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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. Ethics and fiduciary duties 2. Licensing requirements
Topic 2: Life Insurance	- Policy provisions and riders 1. Beneficiaries and settlements 2. Policy loans and dividends - Life insurance policies 1. Universal life insurance 2. Whole life insurance 3. Term life insurance
Topic 3: Accident and Health Insurance	- Health insurance types 1. Medical expense insurance 2. Long-term care insurance 3. Disability income 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 (Q246-Q251):

NEW QUESTION # 246
The designation of a beneficiary by class in a life insurance policy means that:

A. A primary beneficiary cannot be designated in the policy
B. Individual beneficiaries are not specified by name
C. The beneficiaries are unrelated to the insured
D. The policy must be a form of business life insurance

Answer: B

Explanation:
What "beneficiary by class" means.
A class designation identifies beneficiaries by group description, not by individual names.
Examples include:
"Children of the insured"
"Surviving spouse"
How benefits are paid.
Members of the class who qualify at the insured's death receive proceeds.
Shares are divided equally unless stated otherwise.
Evaluate each option.
A). Business life insurance
Incorrect. Class designation can be used in personal policies.
B). No primary beneficiary allowed
Incorrect. A class can be a primary beneficiary.
C). Individuals not named
Correct. The class is described, not named individually.
D). Unrelated beneficiaries
Incorrect. Class members are often family.
Maryland relevance.
Maryland recognizes class designations as valid beneficiary arrangements.
Conclusion.
A class designation means beneficiaries are not named individually.

NEW QUESTION # 247
All of the following statements about the life insurance protection provided by a family life insurance policy are true EXCEPT:

A. Life insurance coverage is provided automatically to children born during the policy period
B. Coverage for dependents can be converted to whole life insurance without evidence of insurability
C. Most of the premium amount purchases whole life insurance for the head of the household
D. Coverage is available only to heads of households who are 30 years old or younger

Answer: D

Explanation:
Family life insurance policies provide comprehensive coverage for families, including automatic coverage for certain dependents.
Option A: Correct. A significant portion of the premium funds whole life insurance for the primary insured (typically the head of household).
Option B: Correct. Dependent children born after the policy is issued are automatically covered, often without additional cost or underwriting.
Option C: Incorrect. Family life insurance policies are not restricted to individuals under 30; this criterion does not exist in standard policy guidelines.
Option D: Correct. Coverage for dependents can often be converted to whole life insurance at specific ages or policy milestones without medical underwriting.
References: Maryland Family Life Insurance Policy Standards, COMAR 31.09.04, and Maryland Insurance Administration Dependent Coverage Guidelines.

NEW QUESTION # 248
Which of the following is a requirement of an insurable risk?

A. The chance of loss must be calculable.
B. There must be a large number of different loss exposures.
C. The loss must be catastrophic.
D. The loss must be intentional.

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Aninsurable riskmust meet specific criteria to ensure fair and financially viable coverage:
Chance of loss must be calculable (C):Correct. Insurers need statistical data to assess risk and determine premiums.
Loss must be intentional (A):Incorrect; intentional losses are not insurable.
Loss must be catastrophic (B):Incorrect; catastrophic losses (e.g., war or large-scale disasters) are often excluded or managed through reinsurance.
Large number of different loss exposures (D):A large number of similar, not different, exposures is required for risk pooling.
References:Maryland Insurance Principles, Actuarial Standards, and COMAR 31.09.14.

NEW QUESTION # 249
Who approves the continuing education courses required for producers in Maryland?

A. The Maryland Insurance Administration
B. Each insurer with which the licensee holds an appointment
C. Each individual's agency manager
D. The National Association of Insurance Commissioners

Answer: A

Explanation:
Comprehensive and Detailed in Depth Explanation:
The correct answer is C. The Maryland Insurance Administration. More precisely, Maryland law gives this authority to the Maryland Insurance Commissioner, who is the head of the Maryland Insurance Administration. Maryland Insurance Article §10-116 states that the Commissioner may review and approve or disapprove continuing education courses. It also states that an insurer may not prohibit a producer from obtaining continuing education credit from any course approved by the Commissioner. Therefore, the approving authority is the Maryland Insurance Administration through the Commissioner, not the NAIC, an agency manager, or an appointing insurer. Official Maryland Reference: Maryland Insurance Article §10-116.

NEW QUESTION # 250
All of the following are true of managing general agents EXCEPT:

A. A managing general agent is primarily a representative of the insured
B. Once issued, a managing general agent's license must be renewed every two years
C. A managing general agent must have a valid written contract with an insurance company
D. It is unlawful to act as a managing general agent without a license

Answer: A

Explanation:
Who is a managing general agent (MGA).
A managing general agent is a person or entity that performs significant underwriting, policy issuance, or claims authority on behalf of an insurer.
MGAs act as an extension of the insurer, not the insured.
Licensing requirement in Maryland.
Maryland law requires MGAs to be properly licensed.
Acting as an MGA without a license is unlawful.
Contractual requirement.
Maryland requires a written agreement between the MGA and the insurer that clearly defines authority, duties, and limitations.
License renewal.
MGA licenses follow Maryland's standard biennial renewal cycle, consistent with producer licensing.
Why option D is incorrect.
MGAs primarily represent the insurer, not the insured.
Representing the insured is the role of an agent or broker, not an MGA.
Conclusion.
The incorrect statement is that an MGA represents the insured.

NEW QUESTION # 251
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