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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Life Insurance Basics and Policies | 25% | - Types of life insurance: term, whole, universal, variable - Beneficiaries, claims, and settlement options - Policy provisions, riders, and options |
| Topic 2: Accident and Health / Sickness Insurance | 20% | - Mandatory benefits and state-specific health rules - Disability income, medical expense, and long-term care - HMO, PPO, group vs individual coverage - Health insurance basics and policy provisions |
| Topic 3: Insurance Regulation | 30% | - Policy delivery, replacement rules, and disclosure - State insurance laws and Maryland regulations - Ethics, unfair trade practices, and consumer protection - Licensing requirements and procedures |
| Topic 4: Annuities and Retirement Products | 10% | - Tax treatment and suitability standards - Fixed, indexed, and variable annuities |
| Topic 5: General Insurance Concepts | 15% | - Insurable interest and risk management - Contract law and principles - Underwriting, premium calculation, and taxation |
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NEW QUESTION # 238
When a producer sells an individual accident and health insurance policy, how is the initial premium usually paid?
Answer: D
Explanation:
Producers (Insurance Article, § 10-126) typically collect the initial premium with the application and forward it to the insurer, streamlining the process, unlike direct payment, billing, or bank drafts, which are less common initially.
References:Maryland Insurance Article, § 10-126; MIA producer procedures.
NEW QUESTION # 239
All of the following are common underwriting factors used by life insurance companies EXCEPT:
Answer: A
Explanation:
Underwriting involves evaluating risk factors that could influence the likelihood of claims and ensuring compliance with anti-discrimination laws.
Ethnic heritage (A): Incorrect. Using ethnic heritage as an underwriting factor violates anti-discrimination laws, including Maryland Insurance Article §27-501.
Amount of insurance applied for (B): Correct. Insurers consider coverage amounts to assess risk and pricing.
Driving record (C): Correct. Poor driving history, particularly DUI incidents, increases risk.
Family health history (D): Correct. Inherited conditions and family medical history help predict potential health risks.
References: Maryland Insurance Anti-Discrimination Laws, Life Insurance Underwriting Standards, and COMAR 31.08.07.
NEW QUESTION # 240
An insured incurs a covered accident and health insurance loss on May 30, which is submitted to the insurer on June 8. If the insured terminated coverage on June 1, the insurer:
Answer: C
Explanation:
A loss on May 30, while covered (Insurance Article, § 15-201), obligates the insurer to pay upon proof, despite termination on June 1. Termination or pre-existing exclusions don't negate prior coverage, and no one- year rule applies.
References:Maryland Insurance Article, § 15-201; MIA claims rules.
NEW QUESTION # 241
Medical expense insurance typically EXCLUDES coverage for:
Answer: D
Explanation:
Medical expense insurance covers necessary treatments like hospital stays, maternity care, and diagnostic tests, but excludes elective procedures such as primarily cosmetic surgery unless medically necessary (e.g., reconstructive surgery post-injury). Maryland law (Insurance Article, § 15-103) allows exclusions for non- essential services, aligning with standard practice where aesthetic surgeries like facelifts are not covered.
References:Maryland Insurance Article, § 15-103; MIA guidelines.
NEW QUESTION # 242
(If all beneficiaries die before the insured dies, the proceeds of a life insurance policy will be paid to:)
Answer: C
Explanation:
Comprehensive and Detailed Step by Step Explanation:
* Life insurance proceeds go to a living beneficiary:Policies normally pay to the named beneficiary (primary/contingent) if living.
* If no beneficiary survives:If all named beneficiaries predecease the insured (and no valid contingent beneficiaries remain), the policy typically pays to theinsured's estate.
* Why C is correct:The estate becomes the recipient when there is no surviving beneficiary designation.
* Why others are wrong:
* A: Creditors are not the default recipient (they may have claims against the estate depending on probate law, but payment is to the estate).
* B: Courts don't "name" a new beneficiary as the default; the estate is standard.
* D: The beneficiary's estate is not typically entitled unless the beneficiary survived the insured (or specific policy language/settlement option applies).
* Maryland reference (claims-handling fairness concept):Any payout decision must follow the policy terms; failing to clearly explain payment basis or misrepresenting who is entitled would implicate Maryland's requirements to avoid misrepresentation and to provide reasonable explanations.
NEW QUESTION # 243
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