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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Insurance Regulation | 30% | - Policy delivery, replacement rules, and disclosure - Ethics, unfair trade practices, and consumer protection - Licensing requirements and procedures - State insurance laws and Maryland regulations |
| 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% | - Beneficiaries, claims, and settlement options - Types of life insurance: term, whole, universal, variable - Policy provisions, riders, and options |
| Topic 4: Accident and Health / Sickness Insurance | 20% | - Mandatory benefits and state-specific health rules - Health insurance basics and policy provisions - Disability income, medical expense, and long-term care - HMO, PPO, group vs individual coverage |
| Topic 5: General Insurance Concepts | 15% | - Insurable interest and risk management - Contract law and principles - Underwriting, premium calculation, and taxation |
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NEW QUESTION # 19
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 # 20
If a life insurer denies a policy of life insurance, the insurer shall disclose the results of any medical examination administered to determine insurability to the:
Answer: B
Explanation:
Maryland law requires that the results of medical examinations used to determine insurability:
Be disclosed to the physician of the applicant's choice (B), but only if the applicant requests it.
This ensures privacy and confidentiality while giving the applicant access to critical information.
Beneficiaries (A) and underwriters (C) do not receive this information.
Physicians furnishing information (D) already have access to their own submissions.
References: Maryland Insurance Code on Privacy and Disclosure of Medical Information.
NEW QUESTION # 21
All of the following are considered to be fraud EXCEPT:
Answer: C
Explanation:
Fraud involves intentional deception for gain (Insurance Article, § 27-401). Overcharging, undercharging deceptively, or charging for nonexistent coverage are fraudulent. Collecting the proper premium for provided insurance is a legitimate transaction and not fraud, making it the exception.
References:Maryland Insurance Article, § 27-401, § 27-212; MIA fraud regulations.
NEW QUESTION # 22
The needs approach in life insurance is most useful in determining:
Answer: B
Explanation:
Purpose of the needs approach.
The needs approach calculates the amount of life insurance needed to meet specific financial obligations upon the insured's death.
Apply the concept.
It considers income replacement, debts, education costs, and final expenses.
Evaluate each option.
A). Types of individuals
Prospecting issue, not a needs analysis.
B). Amount of life insurance
Correct. This is the primary use of the needs approach.
C). Best companies
Product selection issue, not needs-based.
D). Prospecting method
Sales strategy, not needs-based.
Maryland suitability relevance.
Maryland requires producers to make suitable recommendations, and the needs approach supports suitability and good faith.
Conclusion.
The needs approach is used to determine how much insurance to recommend.
NEW QUESTION # 23
How many days does a former employee have to convert a group term policy to an individual policy after employment is terminated?
Answer: A
Explanation:
Under Maryland insurance law, a terminated employee has 31 days (D) to convert a group term life insurance policy into an individual policy without providing evidence of insurability.
This grace period allows individuals to maintain coverage while securing individual insurance.
10 (A), 20 (B), or 30 days (C) are incorrect, as Maryland mandates a specific 31-day window.
References: Maryland Conversion Rights in Group Life Insurance Policies, Section 15-401 of the Insurance Article.
NEW QUESTION # 24
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