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| Section | Objectives |
|---|---|
| Topic 1: State Law and Regulations | - Insurance producer regulations
|
| Topic 2: General Insurance Concepts | - Insurance principles and risk management
|
| Topic 3: Life Insurance | - Policy provisions and riders
|
| Topic 4: Accident and Health Insurance | - Health insurance types
|
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NEW QUESTION # 235
In life insurance, an insurable interest in the life of the insured must exist:
Answer: D
Explanation:
Comprehensive and Detailed in Depth Explanation:
The correct answer isA. Only at the inception of the contract. Under Maryland Insurance Article §12-201, a person may not procure an insurance contract on the life or body of another individual unless the benefits are payable to the insured, the insured's personal representative, or a person with an insurable interest in the insuredat the time the insurance contract was made. This means the insurable interest must exist when the policy is created. It does not have to continue until the insured's death unless a specific legal rule or policy issue applies.
Option B is incorrect because the Maryland statute focuses on the time the contract is made, not the time of death. Option C is incorrect because the two-year period relates to other life insurance concepts, such as contestability, not the existence of insurable interest. Option D is incorrect because Maryland law does not require the insurable interest to continue throughout the entire policy period. Official Maryland Reference:
Maryland Insurance Article §12-201, Insurable Interest.
NEW QUESTION # 236
An insurance producer provided several examples to the applicant, persuasively demonstrating that the insurance coverage offered under the producer's company policy was superior to a competitor's product. The insurance producer knew he was misrepresenting or stretching the truth in order to induce the applicant to forfeit her current policy and purchase a similar but inferior insurance policy from him. The insurance producer is involved in which one of the following unfair trade practices?
Answer: B
Explanation:
Definition of twisting under Maryland insurance law.
Twisting occurs when a producer knowingly makes misrepresentations or incomplete comparisons to induce a policyowner to lapse, surrender, or replace an existing policy.
Apply the facts of the scenario.
The producer knowingly misrepresented facts.
The goal was to convince the applicant to give up an existing policy and buy a replacement policy.
Why the other options are incorrect.
Fraud is broader and often involves criminal deception; twisting is the specific insurance violation described here.
Discrimination involves unfair treatment between insureds of the same class.
Rebating involves illegal inducements such as returning part of a premium.
Conclusion.
This conduct fits precisely within the definition of twisting, which is prohibited in Maryland.
NEW QUESTION # 237
Which one of the following is a true statement regarding the Maryland Insurance Commissioner?
Answer: C
Explanation:
Comprehensive and Detailed in Depth Explanation:
The correct answer is C. The Commissioner shall counsel and advise the Governor on all matters assigned to the Maryland Insurance Administration. Maryland Insurance Article §2-103 states that the Governor appoints the Commissioner with the advice and consent of the Senate, the Commissioner serves a 4-year term, is directly responsible to the Governor, and must counsel and advise the Governor on matters assigned to the Administration. Option A is incorrect because the Commissioner is appointed, not elected by Senate vote.
Option B is incorrect because the term is 4 years, not 6 years. Option D is incorrect because although the Commissioner is in the executive service, compensation is under the Executive Pay Plan in accordance with the State budget, not from the State Insurance Guaranty Fund. Official Maryland Reference: Maryland Insurance Article §2-103.
NEW QUESTION # 238
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 # 239
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 # 240
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