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

SectionObjectives
Topic 1: General Insurance Concepts- Insurance principles and risk management
  • 1. Insurance contract fundamentals
    • 2. Risk types and management methods
      Topic 2: Life Insurance- Life insurance policies
      • 1. Term life insurance
        • 2. Whole life insurance
          • 3. Universal life insurance
            - Policy provisions and riders
            • 1. Beneficiaries and settlements
              • 2. Policy loans and dividends
                Topic 3: Accident and Health Insurance- Policy provisions
                • 1. Coordination of benefits
                  • 2. Exclusions and limitations
                    - Health insurance types
                    • 1. Long-term care insurance
                      • 2. Disability income insurance
                        • 3. Medical expense insurance
                          Topic 4: State Law and Regulations- Insurance producer regulations
                          • 1. Ethics and fiduciary duties
                            • 2. Licensing requirements

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                              Insurance Licensing Life and Accident and Health or Sickness Producer - Combo Series 20-30 Sample Questions (Q251-Q256):

                              NEW QUESTION # 251
                              Before issuing a policy of long-term care insurance to an applicant who is at least 80 years old, unless the policy is guaranteed issue, the carrier shall obtain a:

                              Answer: A

                              Explanation:
                              For non-guaranteed issue long-term care policies (Insurance Article, § 18-107), a physical exam report is required for applicants 80+ to assess risk, not family consent, living wills, or power of attorney.
                              References:Maryland Insurance Article, § 18-107; MIA LTC underwriting rules.


                              NEW QUESTION # 252
                              A licensee must report each of the following to the Maryland Insurance Administration EXCEPT:

                              Answer: C

                              Explanation:
                              Insurance licensees in Maryland are required to report certain changes to the Maryland Insurance Administration (MIA):
                              Change of name (A): Must be reported promptly to ensure accurate licensure records.
                              Change of residence address (B): Also required for communication and compliance purposes.
                              Felony convictions (D): Mandatory disclosure to maintain transparency and evaluate fitness for licensure.
                              Change in financial status (C): Not required unless it directly affects the licensee's ability to meet financial obligations tied to the license (e.g., bonding requirements).
                              References: Maryland Insurance Code §10-118, COMAR 31.03.01.


                              NEW QUESTION # 253
                              What occurs when money is transferred directly from one IRA into another IRA of the same type?

                              Answer: A

                              Explanation:
                              Understanding IRA transfers.
                              A direct transfer occurs when funds move directly from one IRA trustee or custodian to another, without the owner taking possession.
                              Tax treatment of direct IRA transfers.
                              Because the IRA owner never receives the funds, the IRS does not treat the transfer as a distribution.
                              There is:
                              No income tax
                              No early withdrawal penalty
                              No reporting as taxable income
                              Distinguish from rollovers.
                              A rollover may involve temporary receipt of funds and strict time limits.
                              A direct transfer avoids these risks entirely.
                              Evaluate each option.
                              A). Nontaxable event
                              Correct. Direct IRA-to-IRA transfers are tax-free.
                              B). Taxable event
                              Incorrect. No constructive receipt occurs.
                              C). Premature distribution
                              Incorrect. No distribution is made.
                              D). Required distribution
                              Incorrect. Required minimum distributions cannot be transferred.
                              Maryland relevance.
                              Maryland follows federal income tax treatment for IRA transfers.
                              Conclusion.
                              A direct IRA-to-IRA transfer is a nontaxable event.


                              NEW QUESTION # 254
                              The beneficiary of a life insurance policy is the:

                              Answer: A

                              Explanation:
                              The beneficiary is the individual or entity named in the life insurance policy to receive the death benefit upon the insured's death.
                              Designated recipient of proceeds (B): The policyholder nominates this party in the policy documents.
                              Ownership interest in the policy (A): Refers to the policyowner, who controls and funds the policy but may not be the beneficiary.
                              Insurer (C): Issues and administers the policy but is not a recipient.
                              Owner of the cash value fund (D): This pertains to cash value accumulation, separate from death benefit designation.
                              References: Maryland Life Insurance Policy Provisions and Beneficiary Designation Rules.


                              NEW QUESTION # 255
                              A policy of life insurance may not be delivered unless the policy has a:

                              Answer: D

                              Explanation:
                              Comprehensive and Detailed in Depth Explanation:
                              The correct answer is A. Legible and brief description of the policy on the first page. Maryland Insurance Article §16-213 states that a life insurance policy, other than group life insurance, may not be delivered or issued for delivery in Maryland unless the policy has a legible and brief description of the policy on the first page. The statute also lists what that brief description must include, such as the policy title, type, or plan; how long premiums are to be paid; whether premiums may change; whether the policy is participating or nonparticipating; and certain other required items. A notary seal, premium coupon book, or insurer financial statement is not the required delivery condition tested here. Official Maryland Reference: Maryland Insurance Article §16-213.


                              NEW QUESTION # 256
                              ......

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