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| Section | Weight | Objectives |
|---|---|---|
| Accident and Health / Sickness Insurance | 20% | - HMO, PPO, group vs individual coverage - Health insurance basics and policy provisions - Mandatory benefits and state-specific health rules - Disability income, medical expense, and long-term care |
| Annuities and Retirement Products | 10% | - Fixed, indexed, and variable annuities - Tax treatment and suitability standards |
| Insurance Regulation | 30% | - Licensing requirements and procedures - State insurance laws and Maryland regulations - Policy delivery, replacement rules, and disclosure - Ethics, unfair trade practices, and consumer protection |
| Life Insurance Basics and Policies | 25% | - Types of life insurance: term, whole, universal, variable - Beneficiaries, claims, and settlement options - Policy provisions, riders, and options |
| General Insurance Concepts | 15% | - Insurable interest and risk management - Underwriting, premium calculation, and taxation - Contract law and principles |
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NEW QUESTION # 218
An individual life insurance policy may include coverage for all of the following EXCEPT:
Answer: B
Explanation:
Individual life insurance policies often allow riders or supplementary coverage options, but they do not cover workers ' compensation, which is a separate insurance category.
Disability (A): Can be included as a rider, such as a waiver of premium or disability income benefit.
Long-term care (B): Often available as an optional rider to address extended medical care expenses.
Burial (D): Final expense policies or riders can be added to cover funeral and burial costs.
Workers' compensation (C): Not covered under life insurance policies; this is a specific insurance product regulated differently.
References: Maryland Life Insurance Rider Guidelines, Workers ' Compensation Insurance Regulations, and COMAR 31.09.03.
NEW QUESTION # 219
To determine whether unfair trade practices have been violated, who has the power to examine an insurer ' s books and records?
Answer: B
Explanation:
The Maryland Insurance Administration (MIA) is the regulatory body responsible for ensuring compliance with state insurance laws, including identifying unfair trade practices:
The Maryland Insurance Administration (A): Has statutory authority to examine insurers' books and records to investigate potential violations and protect consumers.
National Association of Insurance Commissioners (B): Provides guidance but lacks enforcement powers in Maryland.
Federal Deposit Insurance Corporation (C): Regulates banks, not insurers.
PCIGC (D): Handles claims for insolvent insurers but does not investigate trade practices.
References: Maryland Insurance Article §2-209, COMAR 31.15.07, and MIA Enforcement Guidelines.
NEW QUESTION # 220
A group policy may be issued to a labor union. The members eligible for insurance under the policy shall be:
Answer: D
Explanation:
When a group policy is issued to a labor union, Maryland law requires that eligibility criteria ensure fairness and inclusivity:
All of the members of the union (B): Eligible members must be treated equally under the group policy.
Coverage cannot exclude individuals based on factors like age or health, provided they are active members.
Members of any union (A): Policies are issued to specific unions, not broadly.
Only members under age 65 (C): Age discrimination is prohibited unless specifically linked to policy provisions.
Healthy members (D): Group policies cannot discriminate based on health status.
References: Maryland Group Insurance Regulations, COMAR 31.09.06, and Labor Union Group Policies Guidelines.
NEW QUESTION # 221
An immediate annuity:
Answer: B
Explanation:
Definition of an immediate annuity.
An immediate annuity is designed to begin income payments shortly after purchase, usually within one year.
Key structural feature.
Immediate annuities are purchased with a single lump sum.
Payments begin almost immediately.
Why there is no accumulation period.
The accumulation period exists only in deferred annuities, where funds grow before payout.
Immediate annuities move directly into the annuity (payout) phase.
Evaluate each option.
A). Purchased in installments
Incorrect; installment purchases describe flexible premium deferred annuities.
B). Pays a lump sum
Incorrect; it pays periodic income, not a lump sum.
C). Lacks an accumulation period
Correct.
D). Tax-deductible contributions
Incorrect; contributions are generally not deductible unless within a qualified plan.
Conclusion.
An immediate annuity has no accumulation period.
NEW QUESTION # 222
Which of the following is commonly used to structure the payment of liability insurance settlements, lottery winnings, and other large sums?
Answer: D
Explanation:
Understanding structured payments.
Large settlements and awards are often paid over time to provide steady income, improve financial security, and reduce the risk of rapid depletion.
Evaluate each option.
A). Modified endowment contract (MEC)
Used for life insurance tax classification, not settlement structuring.
B). Individual retirement account (IRA)
Designed for retirement savings, not settlement payouts.
C). 403(b) tax-sheltered annuity
Employer-sponsored retirement plan for certain employees.
D). Immediate annuity
Correct. Immediate annuities are commonly used to provide guaranteed periodic payments from a lump sum.
Maryland claims and settlement context.
Structured settlements using immediate annuities are widely accepted in Maryland liability claims as they promote long-term financial stability, aligning with good-faith settlement practices.
Conclusion.
An immediate annuity is the standard tool used to structure large settlement payments.
NEW QUESTION # 223
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