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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Accident and Health / Sickness Insurance | 20% | - HMO, PPO, group vs individual coverage - Mandatory benefits and state-specific health rules - Disability income, medical expense, and long-term care - Health insurance basics and policy provisions |
| Topic 2: Annuities and Retirement Products | 10% | - Fixed, indexed, and variable annuities - Tax treatment and suitability standards |
| Topic 3: 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 4: Insurance Regulation | 30% | - State insurance laws and Maryland regulations - Licensing requirements and procedures - Ethics, unfair trade practices, and consumer protection - Policy delivery, replacement rules, and disclosure |
| Topic 5: General Insurance Concepts | 15% | - Contract law and principles - Underwriting, premium calculation, and taxation - Insurable interest and risk management |
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NEW QUESTION # 176
The purchaser of a deferred annuity normally intends that the income benefits will begin:
Answer: C
Explanation:
Purpose of a deferred annuity.
A deferred annuity is designed primarily for long-term accumulation, most commonly for retirement income planning.
Two phases of a deferred annuity.
Accumulation period: Premiums are paid and interest accumulates on a tax-deferred basis.
Annuity (payout) period: Income payments begin.
Timing of income benefits.
Unlike immediate annuities, deferred annuities are intended to begin income at a future date chosen by the owner, often many years later (e.g., at retirement age).
Evaluate each option.
A). Upon death
Incorrect. Death benefits may be paid, but this is not the intent of income benefits.
B). Upon beneficiary request
Incorrect. Beneficiaries receive death benefits, not scheduled annuity income.
C). Within several weeks
This describes immediate annuities, not deferred annuities.
D). On a specified date often years after issuance
Correct. This reflects the core purpose of a deferred annuity.
Maryland suitability relevance.
Maryland requires producers to recommend annuities consistent with the consumer's time horizon and income needs, which is why deferred annuities are matched to future income goals.
Conclusion.
Deferred annuity income is intended to begin on a specified future date, often years later.
NEW QUESTION # 177
A company's universal life insurance policy must disclose the:
Answer: B
Explanation:
Comprehensive and Detailed in Depth Explanation:
The correct answer isB. Surrender charges of the policy. Under Maryland's official universal life insurance regulation, each universal life insurance policy must include certain mandatory policy provisions.
Specifically, COMAR 31.09.15.09 requires the policy to contain a general description of how cash surrender values are calculated, including "any surrender or partial withdrawal charges." Therefore, a universal life insurance policy must disclose surrender charges because they directly affect the amount payable to the policyowner if the policy is surrendered.
Option A is incorrect because the regulation does not say the policy must disclose the general availability of riders as the required answer here. Riders may appear in policy reports or policy documents when applicable, but the mandatory disclosure tested in this question is the surrender or withdrawal charge. Option C is incorrect because the "corridor" concept relates to maintaining a required relationship between the death benefit and cash value, but Maryland's cited universal life policy provision does not make "meaning of a corridor" the required disclosure in this question. Option D is incorrect because the regulation requires disclosure of limitations on changing basic coverage if the policyowner has that right, but it does not state that the company must disclose the maximum face amount an individual can purchase as the required universal life disclosure here.
Official Maryland Reference: COMAR 31.09.15.09 - Mandatory Policy Provisions, Universal Life Insurance, especially subsection D on calculation of cash surrender values and disclosure of surrender or partial withdrawal charges. COMAR 31.09.15 is the Maryland regulation chapter specifically governing universal life insurance.
NEW QUESTION # 178
Disability income insurance premiums are a deductible expense when the premiums are paid by:
Answer: B
Explanation:
Under IRC § 162, premiums paid by a corporation for group disability coverage for employees are deductible as a business expense, with benefits taxable to employees. Partnerships can't deduct for partners (owners), individual premiums aren't deductible (IRC § 213), and employee-paid premiums don't qualify unless under specific plans. Maryland follows federal tax treatment.
References:Maryland Insurance Article; IRC § 162, § 213; MIA tax guidelines.
NEW QUESTION # 179
The annual addition to an employee ' s account in a qualified retirement plan:
Answer: A
Explanation:
Qualified retirement plans are regulated by IRS rules:
Contributions cannot exceed IRS limits (C), which are updated annually.
Contributions are not arbitrarily determined by employers (A) or based on employee performance (D).
Employers may make varying contributions, invalidating (B).
References: IRS Regulations for Qualified Retirement Plans, Maryland Employee Benefits Guidelines.
NEW QUESTION # 180
All of the following are characteristics of a preferred risk applicant for disability income insurance EXCEPT:
Answer: A
Explanation:
Preferred risk applicants (Insurance Article, § 15-201) have low disability risk due to non-smoking, safe jobs, and physical activity. High income affects benefit amounts, not risk classification, making it the exception.
References:Maryland Insurance Article, § 15-201; MIA underwriting standards.
NEW QUESTION # 181
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