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

SectionWeightObjectives
Topic 1: Annuities and Retirement Products10%- Tax treatment and suitability standards
- Fixed, indexed, and variable annuities
Topic 2: Insurance Regulation30%- State insurance laws and Maryland regulations
- Policy delivery, replacement rules, and disclosure
- Ethics, unfair trade practices, and consumer protection
- Licensing requirements and procedures
Topic 3: General Insurance Concepts15%- Insurable interest and risk management
- Underwriting, premium calculation, and taxation
- Contract law and principles
Topic 4: Accident and Health / Sickness Insurance20%- Health insurance basics and policy provisions
- Mandatory benefits and state-specific health rules
- Disability income, medical expense, and long-term care
- HMO, PPO, group vs individual coverage
Topic 5: Life Insurance Basics and Policies25%- Policy provisions, riders, and options
- Types of life insurance: term, whole, universal, variable
- Beneficiaries, claims, and settlement options

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Insurance Licensing Life and Accident and Health or Sickness Producer - Combo Series 20-30 Sample Questions (Q39-Q44):

NEW QUESTION # 39
Which one of the following is a life insurance policy provision that keeps the policy in force for a time if the premium is not paid?

Answer: A

Explanation:
Comprehensive and Detailed in Depth Explanation:
The correct answer is D. Grace period provision. A grace period gives the policyowner extra time after a premium due date to pay the premium while the life insurance policy remains in force. Maryland's life insurance policy provision regulation states that a grace period of not less than 30 days must be allowed for payment of any premium other than the first premium, and that during the grace period the policy continues in full force. The incontestability clause limits the insurer's ability to contest the policy after a stated period, the conversion option allows conversion of certain coverage, and the assignment provision deals with transferring policy rights. Official Maryland Reference: COMAR 31.09.01.08B, Grace Period.


NEW QUESTION # 40
An employee with $50,000 group life insurance coverage terminates employment and submits an application WITHOUT the initial premium for a $50,000 conversion policy. If the employee dies 15 days later, the insurer would pay:

Answer: A

Explanation:
Group life insurance policies in Maryland typically include a conversion privilege allowing former employees to convert group coverage to an individual policy within a 31-day period after termination, regardless of premium payment status.
$50,000 under the group plan (A): Correct. During the 31-day conversion period, the original group coverage remains in effect. If the insured dies during this time, the death benefit is paid under the group plan.
$50,000 under the new policy (B and C): Incorrect, as the conversion policy does not become effective until the first premium is paid.
Nothing at all (D): Incorrect, as coverage is still active during the conversion period.
References: Maryland Insurance Article §15-403, Group Life Insurance Conversion Privileges, and COMAR
31.09.05.


NEW QUESTION # 41
If an individual's occupation is considered to be illegal:

Answer: D

Explanation:
Illegal occupations (Insurance Article, § 12-101) can lead to claim denials if disability arises from illegal acts, per public policy. Disclosure isn't mandated, waivers don't apply, and ratings adjust risk, not legality.
References:Maryland Insurance Article, § 12-101; MIA claims policies.


NEW QUESTION # 42
All of the following practices by a producer are considered misrepresentations EXCEPT:

Answer: C

Explanation:
Comprehensive and Detailed in Depth Explanation:
The correct answer is A. Comparing the benefits of several policies. A producer may compare policies as long as the comparison is accurate, fair, and not misleading. Maryland law prohibits misrepresenting the terms, benefits, advantages, dividends, surplus, financial condition of an insurer, or using a policy name or title that misrepresents the true nature of the policy. Exaggerating the insurer's financial strength is a misrepresentation of financial condition. Changing the policy title in a way that misrepresents the policy is also prohibited.
Advising a client that a life insurance policy is a share of stock is also misleading because Maryland regulations prohibit statements that would cause a prospect to believe that buying a life insurance policy or annuity gives the prospect stock ownership or stockholder status in the insurer. Official Maryland References:
Maryland Insurance Article §27-202; COMAR 31.15.01.09.


NEW QUESTION # 43
One factor in premium determination is the expenses of the:

Answer: D

Explanation:
The insurer's expenses are a critical factor in premium calculations. Insurers must cover operational costs, claims payouts, reserves, and regulatory compliance while ensuring profitability.
Insurer (B): Correct. Expenses such as underwriting, administrative costs, and agent commissions are incorporated into the premium.
Producer (A): Costs are included indirectly through commissions but are not a direct factor.
Policy beneficiary (C): Plays no role in premium determination.
Policy owner (D): Pays the premium but does not influence expense considerations.
References: Maryland Insurance Premium Guidelines, Rate Filing Requirements, and COMAR 31.05.02.


NEW QUESTION # 44
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