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

Section	Weight	Objectives
Topic 1: Insurance Regulation	30%	- State insurance laws and Maryland regulations - Licensing requirements and procedures - Ethics, unfair trade practices, and consumer protection - Policy delivery, replacement rules, and disclosure
Topic 2: Life Insurance Basics and Policies	25%	- Types of life insurance: term, whole, universal, variable - Policy provisions, riders, and options - Beneficiaries, claims, and settlement options
Topic 3: Accident and Health / Sickness Insurance	20%	- Mandatory benefits and state-specific health rules - Health insurance basics and policy provisions - Disability income, medical expense, and long-term care - HMO, PPO, group vs individual coverage
Topic 4: General Insurance Concepts	15%	- Underwriting, premium calculation, and taxation - Insurable interest and risk management - Contract law and principles
Topic 5: Annuities and Retirement Products	10%	- Tax treatment and suitability standards - Fixed, indexed, and variable annuities

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Insurance Licensing Life and Accident and Health or Sickness Producer - Combo Series 20-30 Sample Questions (Q19-Q24):

NEW QUESTION # 19
Based on the law of large numbers, which one of the following is true if the number of similar insured units increases?

A. Predictability of losses improves
B. Losses of specific individuals can be predicted
C. Predictability of losses is impaired
D. The number of losses decreases

Answer: A

Explanation:
Definition of the law of large numbers.
This actuarial principle states that as the number of exposure units increases, actual losses will more closely match expected losses.
Why insurers rely on this law.
It allows insurers to:
Set accurate premiums
Maintain solvency
Spread risk efficiently
Evaluate each option.
A). Predictability is impaired
Incorrect; predictability improves.
B). Individual losses predicted
Incorrect; only group results are predictable.
C). Predictability improves
Correct.
D). Number of losses decreases
Incorrect; frequency does not necessarily decline.
Maryland solvency oversight relevance.
The Maryland Insurance Administration relies on actuarial predictability to ensure insurers remain financially sound.
Conclusion.
Increasing similar exposure units improves predictability of losses.

NEW QUESTION # 20
Upon terminating employment, Kim requested the 401(k) plan trustee to distribute the entire accrued benefit by a check made payable to the custodian of Kim's individual retirement account. Under IRS rules, this transaction will be:

A. Treated as a direct rollover
B. Considered as a Section 1035 exchange
C. Subject to mandatory income tax withholding
D. Subject to an excise tax

Answer: A

Explanation:
Definition of a direct rollover.
A direct rollover occurs when retirement funds are transferred directly from one trustee to another without the participant taking possession.
Apply the facts.
The check is payable to the IRA custodian, not to Kim.
Kim never has constructive receipt of the funds.
Evaluate each option.
A). Excise tax
Not applicable to a direct rollover.
B). Mandatory withholding
Does not apply to direct rollovers.
C). Section 1035 exchange
Applies to insurance and annuities, not qualified plans.
D). Direct rollover
Correct under IRS rules.
Conclusion.
This transaction is treated as a direct rollover.

NEW QUESTION # 21
Which of the following statements about participating life insurance is true?

A. The insurer must be a stock company.
B. Policyowners may be entitled to receive dividends.
C. Policyowners are assessed monthly for losses.
D. The insured must be the policyowner.

Answer: B

Explanation:
Participating life insurance policies, often issued by mutual companies, include the possibility of dividends:
Dividends (A) represent a share of surplus profits distributed to policyowners.
Policyowners are not assessed for losses (B); the insurer bears those.
The insured and policyowner can be different individuals, making (C) incorrect.
Mutual insurers typically issue participating policies, not stock companies (D).
References: Maryland Insurance Law on Participating Policies.

NEW QUESTION # 22
All of the following are true of managing general agents EXCEPT:

A. It is unlawful to act as a managing general agent without a license
B. A managing general agent is primarily a representative of the insured
C. Once issued, a managing general agent's license must be renewed every two years
D. A managing general agent must have a valid written contract with an insurance company

Answer: B

Explanation:
Who is a managing general agent (MGA).
A managing general agent is a person or entity that performs significant underwriting, policy issuance, or claims authority on behalf of an insurer.
MGAs act as an extension of the insurer, not the insured.
Licensing requirement in Maryland.
Maryland law requires MGAs to be properly licensed.
Acting as an MGA without a license is unlawful.
Contractual requirement.
Maryland requires a written agreement between the MGA and the insurer that clearly defines authority, duties, and limitations.
License renewal.
MGA licenses follow Maryland's standard biennial renewal cycle, consistent with producer licensing.
Why option D is incorrect.
MGAs primarily represent the insurer, not the insured.
Representing the insured is the role of an agent or broker, not an MGA.
Conclusion.
The incorrect statement is that an MGA represents the insured.

NEW QUESTION # 23
The beneficiary of a life insurance policy is the:

A. Owner of the cash value fund
B. Person or entity designated in the policy to receive the death proceeds
C. Insurer that issues the policy
D. Person or entity who has ownership interest in the policy

Answer: B

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 # 24
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