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Insurance Licensing Life-and-Accident-and-Health-or-Sickness-Producer-Combo Exam Syllabus Topics:

Section	Objectives
General Insurance Concepts	- Insurance principles and risk management 1. Insurance contract fundamentals 2. Risk types and management methods
State Law and Regulations	- Insurance producer regulations 1. Ethics and fiduciary duties 2. Licensing requirements
Accident and Health Insurance	- Policy provisions 1. Exclusions and limitations 2. Coordination of benefits - Health insurance types 1. Long-term care insurance 2. Disability income insurance 3. Medical expense insurance
Life Insurance	- Policy provisions and riders 1. Beneficiaries and settlements 2. Policy loans and dividends - Life insurance policies 1. Whole life insurance 2. Universal life insurance 3. Term life insurance

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Insurance Licensing Life and Accident and Health or Sickness Producer - Combo Series 20-30 Sample Questions (Q122-Q127):

NEW QUESTION # 122
Which of the following statements about the contestability of a life insurance policy is true?

A. The policy can be contested by the insurer at all times
B. The policy can be contested only if the insured is convicted of a felony
C. The policy can be contested by the insurer only during the first two years of the contract
D. The policy cannot be contested by the insurer once it is paid for and issued

Answer: C

Explanation:
Purpose of the incontestability clause.
Protects policyowners from having claims denied long after issuance.
Encourages insurers to investigate applications promptly.
How contestability works.
For the first two years, insurers may contest the policy for material misrepresentation.
After two years, the policy becomes incontestable, except for fraud in some jurisdictions.
Evaluate each option.
A). Cannot be contested once issued
Incorrect. The contestable period still applies.
B). Contestable only during first two years
Correct.
C). Contestable at all times
Incorrect. This would defeat the purpose of the clause.
D). Only if felony conviction
Incorrect and unrelated.
Maryland statutory relevance.
Maryland requires incontestability provisions in life insurance policies.
Conclusion.
A life insurance policy is contestable only during the first two years.

NEW QUESTION # 123
A life insurance producer is normally responsible for all of the following EXCEPT:

A. Notifying the company if a new policy will replace an existing policy
B. Delivering newly issued policies to applicants
C. Approving policies for issue on behalf of the insurer
D. Collecting the initial premium from the applicant

Answer: C

Explanation:
Producers have defined responsibilities, but they:
Do not approve policies for issue (C); this authority lies with the insurer ' s underwriting department.
Deliver policies (A) and notify insurers about replacements (B) as part of their role.
Collecting initial premiums (D) is a standard practice.
References: Maryland Producer Responsibilities Guidelines.

NEW QUESTION # 124
An order from the Commissioner MUST include all of the following EXCEPT:

A. The signature of the Governor
B. Its purpose
C. Its effective date
D. The grounds on which it is based

Answer: A

Explanation:
Authority of the Maryland Insurance Commissioner.
The Commissioner has independent statutory authority to issue orders, rulings, and enforcement actions.
Required elements of an administrative order.
A valid order must clearly state:
The effective date
The purpose of the order
The legal and factual grounds supporting the decision
Why the Governor's signature is not required.
The Commissioner acts under delegated legislative authority.
Orders are administrative, not executive proclamations.
Evaluate each option.
A). Effective date - required
B). Purpose - required
C). Grounds - required
D). Governor's signature - not required
Due process relevance.
These requirements ensure transparency and allow for judicial review.
Conclusion.
An order does not require the Governor's signature.

NEW QUESTION # 125
The nonforfeiture option which permits a policyowner to purchase the same type of policy with the net cash value is the:

A. Reduced paid-up insurance option
B. Endowment value option
C. Loan value option
D. Extended term insurance option

Answer: A

Explanation:
Purpose of nonforfeiture options.
Nonforfeiture options ensure that a policyowner does not lose all value if premiums stop.
Evaluate each option.
A). Endowment value option
Not a standard nonforfeiture option.
B). Extended term insurance option
Uses cash value to buy term insurance for the same face amount, not the same policy type.
C). Loan value option
Involves borrowing, not policy continuation.
D). Reduced paid-up insurance option
Correct. Uses net cash value to purchase a paid-up policy of the same type with a reduced face amount.
Maryland consumer protection relevance.
Maryland nonforfeiture requirements ensure policyholders retain fair value upon lapse.
Conclusion.
The reduced paid-up insurance option meets the description, making option D correct.

NEW QUESTION # 126
Which one of the following causes of death typically would be included under an accidental death rider attached to a life insurance policy?

A. Automobile accidents resulting from the insured ' s negligence
B. War or acts of war
C. Illness or disease
D. Intentionally self-inflicted injuries

Answer: A

Explanation:
Accidental death riders provide additional benefits if the insured dies due to an unforeseen accident.
Automobile accidents resulting from the insured's negligence (D): Covered because negligence in driving does not disqualify the event from being an accident. The death must be directly and solely caused by the accident.
Intentionally self-inflicted injuries (A): Excluded as they are not accidental but intentional.
Illness or disease (B): Excluded as accidental death benefits do not apply to natural causes.
War or acts of war (C): Generally excluded under most policies as a specific clause addresses wartime risks.
References: Maryland Insurance Guidelines for Accidental Death Riders and Policy Exclusions, COMAR
31.09.04.

NEW QUESTION # 127
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