎么选、怎么配收入， 看年金与收入附约和 退休账户地图。

For how annuities are actually chosen and how income riders are used, see the annuity page and the retirement-accounts map.

八、联邦税务：MEC、IRA、10358. Federal tax: MEC, IRA, 1035

寿险税务五条铁则：保费一般不可抵税；一次性领取的死亡赔偿金免联邦所得税； 现金值延税增长，退保时超过本金的部分按普通收入课税；红利不算收入，但留存生息的利息要课税； 保单借款不课税。死亡赔偿金会被算进遗产的三种情形： 受保人自己就是保单持有人、受保人的遗产是受益人、身故前三年内转让了保单。

Five tax rules for life insurance: premiums are generally not deductible; a lump-sum death benefit is free of federal income tax; cash value grows tax-deferred and anything above basis is ordinary income on surrender; dividends aren't income but interest on accumulated dividends is; policy loans aren't taxed. The death benefit is pulled into the estate in three cases: the insured owned the policy, the insured's estate is the beneficiary, or the policy was transferred within three years of death.

MEC · 七付测试MEC and the seven-pay test

1988 年 IRS 为了堵住「用一次付清寿险囤钱避税」设的闸。 保单前七年累计保费不得超过按保证死亡率与利率算出的净定额保费总和。 一旦成为 MEC 就永远是 MEC：取款按 LIFO，超本金部分立刻课税， 59½ 前另加 10% 罚款。不变的是：现金值仍然延税增长，死亡赔偿金仍然免税。

The 1988 gate against stuffing a single-premium policy as a tax shelter. Cumulative premiums in the first seven years may not exceed the sum of the net level premiums computed on guaranteed mortality and interest. Once a MEC, always a MEC: withdrawals come out LIFO, the gain is taxable immediately, and there's a further 10% before 59½. What does not change: the cash value still grows deferred, and the death benefit is still income-tax-free.

1035 交换1035 exchange可以吗Allowed?
寿险 → 寿险Life → life可以Yes
寿险 → 年金Life → annuity可以Yes
养老 → 养老 / 年金Endowment → endowment / annuity可以Yes
年金 → 年金Annuity → annuity可以Yes
年金 → 寿险Annuity → life不可以No
终身 → 定期Whole life → term不可以No

记法：往「保障更少、更像现金」的方向走不行。1035 没有时间限制。

The way to remember it: you can't move toward less insurance and more cash. There is no time limit on a 1035.

Rollover 与直接划转Rollovers and direct transfers

Rollover 是钱先到自己手里，60 天内转入新账户。 20% 强制预扣只在雇主计划（401(k)、403(b)）把钱直接付给你时才有； IRA 转 IRA 没有这条，默认预扣 10% 而且可以放弃。 IRA 之间的 60 天 rollover 十二个月只能做一次； Trustee-to-Trustee 直接划转次数不限，也不预扣， 所以实务上永远走直接划转。

A rollover means the money comes to you and you have 60 days to get it into the new account. The mandatory 20% withholding applies only to an eligible rollover distribution paid to you from an employer plan (401(k), 403(b)). IRA-to-IRA has no such rule; the default there is 10% and it can be waived. A 60-day IRA-to-IRA rollover is allowed once in any twelve months, while trustee-to-trustee transfers are unlimited and nothing is withheld, which is why, in practice, you always do the direct transfer.

Roth 与传统的分界：Roth 存款不可抵税、没有强制提领、 账户满五年加上合格事件之后提领免税。传统 IRA 存款在符合条件时可抵税， 提领全额课税，到年龄就有 RMD。 IRA 不能买两样东西：人寿保险和收藏品。 提前取款 10% 罚款的常见豁免：完全残疾、首次购房（≤$10,000）、合格高等教育费用、 超过 AGI 一定比例的自付医疗费用、身故。

Roth against traditional: no deduction going into a Roth, no RMDs, and qualified withdrawals are tax-free once the account is five years old. A traditional IRA may be deductible going in, is fully taxable coming out, and has RMDs from the applicable age. An IRA may not hold two things: life insurance and collectibles. Common exceptions to the 10% early-withdrawal penalty: total disability, a first home (up to $10,000), qualified higher education, unreimbursed medical expenses above a percentage of AGI, and death.

