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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Accident and Health / Sickness Insurance | 20% | - Health insurance basics and policy provisions - Disability income, medical expense, and long-term care - Mandatory benefits and state-specific health rules - HMO, PPO, group vs individual coverage |
| Topic 2: Insurance Regulation | 30% | - Policy delivery, replacement rules, and disclosure - Licensing requirements and procedures - State insurance laws and Maryland regulations - Ethics, unfair trade practices, and consumer protection |
| Topic 3: General Insurance Concepts | 15% | - Insurable interest and risk management - Contract law and principles - Underwriting, premium calculation, and taxation |
| Topic 4: Annuities and Retirement Products | 10% | - Fixed, indexed, and variable annuities - Tax treatment and suitability standards |
| Topic 5: Life Insurance Basics and Policies | 25% | - Types of life insurance: term, whole, universal, variable - Beneficiaries, claims, and settlement options - Policy provisions, riders, and options |
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NEW QUESTION # 245
An existing life insurance policy is sold by the policyowner to help finance the cost of a terminal illness. This is an example of:
Answer: D
Explanation:
A viatical settlement involves selling a life insurance policy to a third party for immediate cash, typically to cover expenses associated with terminal illnesses.
Viatical settlement (C): The policyowner receives a percentage of the death benefit to cover high medical costs or improve their quality of life.
Nonforfeiture options (A): Relate to preserving cash value if the policy lapses, not a sale.
Accelerated death benefit (B): Involves accessing a portion of the death benefit directly from the insurer, not through a third party.
Survivorship policies (D): Cover two insureds and pay the death benefit only after both have passed away, unrelated to this case.
References: Maryland Viatical Settlement Law and Insurance Code.
NEW QUESTION # 246
Life insurance death proceeds are generally:
Answer: C
Explanation:
General tax rule for life insurance death benefits.
Under federal tax law, life insurance death proceeds paid to a beneficiary are generally income-tax free.
Why this rule exists.
Life insurance is intended to provide financial protection, not taxable income replacement.
Evaluate each option carefully.
A). Exempt from federal income tax
Correct. This is the general rule.
B). Transfer for value
Only applies in limited circumstances when a policy is sold or transferred.
C). Cost recovery rule
Applies to annuities, not death benefits.
D). Interest-first rule
Also applies to annuity distributions, not life insurance death proceeds.
Maryland tax treatment.
Maryland follows the federal rule and does not impose state income tax on life insurance death benefits.
Conclusion.
Life insurance death proceeds are generally income-tax free.
NEW QUESTION # 247
To determine whether unfair trade practices have been violated, who has the power to examine an insurer ' s books and records?
Answer: C
Explanation:
The Maryland Insurance Administration (MIA) is the regulatory body responsible for ensuring compliance with state insurance laws, including identifying unfair trade practices:
The Maryland Insurance Administration (A): Has statutory authority to examine insurers' books and records to investigate potential violations and protect consumers.
National Association of Insurance Commissioners (B): Provides guidance but lacks enforcement powers in Maryland.
Federal Deposit Insurance Corporation (C): Regulates banks, not insurers.
PCIGC (D): Handles claims for insolvent insurers but does not investigate trade practices.
References: Maryland Insurance Article §2-209, COMAR 31.15.07, and MIA Enforcement Guidelines.
NEW QUESTION # 248
The primary purpose of disability income insurance is to:
Answer: A
Explanation:
Disability income insurance (Insurance Article, § 15-201) replaces income during disability, not life indemnity, hospital costs (health insurance), or physician fees (medical insurance). It supports financial stability when work is impossible.
References:Maryland Insurance Article, § 15-201; MIA disability insurance standards.
NEW QUESTION # 249
The amount received for a life insurance policy in a viatical settlement is:
Answer: C
Explanation:
A viatical settlement allows a policyowner (often with a terminal illness) to sell their life insurance policy for immediate cash, typically to a third party.
Less than the death benefit (D): The settlement amount is a fraction of the policy ' s face value, reflecting the buyer ' s expected profit after paying premiums and collecting the death benefit.
Equal to the sum of all premiums paid (A): This is incorrect as premiums paid do not determine the settlement amount.
Equal to the death benefit (B): The buyer profits from receiving the full death benefit upon the insured's death, so they pay less upfront.
Greater than the death benefit (C): This would result in a financial loss for the buyer, which is not the case in viatical settlements.
References: Maryland Viatical Settlement Act, COMAR 31.09.10, and Terminal Illness Policyholder Assistance Guidelines.
NEW QUESTION # 250
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