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| Section | Objectives |
|---|---|
| Topic 1: Accident and Health Insurance | - Policy provisions
|
| Topic 2: State Law and Regulations | - Insurance producer regulations
|
| Topic 3: Life Insurance | - Life insurance policies
|
| Topic 4: General Insurance Concepts | - Insurance principles and risk management
|
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NEW QUESTION # 198
A company's universal life insurance policy must disclose the:
Answer: B
Explanation:
Comprehensive and Detailed in Depth Explanation:
The correct answer isB. Surrender charges of the policy. Under Maryland's official universal life insurance regulation, each universal life insurance policy must include certain mandatory policy provisions.
Specifically, COMAR 31.09.15.09 requires the policy to contain a general description of how cash surrender values are calculated, including "any surrender or partial withdrawal charges." Therefore, a universal life insurance policy must disclose surrender charges because they directly affect the amount payable to the policyowner if the policy is surrendered.
Option A is incorrect because the regulation does not say the policy must disclose the general availability of riders as the required answer here. Riders may appear in policy reports or policy documents when applicable, but the mandatory disclosure tested in this question is the surrender or withdrawal charge. Option C is incorrect because the "corridor" concept relates to maintaining a required relationship between the death benefit and cash value, but Maryland's cited universal life policy provision does not make "meaning of a corridor" the required disclosure in this question. Option D is incorrect because the regulation requires disclosure of limitations on changing basic coverage if the policyowner has that right, but it does not state that the company must disclose the maximum face amount an individual can purchase as the required universal life disclosure here.
Official Maryland Reference: COMAR 31.09.15.09 - Mandatory Policy Provisions, Universal Life Insurance, especially subsection D on calculation of cash surrender values and disclosure of surrender or partial withdrawal charges. COMAR 31.09.15 is the Maryland regulation chapter specifically governing universal life insurance.
NEW QUESTION # 199
(If Kim applies for a life insurance policy on Kim's own life and names Chris to receive the death benefit:)
Answer: D
Explanation:
Comprehensive and Detailed Step by Step Explanation:
* Applicant:The person who applies for the policy. Here, Kim applies #Kim is the applicant.
* Insured:The person whose life is covered. It says "on Kim's own life" #Kim is the insured.
* Beneficiary:The person who receives the death benefit. Kim names Chris to receive it #Chris is the beneficiary.
* Policyowner:Usually the applicant/insured when you buy insurance on yourself (unless ownership is assigned differently). Here, Kim applies on Kim's life #Kim is typically the policyowner.
* Why B is correct:Kim is thepolicyownerandapplicant.
* Maryland reference (communication / misrepresentation):Producers must accurately describe roles
/rights (owner rights, beneficiary rights). Misstating who controls the policy could be misleading disclosure (misrepresentation).
NEW QUESTION # 200
When determining the premiums for large groups, most insurance companies use:
Answer: A
Explanation:
Large group premiums (Insurance Article, § 15-1205) use experience rating, basing rates on the group's claims history. Occupational rating applies to specific jobs, area rating to geography, and pooled rating to small groups, none of which dominate large groups.
References:Maryland Insurance Article, § 15-1205; MIA group insurance guidelines.
NEW QUESTION # 201
The purpose of licensing insurance agents is to:
Answer: D
Explanation:
Insurance licensing ensures agents meet professional standards:
Licensure demonstrates qualifications (B) to act ethically and competently on behalf of insurers.
It does not limit the number of agents (A).
Sales activity monitoring (C) and rate regulation (D) are separate regulatory functions.
References: Maryland Insurance Administration Licensing Standards.
NEW QUESTION # 202
Which one of the following life insurance policies is written to insure two or more individuals with the face amount payable upon the death of the first insured?
Answer: A
Explanation:
Understanding multi-life insurance policies.
Some policies cover more than one insured under a single contract.
Evaluate each option.
A). Modified life
A premium structure, not a multi-life policy.
B). Joint and survivorship
Pays upon the death of the last insured, not the first.
C). Convertible term
Refers to conversion rights, not number of insureds.
D). Joint life
Correct. Pays the death benefit at the first death.
Common uses.
Often used in business arrangements or family protection plans.
Conclusion.
A joint life policy pays upon the first death.
NEW QUESTION # 203
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