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| Section | Weight | Objectives |
|---|---|---|
| Accident and Health / Sickness Insurance | 20% | - Health insurance basics and policy provisions - Mandatory benefits and state-specific health rules - Disability income, medical expense, and long-term care - HMO, PPO, group vs individual coverage |
| Annuities and Retirement Products | 10% | - Tax treatment and suitability standards - Fixed, indexed, and variable annuities |
| General Insurance Concepts | 15% | - Contract law and principles - Underwriting, premium calculation, and taxation - Insurable interest and risk management |
| Life Insurance Basics and Policies | 25% | - Policy provisions, riders, and options - Beneficiaries, claims, and settlement options - Types of life insurance: term, whole, universal, variable |
| Insurance Regulation | 30% | - Ethics, unfair trade practices, and consumer protection - State insurance laws and Maryland regulations - Licensing requirements and procedures - Policy delivery, replacement rules, and disclosure |
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NEW QUESTION # 231
When an accident and health insurer requires a covered individual to undergo a physical examination, who pays the cost of the examination?
Answer: B
Explanation:
If an insurer mandates a physical exam (Insurance Article, § 12-202), it pays the cost, as it's a condition of coverage or claims processing. The premium payor, insured, or patient isn't responsible for insurer-initiated requirements.
References:Maryland Insurance Article, § 12-202; MIA policy standards.
NEW QUESTION # 232
In accident and health insurance, a waiting period for pre-existing conditions means that:
Answer: A
Explanation:
A waiting period (Insurance Article, § 15-109) delays coverage for pre-existing conditions (e.g., 6-12 months), not permanently excluding them, starting at inception, or holding payments in escrow.
References:Maryland Insurance Article, § 15-109; MIA pre-existing condition rules.
NEW QUESTION # 233
The owner's cost basis in a non-qualified deferred annuity is usually equal to the:
Answer: C
Explanation:
Meaning of cost basis.
Cost basis represents the amount of after-tax money the owner has invested in the contract.
Non-qualified annuity definition.
A non-qualified annuity is purchased with after-tax dollars, not through a qualified retirement plan.
How cost basis is calculated.
The cost basis equals the sum of all premiums paid, minus any non-taxable withdrawals previously received.
Why this matters for taxation.
When distributions occur:
Earnings are taxable as ordinary income.
The cost basis portion is returned tax-free.
Evaluate each option.
A). Opportunity cost
An economic concept, not a tax basis.
B). Total premiums paid
Correct. This is the owner's investment in the contract.
C). Guaranteed cash value
A policy feature, not tax basis.
D). Actual cash value
Includes earnings, not just after-tax investment.
Conclusion.
The cost basis of a non-qualified annuity is the total premiums paid.
NEW QUESTION # 234
All of the following are exclusions or restrictions sometimes found in life insurance policies EXCEPT:
Answer: D
Explanation:
Purpose of exclusions in life insurance.
Exclusions limit coverage for high-risk or extraordinary events.
Common life insurance exclusions.
Suicide: Usually excluded during the first two policy years.
Aviation: May exclude non-commercial or private aviation.
War: Often excluded due to catastrophic risk.
Why accidental death is not an exclusion.
Accidental death is a covered cause of death, and often provides enhanced benefits under riders.
Evaluate each option.
A). Suicide - exclusion
B). Accidental death - covered peril
C). Aviation - possible exclusion
D). War - possible exclusion
Maryland policy drafting relevance.
Maryland requires exclusions to be clearly stated and not misleading.
Conclusion.
Accidental death is not an exclusion.
NEW QUESTION # 235
A licensee must report each of the following to the Maryland Insurance Administration EXCEPT:
Answer: D
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 # 236
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