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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Life Insurance Basics and Policies | 25% | - Types of life insurance: term, whole, universal, variable - Policy provisions, riders, and options - Beneficiaries, claims, and settlement options |
| Topic 2: General Insurance Concepts | 15% | - Underwriting, premium calculation, and taxation - Contract law and principles - Insurable interest and risk management |
| Topic 3: Accident and Health / Sickness Insurance | 20% | - HMO, PPO, group vs individual coverage - Mandatory benefits and state-specific health rules - Health insurance basics and policy provisions - Disability income, medical expense, and long-term care |
| Topic 4: Annuities and Retirement Products | 10% | - Fixed, indexed, and variable annuities - Tax treatment and suitability standards |
| Topic 5: Insurance Regulation | 30% | - Licensing requirements and procedures - Ethics, unfair trade practices, and consumer protection - State insurance laws and Maryland regulations - Policy delivery, replacement rules, and disclosure |
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NEW QUESTION # 58
The entire contract provision in a life insurance policy states that the policy includes:
Answer: B
Explanation:
The entire contract clause ensures transparency by limiting the policy ' s terms to the policy document and any attached application materials.
The application attached to the policy (B): Correct. It becomes part of the legal agreement between the insurer and the policyholder.
The Medical Information Bureau report (A): Used for underwriting but not part of the policy.
Any attending physician ' s statement (C): May inform underwriting but is not included in the policy.
The producer's report to the insurer (D): Internal to the insurer and irrelevant to the contract itself.
References: Maryland Insurance Code §16-203, Entire Contract Provision Standards, and COMAR 31.09.09.
NEW QUESTION # 59
All of the following are unfair trade practices EXCEPT:
Answer: A
Explanation:
Unfair trade practices under Maryland insurance law.
Maryland Insurance Article Title 27 prohibits unfair methods of competition and deceptive acts in the insurance business.
Evaluate each option.
A). Misrepresentation
Explicitly prohibited as an unfair trade practice.
B). Fraudulent advertising
Prohibited under Maryland law.
C). Illegal inducement
Includes rebating and other improper incentives and is prohibited.
D). Reinsurance
A legitimate, lawful business practice between insurers used to manage risk.
Conclusion.
Reinsurance is not an unfair trade practice, making option D correct.
NEW QUESTION # 60
Before issuing a policy of long-term care insurance to an applicant who is at least 80 years old, unless the policy is guaranteed issue, the carrier shall obtain a:
Answer: B
Explanation:
For non-guaranteed issue long-term care policies (Insurance Article, § 18-107), a physical exam report is required for applicants 80+ to assess risk, not family consent, living wills, or power of attorney.
References:Maryland Insurance Article, § 18-107; MIA LTC underwriting rules.
NEW QUESTION # 61
All of the following statements about universal life insurance are true EXCEPT:
Answer: B
Explanation:
Universal life insurance policies offer flexibility and adaptability, but they also have specific rules:
Minimum cash value vs. death benefit (A): Correct. IRS rules require a minimum difference to maintain tax- advantaged status.
Level or increasing death benefits (B): Correct. Policyholders can choose based on their needs.
Cash value withdrawals (C): Correct. Withdrawals are allowed but may incur surrender charges.
Automatic lapse (D): Incorrect. Universal life does not immediately lapse due to missed payments; instead, costs are deducted from the cash value, and the policy remains in force until the cash value is depleted.
References: Maryland Insurance Administration Policy Lapse Guidelines, IRS Tax Code §7702, and COMAR
31.09.13.
NEW QUESTION # 62
Which of the following is a requirement of an insurable risk?
Answer: A
Explanation:
Comprehensive and Detailed Step by Step Explanation:Aninsurable riskmust meet specific criteria to ensure fair and financially viable coverage:
Chance of loss must be calculable (C):Correct. Insurers need statistical data to assess risk and determine premiums.
Loss must be intentional (A):Incorrect; intentional losses are not insurable.
Loss must be catastrophic (B):Incorrect; catastrophic losses (e.g., war or large-scale disasters) are often excluded or managed through reinsurance.
Large number of different loss exposures (D):A large number of similar, not different, exposures is required for risk pooling.
References:Maryland Insurance Principles, Actuarial Standards, and COMAR 31.09.14.
NEW QUESTION # 63
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