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

Section	Objectives
Life Insurance	- Life insurance policies 1. Term life insurance 2. Universal life insurance 3. Whole life insurance - Policy provisions and riders 1. Beneficiaries and settlements 2. Policy loans and dividends
Accident and Health Insurance	- Health insurance types 1. Medical expense insurance 2. Disability income insurance 3. Long-term care insurance - Policy provisions 1. Exclusions and limitations 2. Coordination of benefits
State Law and Regulations	- Insurance producer regulations 1. Ethics and fiduciary duties 2. Licensing requirements
General Insurance Concepts	- Insurance principles and risk management 1. Insurance contract fundamentals 2. Risk types and management methods

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Insurance Licensing Life and Accident and Health or Sickness Producer - Combo Series 20-30 Sample Questions (Q159-Q164):

NEW QUESTION # 159
All of the following statements about universal life insurance are true EXCEPT:

A. Withdrawals of the policy cash value are permitted and sometimes subject to a surrender charge
B. Failure to pay the renewal premium automatically causes the policy to lapse
C. The Internal Revenue Code places a minimum limitation on the difference between the cash value and the death benefit
D. It may be written with either a level death benefit or an increasing death benefit

Answer: B

Explanation:
Universal life insurance policies offer flexibility and adaptability, but they also have specific rules:
Minimum cash value vs. death benefit (A): Correct. IRS rules require a minimum difference to maintain tax- advantaged status.
Level or increasing death benefits (B): Correct. Policyholders can choose based on their needs.
Cash value withdrawals (C): Correct. Withdrawals are allowed but may incur surrender charges.
Automatic lapse (D): Incorrect. Universal life does not immediately lapse due to missed payments; instead, costs are deducted from the cash value, and the policy remains in force until the cash value is depleted.
References: Maryland Insurance Administration Policy Lapse Guidelines, IRS Tax Code §7702, and COMAR
31.09.13.

NEW QUESTION # 160
(Which statement is true about a term life insurance policy?)

A. It may be written only for periods of five years or less.
B. It provides temporary protection.
C. It usually can be renewed at the same premium.
D. It usually provides a cash value.

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:
* Term life is temporary protection:It covers the insured for a set period (10, 20, 30 years, etc.). That is the defining feature.
* Why B is correct:"Temporary protection" is the hallmark of term insurance.
* Why the others are wrong:
* A: Term lifetypically has no cash value(cash value is a permanent life feature like whole life).
* C: Term can be written for many lengths (often 10-30 years), not limited to 5 years or less.
* D: Renewals are commonlyat higher premiumsbased on attained age, not usually the same premium.
* Maryland reference:When an insurer/producer describes coverage terms, they must not provideincomplete or misleading disclosure of policy provisions-Maryland treats that as misrepresentation.

NEW QUESTION # 161
The liability of the insurer's future obligations to its policyholders is:

A. Reserves
B. Surplus
C. Capital account
D. Contingency fund

Answer: A

Explanation:
Definition of insurer reserves.
Reserves represent the amount an insurer sets aside to meet future policy obligations, including death benefits and annuity payments.
Evaluate each option.
A). Surplus
Represents excess assets over liabilities, not the liability itself.
B). Reserves
Correct. Reserves are recorded as liabilities on the insurer's balance sheet.
C). Contingency fund
A general term, not the statutory accounting liability.
D). Capital account
Reflects ownership equity, not policy obligations.
Maryland solvency regulation relevance.
The Maryland Insurance Administration closely monitors reserves to ensure insurers remain solvent and able to meet policyholder obligations.
Conclusion.
Future obligations to policyholders are reflected in reserves.

NEW QUESTION # 162
What must the insurer provide to certificate holders when a group Medicare Supplement insurance policy is terminated and not replaced?

A. An offer of conversion to individual coverage
B. A buyer's guide to Medicare Part B
C. An offer of membership in another group
D. An offer of continuation coverage

Answer: A

Explanation:
Comprehensive and Detailed in Depth Explanation:
The correct answer is C. An offer of conversion to individual coverage. Maryland Medicare Supplement regulations provide that if a group Medicare Supplement policy is terminated by the group policyholder and is not replaced, the issuer must offer each certificate holder an individual Medicare Supplement policy. The individual policy must, at the certificate holder's option, provide either continuation of the benefits contained in the group policy or benefits that meet Maryland Medicare Supplement requirements. This is best described as a conversion offer to individual coverage. Official Maryland Reference: COMAR 31.10.06.27, Benefit Standards for 2010 Standardized Medicare Supplement Benefit Plans.

NEW QUESTION # 163
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. Considered as a Section 1035 exchange
B. Subject to mandatory income tax withholding
C. Subject to an excise tax
D. Treated as a direct rollover

Answer: D

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 # 164
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