九、合格退休计划9. Qualified plans

合格计划的五个特性：为员工与受益人设立、书面化并与员工沟通、 缴款公式不得偏向高管股东高薪、具有永久性并经 IRS 认可、有归属（Vesting）安排。 Defined Benefit 承诺的是将来能领多少，风险在雇主，适合年长高薪接近退休的人； Defined Contribution 定的是投进去多少，领多少不知道，适合年轻员工。 记法：DC 定投入，DB 定领取。

Five marks of a qualified plan: it exists for employees and their beneficiaries, it is written down and communicated, the contribution formula may not favour owners, officers or the highly paid, it is permanent and IRS-recognised, and it has a vesting schedule. A defined benefit plan promises what comes out, puts the risk on the employer, and suits older, higher-paid employees near retirement. A defined contribution plan fixes what goes in and leaves the outcome open, which suits younger ones. To remember it: DC fixes the input, DB fixes the output.

计划Plan 谁用Who uses it 题库数字Question-bank figure
SEP小公司，雇主缴款Small employers, employer-funded$49,000 或薪资 25%，取低$49,000 or 25% of pay, lesser
401(k)员工税前缴，公司可 MatchEmployee deferral, employer may match$16,500；可借 50% 或 $50,000 取低$16,500; loans up to 50% or $50,000, lesser
SIMPLE少于 100 名员工的小生意Businesses under 100 employees员工 $11,500；雇主 Match 至薪资 3%$11,500; employer match to 3% of pay
Keogh / HR-10个体户；纳入门槛 21 岁 / 满 1 年 / 年 1,000 小时Self-employed; eligibility at 21, one year, 1,000 hours$49,000 或总收入 100%，取低$49,000 or 100% of earned income, lesser
403(b) / TSA非营利机构与公立学校Nonprofits and public schools$16,500，50 岁追加 $5,000$16,500, +$5,000 at 50
529大学费用；严格说不属于「合格退休计划」College costs; strictly not a qualified retirement plan at all州内上限约 $235,000State cap around $235,000

第三列全部是旧数字，只用于考试。 今天的数字见本页第二节，完整版在退休账户地图。 529 列在这里只是为了一起记。它是教育储蓄账户，不是退休计划， 客户那边别按退休计划讲。

The third column is entirely stale and is for the exam only. Current figures are in section two above and in full on the retirement-accounts page. The 529 is listed here only for convenience. It is an education savings account, not a retirement plan, and shouldn't be presented that way to a client.

十、监管：执照、处分、不公平交易10. Regulation: licensing, penalties, unfair practices

AB 943：考前教育从 32 小时变成 12 小时AB 943: pre-licensing drops from 32 hours to 12

到 2025 年 12 月 31 日为止，加州寿险考前教育是 20 小时寿险 + 12 小时伦理与保险法 = 32 小时。 AB 943 之后，2026 年 1 月 1 日起只需要 12 小时 Ethics & Codes（其中 1 小时反欺诈）。 网上大量攻略还停在 32 小时甚至 52 小时（寿险加健康险）的版本， 新人看到会以为执照页写少了。那一页没写错。

Through 31 December 2025, California life pre-licensing education was 20 hours of life plus 12 of ethics and code, 32 hours. Under AB 943, from 1 January 2026 it is 12 hours of ethics and codes, one of which is anti-fraud. A great many online guides still show 32, or 52 for life and health together, so a new partner may think the licensing page understates it. It doesn't.

拿执照的条件：年满 18 岁、本州居民、无相关重罪记录， 完成考前教育、通过笔试、交申请表与费用。 被拒的理由通常是「不可信赖、不够能力、未满足前提条件」。 加州的监管官叫 Commissioner（保险专员）； 题目里如果出现 Superintendent，那是纽约等州的叫法，题库沿用了外州措辞，指的是同一个职位。

To get licensed: be 18, a resident, without a disqualifying felony; complete pre-licensing education, pass the written exam, file the application and the fee. Denials generally cite untrustworthiness, incompetence, or failure to meet a prerequisite. California's regulator is the Insurance Commissioner. If a question says "Superintendent", that is the New York title, carried over by the question bank; it means the same office.

