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

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

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Insurance Licensing Life and Accident and Health or Sickness Producer - Combo Series 20-30 Sample Questions (Q249-Q254):

NEW QUESTION # 249
All of the following are elements of an insurable risk EXCEPT:

Answer: B

Explanation:
Definition of insurable risk.
An insurable risk must meet certain criteria so insurers can predict losses and set premiums fairly.
Required elements of an insurable risk.
Accidental loss: Loss must be unintended and fortuitous.
Definite and measurable loss: The amount and timing of loss must be determinable.
Large number of similar exposures: Allows insurers to use the law of large numbers.
Non-catastrophic to the insurer: Losses must not affect all policyholders at once.
Why speculative risk is excluded.
Speculative risks involve the possibility of gain or loss (e.g., gambling or investing).
Insurance only covers pure risks, which involve the possibility of loss or no loss, but no gain.
Evaluate each option.
A). Speculative risk
Incorrect for insurability and therefore the correct answer.
B). Accidental loss
Required element.
C). Large number of similar units
Required for actuarial predictability.
D). Ability to measure the loss
Required to determine claim amounts.
Conclusion.
Speculative risk is not insurable, making option A correct.


NEW QUESTION # 250
Which employers can offer 403(b) tax-sheltered annuities (TSAs)?

Answer: B

Explanation:
Purpose of 403(b) plans.
403(b) plans are retirement plans designed for public education and non-profit employees.
Eligible employers under federal tax law.
Only:
Public school systems
Certain tax-exempt organizations (501(c)(3))
are permitted to sponsor 403(b) plans.
Why the other options are incorrect.
Corporations and professional firms use 401(k) plans.
Government employers generally use 457 plans.
Self-employed and partnerships use SEP or SIMPLE plans.
Maryland producer relevance.
Producers must recommend retirement products consistent with employer eligibility to meet suitability and good-faith standards.
Conclusion.
Only school districts and certain non-profit organizations may offer 403(b) TSAs.


NEW QUESTION # 251
Which life annuity contract feature provides that benefit payments will continue for a minimum number of years regardless of when the annuitant dies?

Answer: D

Explanation:
A "period certain" provision ensures payment for a specified period regardless of whether the annuitant survives:
Period certain (B) guarantees payments for a set number of years, protecting beneficiaries.
Cost recovery (A) and refund options (C and D) relate to refunding premiums or unpaid amounts but do not guarantee a payment period.
References: Maryland Annuity Regulations, Payment Options.


NEW QUESTION # 252
What does the annuitant usually receive during the liquidation phase of an annuity?

Answer: D

Explanation:
During the liquidation phase, an annuity pays out benefits to the annuitant based on the terms of the contract.
Benefit payments at regular intervals (B): Correct. These payments are structured as monthly, quarterly, or yearly installments based on the chosen payout option.
Cash withdrawals upon request (A): Relates to the accumulation phase, not liquidation.
A lump sum (C): Applies only if the annuity is structured for a single payout, not typical during the liquidation phase.
Nothing (D): Incorrect, as this phase is specifically for distributing payments.
References: Maryland Annuity Guidelines, Payout Options, and COMAR 31.09.08.


NEW QUESTION # 253
Advertisements in general shall be:

Answer: B

Explanation:
Maryland law requires that insurance advertisements be honest, transparent, and not misleading.
Truthful (D): Correct. Ads must provide accurate information about insurance products and benefits without omitting material facts.
Approved by the Insurance Commissioner (A): Some materials may require regulatory review, but general ads do not need pre-approval.
Clear only by implication (B): Misleading and prohibited.
Clear only by familiarity with insurance terminology (C): Ads must be understandable to the general public, not just industry professionals.
References: Maryland Advertising Regulations, COMAR 31.15.01, and Unfair Trade Practices Act.


NEW QUESTION # 254
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