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| Section | Objectives |
|---|---|
| Topic 1: Life Insurance | - Policy provisions and riders
|
| Topic 2: General Insurance Concepts | - Insurance principles and risk management
|
| Topic 3: Accident and Health Insurance | - Policy provisions
|
| Topic 4: State Law and Regulations | - Insurance producer regulations
|
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NEW QUESTION # 134
Which life annuity contract feature provides that benefit payments will continue for a minimum number of years regardless of when the annuitant dies?
Answer: C
Explanation:
A "period certain" provision ensures payment for a specified period regardless of whether the annuitant survives:
Period certain (B) guarantees payments for a set number of years, protecting beneficiaries.
Cost recovery (A) and refund options (C and D) relate to refunding premiums or unpaid amounts but do not guarantee a payment period.
References: Maryland Annuity Regulations, Payment Options.
NEW QUESTION # 135
The life insurance buyer ' s guide includes information about all of the following EXCEPT how to:
Answer: C
Explanation:
The life insurance buyer's guide is designed to help potential policyholders make informed decisions about life insurance by:
Explaining how to decide how much life insurance to buy (C), ensuring individuals purchase adequate coverage for their needs.
Providing details to compare life insurance policy requirements (D) to evaluate and choose the best policy.
Showing how to compare rates (A) for different policies to find cost-effective options.
However, it does not include instructions for taking civil action against an insurer (B). Such legal matters fall outside the scope of the guide and are addressed in regulatory and legal channels.
References: Maryland Insurance Buyer's Guide Guidelines and State Insurance Regulations.
NEW QUESTION # 136
(Which statement is true about a term life insurance policy?)
Answer: B
Explanation:
Comprehensive and Detailed Step by Step Explanation:
* Term life is temporary protection:It covers the insured for a set period (10, 20, 30 years, etc.). That is the defining feature.
* Why B is correct:"Temporary protection" is the hallmark of term insurance.
* Why the others are wrong:
* A: Term lifetypically has no cash value(cash value is a permanent life feature like whole life).
* C: Term can be written for many lengths (often 10-30 years), not limited to 5 years or less.
* D: Renewals are commonlyat higher premiumsbased on attained age, not usually the same premium.
* Maryland reference:When an insurer/producer describes coverage terms, they must not provideincomplete or misleading disclosure of policy provisions-Maryland treats that as misrepresentation.
NEW QUESTION # 137
Which type of coverage bases benefit eligibility on the capacity to perform activities of daily living?
Answer: A
Explanation:
Long-term care insurance (Insurance Article, § 18-101) triggers benefits based on inability to perform ADLs (e.g., bathing), unlike Medigap, major medical, or disability, which focus on medical or work criteria.
References:Maryland Insurance Article, § 18-101; MIA long-term care rules.
NEW QUESTION # 138
Which activity requires an individual to be licensed as an adviser, rather than as a producer?
Answer: B
Explanation:
Identify what an "adviser" does vs. what a "producer" does (conceptual distinction).
A producer (agent/broker) is generally licensed to solicit, sell, negotiate, or bind insurance and is typically compensated by commissions paid by insurers.
An insurance adviser/consultant is generally someone who is compensated by a client fee to provide advisory
/consulting services about insurance, rather than acting as the seller/placer of coverage for commission.
Evaluate each option against the adviser-vs-producer role.
A). Giving advice on policy coverages to an insured
Producers commonly explain coverages as part of selling/servicing policies. This is usually within the scope of producer activity.
So, this does not uniquely require an adviser license.
B). Charging a fee for contracted insurance advisory services
Charging a separate advisory fee under a consulting/advisory contract is the hallmark of an insurance adviser
/consultant function (fee-based advice).
Therefore, this activity is the one that points to needing an adviser license rather than a producer license.
C). Receiving commissions from an insurance company
Commissions are the standard compensation model for producers, not advisers.
So, this aligns with a producer license.
D). Binding insurance coverage with licensed insurers
Binding coverage is a classic producer/agent function (authority to place coverage).
So, this aligns with a producer license.
Maryland regulatory context tie-in (why this matters in practice).
Maryland's insurance framework recognizes licensed producer activity (e.g., the regulations define "licensed producer" in COMAR 31.15.07 as a person licensed under Maryland Insurance Article Title 10 Subtitle 1).
While your provided Maryland claims-handling document mainly covers unfair claim settlement practices and claims standards, it still reinforces that Maryland insurance activities are regulated and role-based (e.g., it defines licensed producer and regulates insurer/producer conduct in claims communications).
In a real-world compliance setting, charging a fee for advisory services is treated differently from being paid by insurer commission, which is why "adviser" licensing is associated with fee-based insurance consulting rather than selling/binding policies.
Bottom line.
Only Option B clearly describes the fee-based advisory/consulting activity that requires an adviser (consultant) license rather than a producer license.
NEW QUESTION # 139
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