执照类型Licence type代表谁Represents
Agent 代理人Agent保险公司The insurer
Broker 经纪Broker受保人，为客户最佳利益办事The insured, acting in the client's interest
Consultant 顾问Consultant客户；收费提供建议，不得持有保险公司股份The client; advises for a fee and may not hold an insurer's stock
Independent AdjusterIndependent adjuster保险公司，公正定损The insurer, adjusting claims
Public AdjusterPublic adjuster受保人；不能是公司员工或律师The insured; cannot be an employee of the carrier or an attorney

执照的维持：每两年到期，CDI 提前 90 天提醒，可提前 90 天续； 继续教育 24 小时 / 2 年，其中 3 小时伦理或反欺诈； 改地址、受处分、背景变化，一律 30 天内书面通知 CDI； 吊销之后一年内不得重新申请。临时执照签发不超过 90 天，可续，总计不超过 15 个月， 只能服务既有业务、不能开拓新业务；服役期间可延续到退役后 60 天。

Keeping the licence: it expires every two years; CDI sends a reminder 90 days ahead and a renewal can be filed 90 days early. Continuing education is 24 hours per two years, three of them ethics or anti-fraud. An address change, a disciplinary action or any change in background must be reported to CDI in writing within 30 days. After a revocation, a year must pass before reapplying. A temporary licence runs up to 90 days, is renewable, cannot exceed fifteen months in total, and serves existing business only (no new solicitation); during military service it can run to 60 days after discharge.

罚款数字：背了考试，别拿去当法条引The penalty figures: fine for the exam, not for quoting

题库里那组数字（单次违章 $500、累计 $2,500、违反停止令 $5,000、 专员累计上限 $10,000、收到罚单 20 天内付）有些明显是外州的老数。 考试照答，但实务上任何涉及处分金额的问题，请直接查加州保险法（CIC）当期条文或问合规， 不要凭这一页跟客户或同业下结论。

The question bank's set of figures ($500 per violation, $2,500 in aggregate, $5,000 for breaching a cease-and-desist order, a $10,000 cumulative cap, payment within 20 days) includes some that are plainly another state's older numbers. Answer it that way in the exam, but for anything real involving a penalty amount, read the current California Insurance Code or ask compliance. Don't settle a question for a client or a colleague off this page.

禁止的不公平交易行为：Misrepresentation 谎告误报、 False Advertising 虚假广告、Defamation 诽谤同业、Rebating 回扣 （公司印制的广告品价值在 $15 以下不算）、Sharing Commissions 违规分佣 （只能分给同一公司、同一授权线上的持照同事）、Unfair Discrimination 不公平歧视 （不得按婚姻状况、种族、肤色、国籍、宗教、残疾区别对待）。 联邦那一侧：FCRA（1971 年，FTC 主管）管消费者报告与调查报告， 后者会去访谈亲友邻居，必须事先告知； §1033 规定曾犯涉及不诚实或违反信任的重罪者，未取得书面豁免（1033 Waiver）不得从事保险业。

Prohibited unfair practices: misrepresentation, false advertising, defamation of another insurer, rebating (an advertising item the company produces, worth under $15, doesn't count), improper commission sharing (only with a licensed colleague on the same carrier's line of authority), and unfair discrimination (by marital status, race, colour, national origin, religion or disability). Federally: the FCRA (1971, enforced by the FTC) governs consumer reports and investigative consumer reports, the latter involving interviews with friends and neighbours, which must be disclosed in advance. Section 1033 provides that anyone convicted of a felony involving dishonesty or breach of trust may not work in insurance without a written waiver.

十一、加州专属：州考的送分章11. California-only: the chapter that gives points away

加州州考大约有 15–20% 的题出自这一章，而且全是死规定， 没有推理，背了就是分。如果复习时间只剩一晚，先背这一节。

Roughly 15 to 20 per cent of the California exam comes from this material, and all of it is hard rules: nothing to reason out, just points for memorising. If you have one evening left, start here.

60 岁以上的额外保护

Extra protection at 60+

加州的 Senior 定义是投保时年满 60 岁（CIC §10127.10）。 寿险与年金的 Free Look 是 30 天，期内退保全额退还、不扣手续费； 封面要打印「NOTICE TO SENIOR CONSUMER」； 禁用「保证回报」「无风险」这类字眼，也不得贬低同业。 用旧年金的退保金去买新年金给老人，必须做适合性评估。

California defines a senior as 60 or older at application (CIC §10127.10). The free look on life and annuities is 30 days, with a full refund and no charges inside it; the cover must carry "Notice to Senior Consumer"; and phrases like "guaranteed return" or "no risk", and disparaging other carriers, are off limits. Funding a new annuity for a senior out of an old one's surrender value requires a suitability review.

