Get Insurance Licensing Life-and-Accident-and-Health-or-Sickness-Producer-Combo Practice Test For Quick Preparation [2026]

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

Section	Objectives
Topic 1: State Law and Regulations	- Insurance producer regulations 1. Licensing requirements 2. Ethics and fiduciary duties
Topic 2: Life Insurance	- Life insurance policies 1. Whole life insurance 2. Universal life insurance 3. Term life insurance - Policy provisions and riders 1. Policy loans and dividends 2. Beneficiaries and settlements
Topic 3: Accident and Health Insurance	- Health insurance types 1. Disability income insurance 2. Long-term care insurance 3. Medical expense insurance - Policy provisions 1. Exclusions and limitations 2. Coordination of benefits
Topic 4: General Insurance Concepts	- Insurance principles and risk management 1. Risk types and management methods 2. Insurance contract fundamentals

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Insurance Licensing Life and Accident and Health or Sickness Producer - Combo Series 20-30 Sample Questions (Q148-Q153):

NEW QUESTION # 148
The entire contract provision in a life insurance policy states that the policy includes:

A. The Medical Information Bureau report
B. The application attached to the policy
C. Any attending physician ' s statement
D. The producer ' s report to the insurer

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 # 149
The liability of the insurer's future obligations to its policyholders is:

A. Contingency fund
B. Surplus
C. Reserves
D. Capital account

Answer: C

Explanation:
Definition of insurer reserves.
Reserves represent the amount an insurer sets aside to meet future policy obligations, including death benefits and annuity payments.
Evaluate each option.
A). Surplus
Represents excess assets over liabilities, not the liability itself.
B). Reserves
Correct. Reserves are recorded as liabilities on the insurer's balance sheet.
C). Contingency fund
A general term, not the statutory accounting liability.
D). Capital account
Reflects ownership equity, not policy obligations.
Maryland solvency regulation relevance.
The Maryland Insurance Administration closely monitors reserves to ensure insurers remain solvent and able to meet policyholder obligations.
Conclusion.
Future obligations to policyholders are reflected in reserves.

NEW QUESTION # 150
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 by the insurer only during the first two years of the contract
C. The policy cannot be contested by the insurer once it is paid for and issued
D. The policy can be contested only if the insured is convicted of a felony

Answer: B

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 # 151
The income benefits distributed during the liquidation phase of an annuity contract are normally payable to:

A. The nominator
B. The annuitant
C. The beneficiary
D. The owner

Answer: B

Explanation:
During the liquidation (or payout) phase of an annuity, the annuitant receives periodic payments:
The annuitant (D) is the individual designated to receive the payments, as they are the insured party in the contract.
The owner (A) is often the annuitant but may differ; the owner controls the contract but does not necessarily receive payments.
The beneficiary (B) receives the death benefit if the annuitant passes away, not the periodic payments.
" Nominator " (C) is not relevant terminology in annuities.
References: Maryland Insurance Guidelines on Annuities, Payment Distribution, and Liquidation.

NEW QUESTION # 152
The Maryland Insurance Administration is an agency of the:

A. Federal government
B. State government
C. Maryland General Assembly
D. National Association of Insurance Commissioners

Answer: B

Explanation:
The Maryland Insurance Administration (MIA) is a state government entity responsible for regulating the insurance industry in Maryland.
State government (B): MIA enforces insurance laws, reviews policy forms, licenses insurers and producers, and investigates consumer complaints.
Federal government (A): Oversees broader regulations, like ERISA, but does not directly manage state-level insurance matters.
National Association of Insurance Commissioners (C): A regulatory support organization, not a governing body.
Maryland General Assembly (D): Creates state laws, but enforcement falls under the MIA.
References: Maryland Insurance Administration Overview and State Regulatory Framework.

NEW QUESTION # 153
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