STARR, five ways to handle risk: Sharing, Transfer (buying insurance moves the risk to an insurer), Avoidance, Retention, Reduction.

DIME, a quick needs-based estimate of how much life insurance: Debt, Income, Mortgage, Education. The exam calls this the needs approach; the other method is the human life value approach, which values the income the insured would have earned.

HPL, the chain of a loss: a Hazard increases the chance that a Peril (the cause, such as death or fire) happens, and the peril causes the Loss.

5 roles in a life policy: Insurer, Applicant, Insured, Beneficiary, Agent. The applicant is often also the policy owner, but does not have to be.

Three kinds of agent authority: Express (written in the agency contract), Implied (what is reasonably needed to carry out the express authority) and Apparent (what the public reasonably believes the agent has because of the insurer's conduct; the insurer can be bound by it).

FCC, three uses of life insurance in the deck: Family protection, Cash (liquidity at death), Conservation of an estate.