保单替换的流程

The replacement process

算「替换」的定义：让现有保单失效、放弃、退保，或者借款超过现金值的 25%。 代理人与投保人都要在 Notice Regarding Replacement 上签字，申请时给客户一份； 代理人保留复印件和所有销售材料至少 3 年； 新公司5 个工作日内通知原公司并提供比较表； 替换保单的 Free Look 强制至少 30 天。

A replacement is anything that lapses, forfeits or surrenders an existing policy, or borrows more than 25% of its cash value. Both the agent and the applicant sign the notice regarding replacement, and the client gets a copy at application; the agent keeps that copy and all sales material for at least three years; the replacing insurer notifies the existing one within five business days with a comparative form; and the free look on a replacement is a mandatory 30 days.

Twisting 与 Churning

Twisting and churning

§790.03 列的不公平行为里，这两个最常被考，也最常被搞反。 Twisting 是跨公司：用误导性的比较把客户从别家挖过来。 Churning 是同一家公司内部：拿现有保单的现金值去买新保单，纯粹为了再赚一次佣金。 记法：Twist 是扭到外面去，Churn 是在自家锅里搅。

Of the practices listed in §790.03 these two get asked most, and reversed most. Twisting crosses carriers: a misleading comparison that moves a client from another company. Churning stays inside one: using an existing policy's cash value to buy a new one purely to earn the commission again. A way to hold it: twisting turns them outward; churning stirs your own pot.

年金适合性

Annuity suitability

CIC §10509.910 要求卖年金前做适合性评估： 收集 12 项消费者信息（年龄、收入、税务状况、目标、流动性需求、 风险承受度、负债、现有保险与金融产品、规划经验、这笔钱的用途等）， 形成「此产品确实符合客户需求」的合理信念，记录保留至少 5 年。 对 65 岁以上客户未做评估就成交的，交易可能被宣告无效， 并可暂停执照、按次罚款。

CIC §10509.910 requires a suitability review before an annuity sale: gather twelve categories of consumer information (age, income, tax status, objectives, liquidity needs, risk tolerance, debts, existing insurance and financial products, planning experience, the intended use of the money, and so on), form a reasonable belief that the product fits, and keep the record at least five years. A sale to a client over 65 without one can be declared void, alongside licence suspension and per-violation fines.

STOLI 为什么违法

Why STOLI is illegal

Stranger-Originated Life Insurance：第三方出钱给一个跟他没关系的人投保， 目的就是等人走了收钱或转卖套利。加州明文禁止，理由只有一个： 投保当时就没有真实的可保利益。 这也正是它跟 Viatical / Life Settlement 的分界：后者投保时利益是真的， 后来情况变了才卖，合法。违反的后果是保单取消、民事处罚、执照吊销。

Stranger-originated life insurance: a third party funds a policy on someone they have no relationship with, intending to collect or resell it. California prohibits it, for one reason: there was no genuine insurable interest at inception. That is precisely the line against viaticals and life settlements, where the interest was real and circumstances changed later. The consequences are rescission, civil penalties and revocation.

两份必须给的文件

Two documents you must hand over

Buyer's Guide 是监管局批准的通用手册，所有公司同一份， 讲的是怎么挑寿险，必须在接受申请之前给客户。 Policy Summary 是这一张保单的具体说明（公司、代理人、保额、保费、 现金值、红利、退保价值、死亡赔偿），投保前或投保时给； 做替换时，原公司与新公司都要拿到。

The buyer's guide is the regulator-approved generic booklet, the same from every carrier, about how to choose life insurance, and it goes to the client before the application is accepted. The policy summary describes this particular policy (carrier, agent, face, premium, cash value, dividends, surrender value, death benefit) and is delivered at or before application; on a replacement both the existing and the replacing insurer get one.

反洗钱 · USA PATRIOT ActAnti-money-laundering · USA PATRIOT Act

卖有现金值的寿险和年金就受这套规则约束：入职时接受 AML 培训、之后每 2–3 年复训； 执行客户身份识别程序（CIP），记录保留 5 年； 发现可疑活动，24 小时内通知合规部门、30 天内向 FinCEN 提交 SAR； 现金交易达到 $10,000 要报 Form 8300。 红旗：受益人是毫无关系的第三方、大额现金一次付清、刚买完就急着借款或退保。

Selling cash-value life or annuities puts you inside these rules: AML training on appointment and every two to three years after; a customer identification programme with records kept five years; on suspicious activity, compliance within 24 hours and a SAR to FinCEN within 30 days; and Form 8300 for cash of $10,000 or more. Red flags: an unrelated third-party beneficiary, a large lump-sum cash payment, and a rush to borrow or surrender right after issue.

