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

Section	Weight	Objectives
Topic 1: 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 2: Insurance Regulation	30%	- Licensing requirements and procedures - Policy delivery, replacement rules, and disclosure - Ethics, unfair trade practices, and consumer protection - State insurance laws and Maryland regulations
Topic 3: Annuities and Retirement Products	10%	- Fixed, indexed, and variable annuities - Tax treatment and suitability standards
Topic 4: Life Insurance Basics and Policies	25%	- Types of life insurance: term, whole, universal, variable - Beneficiaries, claims, and settlement options - Policy provisions, riders, and options
Topic 5: General Insurance Concepts	15%	- Contract law and principles - Underwriting, premium calculation, and taxation - Insurable interest and risk management

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Insurance Licensing Life and Accident and Health or Sickness Producer - Combo Series 20-30 Sample Questions (Q81-Q86):

NEW QUESTION # 81
An insured incurs a covered accident and health insurance loss on May 30, which is submitted to the insurer on June 8. If the insured terminated coverage on June 1, the insurer:

A. Must pay the claim within one year of termination of coverage
B. Can refuse to pay the claim because coverage has been terminated
C. Must pay the claim upon receipt of the proof of loss
D. Can refuse to pay the claim under the pre-existing conditions exclusion

Answer: C

Explanation:
A loss on May 30, while covered (Insurance Article, § 15-201), obligates the insurer to pay upon proof, despite termination on June 1. Termination or pre-existing exclusions don't negate prior coverage, and no one- year rule applies.
References:Maryland Insurance Article, § 15-201; MIA claims rules.

NEW QUESTION # 82
All of the following statements about universal life insurance are true EXCEPT:

A. The Internal Revenue Code places a minimum limitation on the difference between the cash value and the death benefit
B. It may be written with either a level death benefit or an increasing death benefit
C. Failure to pay the renewal premium automatically causes the policy to lapse
D. Withdrawals of the policy cash value are permitted and sometimes subject to a surrender charge

Answer: C

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 # 83
Which of the following is generally assessed when a participant receives retirement savings from an IRA before reaching age 59½?

A. Capital gains tax
B. Income tax only
C. A penalty tax only
D. Income tax and a penalty tax

Answer: D

Explanation:
General rule for early IRA distributions.
Distributions taken before age 59½ are considered early withdrawals.
Tax consequences.
Early distributions are generally subject to:
Ordinary income tax, and
An additional 10% federal penalty tax, unless an exception applies.
Why capital gains tax does not apply.
IRA distributions are taxed as ordinary income, not capital gains.
Evaluate each option.
A). Income tax only
Incorrect. Penalty usually applies.
B). Penalty tax only
Incorrect. Income tax still applies.
C). Income tax and penalty tax
Correct.
D). Capital gains tax
Incorrect.
Maryland tax treatment.
Maryland generally follows federal tax rules and also taxes the income portion.
Conclusion.
Early IRA withdrawals are generally subject to income tax and a penalty tax.

NEW QUESTION # 84
Disability income insurance premiums are a deductible expense when the premiums are paid by:

A. A partnership for group disability income coverage for the partners
B. An employee for group disability income coverage
C. A corporation for group disability income coverage for the employees
D. An insured for individual disability income coverage

Answer: C

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 # 85
All of the following are characteristics of a preferred risk applicant for disability income insurance EXCEPT:

A. Non-smoker
B. Physically active
C. Non-hazardous occupation
D. High income

Answer: D

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 # 86
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