其它补遗：Pre-Need / 殡葬保险的资金要存入信托， 加州禁止混合使用（commingle）； 销售长期护理产品要先修 8 小时、之后每期复训 4 小时，违规按次罚款； Split Dollar 由雇主出现金值那部分保费、雇员出纯保障部分，常见于高管福利； Deferred Compensation 是高管福利计划，用寿险或年金资助，不属于合格计划。 另外，加州销售年金另有专门的培训要求（通常是首次 8 小时、之后每两年 4 小时）， 与上面那 24 小时继续教育是两码事。以 CDI 当期规定为准。

Odds and ends: pre-need and burial insurance funds go into trust, and California forbids commingling them; selling long-term care requires an initial eight hours and four hours each renewal period, with per-violation fines; split dollar has the employer pay the cash-value portion and the employee the pure insurance portion, typically as an executive benefit; and deferred compensation is an executive arrangement funded with life insurance or annuities that is not a qualified plan. Separately, selling annuities in California carries its own training requirement (generally eight hours first and four hours every two years after), which is distinct from the 24-hour CE above. Confirm the current rule with CDI.

替换在实务里怎么做、什么时候不该替换， 见保单替换。

How replacement is actually handled, and when not to do it, is on the replacement page.

十二、最容易考错的成对概念12. The pairs people get backwards

题库里绝大多数「陷阱题」考的是两个相近的词你会不会记反。 把这张表背下来，等于把错题率砍掉一半。

Most of the trick questions in the bank test whether you have two adjacent terms the right way round. Learning this table cuts the error rate roughly in half.

这一个This one 不是那一个Not that one 怎么分How to tell them apart
TwistingChurning跨公司 vs 同公司Across carriers vs inside one
Per StirpesPer Capita留给下一代 vs 在世者平分Passes down vs split among survivors
Conditional ReceiptBinding Receipt要核保过 vs 拿到就保Needs underwriting vs covered on issue
Option AOption B面额固定 vs 面额加现金值Level face vs face plus cash value
Pure LifeRefund Life一死就停 vs 保证本金付完Stops at death vs principal guaranteed back
ForeignAlien外州 vs 外国Another state vs another country
AgentBroker代表公司 vs 代表客户Represents the insurer vs the insured
Buyer's GuidePolicy Summary通用手册、申请前 vs 本单说明、投保时Generic, before application vs this policy, at application
STOLILife Settlement投保时就没可保利益 vs 有、后来才变No interest at inception vs real interest, changed later
Fully InsuredCurrently Insured40 credits vs 13 季中的 6 季40 credits vs six of the last thirteen quarters
Fixed PeriodFixed Amount定期限、金额算出来 vs 定金额、期数算出来Fix the term vs fix the payment
Reduced Paid-UpExtended Term同类型、面额变小 vs 同面额、期限变短（默认）Same type, smaller face vs same face, shorter term (the default)
PerilHazard直接原因 vs 抬高概率的条件The direct cause vs the condition raising the odds
Joint LifeSurvivorship先死的赔 vs 最后一个死才赔（更便宜）First-to-die vs last-to-die, which is cheaper
RolloverTrustee Transfer钱过手、60 天、有预扣 vs 直接划转、不预扣Money touches you, 60 days, withholding vs direct, none
ConservationReplacement劝客户留住旧保单 vs 换掉旧保单Talking a client into keeping it vs replacing it

十三、加州必背数字13. California numbers to memorise

项目Item 数字Figure 依据 / 备注Basis
Free Look · 一般寿险Free look · ordinary10 天10 days自收到保单起算From delivery
Free Look · 60 岁以上Free look · age 60+30 天30 daysCIC §10127.10
Free Look · 邮购Free look · mail order30 天30 days邮寄订购独有Mail-order only
Free Look · 替换保单Free look · replacement30 天30 days强制Mandatory
宽限期Grace period题库 30–31 天；加州个人寿险不少于 60 天Bank: 30–31 days; California individual life: at least 60CIC §10113.71；期内身故照赔，扣欠费CIC §10113.71; death paid, less unpaid premium
不可异议期Incontestable period2 年2 years自杀条款同为 2 年The suicide clause runs the same
复效期限Reinstatement window3 年3 years要可保性证明；退保的不适用Needs insurability; not after surrender
团体险离职转换Group conversion31 天31 days不需体检No medical
替换 · 通知原公司Replacement notice5 个工作日5 business days由新公司发出From the replacing insurer
替换资料保留Replacement records3 年3 years含全部销售材料Including all sales material
年金适合性记录Annuity suitability records5 年5 yearsCIC §10509.910
AML · 通知合规 / 报 FinCENAML · compliance / FinCEN24 小时 / 30 天24 hours / 30 days现金 ≥ $10,000 报 Form 8300Form 8300 for cash ≥ $10,000
继续教育Continuing education24 小时 / 2 年24 hours / 2 years含 3 小时伦理或反欺诈Including 3 hours ethics or anti-fraud
考前教育（加州）Pre-licensing (CA)12 小时（2026/1/1 起）12 hours (from 1 Jan 2026)AB 943；含 1 小时反欺诈AB 943; one hour anti-fraud
背景 / 地址变更申报Reporting a change30 天30 days书面通知 CDIIn writing, to CDI
回扣豁免额Rebate threshold$15 以下Under $15仅限公司印制的广告品Company-produced advertising items only
Senior 定义Senior defined60 岁及以上60 and overCIC §10127.10

十四、口诀、考前一晚、考试当天14. Mnemonics, the night before, the day itself

口诀Mnemonic记什么What it holds
STARR处理风险五法：Sharing / Transfer / Avoidance / Retention / ReductionHandling risk: sharing, transfer, avoidance, retention, reduction
DIME需求法算保额：Debt / Income / Mortgage / ExpensesNeeds approach: debt, income, mortgage, expenses
SECLE寿险个人五用途Five personal uses of life insurance
RMDS社安四大块：Retirement / Medicare / Disability / SurvivorsSocial Security: retirement, Medicare, disability, survivors
Hazard → Peril → LossHazard → peril → loss条件 → 直接原因 → 结果Condition, direct cause, result
三种权限Three authoritiesExpress 写明 · Implied 默认 · Apparent 法庭强制Express, implied, apparent
五个角色Five rolesInsurer · Applicant · Insured · Beneficiary · Agent
结算六选Six settlement options现金 / 利息 / 定期 / 定额 / 终身 / 联合生存Cash, interest, period, amount, life, joint & survivor
不丧失三选Three nonforfeiture options退保现金 / 减额付清 / 展期定期（默认）Cash, reduced paid-up, extended term (default)
红利五选Five dividend options现金 / 抵保费 / 留存生息 / 一年定期 / 付清增额Cash, reduce premium, accumulate, one-year term, paid-up additions
Seven-PayMEC 测试：前 7 年保费不得超净定额保费总额The MEC test: first seven years' premium vs net level
1035Life→Annuity 可以；Annuity→Life 不行；WL→Term 不行Life→annuity yes; annuity→life no; whole→term no
30 / 5替换：Free Look 30 天、5 个工作日通知原公司Replacement: 30-day free look, five business days' notice
24 / 30AML：24 小时通知合规、30 天报 FinCENAML: compliance in 24 hours, FinCEN in 30 days
45 / 75 通过线。可以错 30 题，先把加州那一章和死规定拿稳，剩下的靠理解 The pass mark. Thirty misses are survivable: secure the California chapter and the hard rules first, reason out the rest
12 小时12 hours 2026 年 1 月 1 日起的加州考前教育要求（AB 943），不再是 32 小时 California pre-licensing from 1 January 2026 under AB 943, no longer 32
最后三句Three last things

考前一晚：只看口诀表和加州数字表，不要再翻新内容，翻了只会慌。 考试当天：不会的先跳过，全部做完再回头；80 题 105 分钟， 平均一题一分多钟，卡在一题上是最不划算的事。 考完之后：开始见客户以后， 你要记的数字是本页第二节右边那一列，不是左边。

The night before: read only the mnemonics and the California numbers. New material at that point just unsettles you. On the day: skip what you don't know, finish everything, then come back; eighty questions in 105 minutes is a bit over a minute each, and stalling on one is the worst trade available. Afterwards: once you are seeing clients, the numbers you need are the ones in the right-hand column of section two, not the left.

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本页为内部备考整理，不是官方考纲，也不构成法律或税务意见。 考试格式、考前教育与继续教育要求由加州保险局（CDI）与 PSI 规定并随时调整； 税务与退休计划的数字每年更新。 任何要拿去跟客户讲、写进方案、或者用来判断合规的内容， 请以 CDI、PSI、IRS 及保险公司当期的正式文件为准，或先问合规。

Internal study notes, not an official outline, and not legal or tax advice. Exam format, pre-licensing and continuing education requirements are set by the California Department of Insurance and PSI and change without notice; tax and retirement figures are updated annually. Anything you intend to tell a client, put in a proposal, or rely on for compliance should be checked against the current CDI, PSI, IRS or carrier documents, or with compliance first.