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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Annuities and Retirement Products | 10% | - Tax treatment and suitability standards - Fixed, indexed, and variable annuities |
| Topic 2: Insurance Regulation | 30% | - Ethics, unfair trade practices, and consumer protection - State insurance laws and Maryland regulations - Policy delivery, replacement rules, and disclosure - Licensing requirements and procedures |
| Topic 3: General Insurance Concepts | 15% | - Underwriting, premium calculation, and taxation - Contract law and principles - Insurable interest and risk management |
| Topic 4: 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 5: Accident and Health / Sickness Insurance | 20% | - HMO, PPO, group vs individual coverage - Mandatory benefits and state-specific health rules - Disability income, medical expense, and long-term care - Health insurance basics and policy provisions |
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NEW QUESTION # 145
The owner's cost basis in a non-qualified deferred annuity is usually equal to the:
Answer: C
Explanation:
Meaning of cost basis.
Cost basis represents the amount of after-tax money the owner has invested in the contract.
Non-qualified annuity definition.
A non-qualified annuity is purchased with after-tax dollars, not through a qualified retirement plan.
How cost basis is calculated.
The cost basis equals the sum of all premiums paid, minus any non-taxable withdrawals previously received.
Why this matters for taxation.
When distributions occur:
Earnings are taxable as ordinary income.
The cost basis portion is returned tax-free.
Evaluate each option.
A). Opportunity cost
An economic concept, not a tax basis.
B). Total premiums paid
Correct. This is the owner's investment in the contract.
C). Guaranteed cash value
A policy feature, not tax basis.
D). Actual cash value
Includes earnings, not just after-tax investment.
Conclusion.
The cost basis of a non-qualified annuity is the total premiums paid.
NEW QUESTION # 146
If, after submitting an application, a producer becomes aware of a material fact that may affect the underwriting decision, the producer ' s ethical responsibility requires that the producer:
Answer: D
Explanation:
Ethical responsibilities and state laws mandate that insurance producers act in good faith when handling applications.
Reporting material facts to the insurer (D): Producers must disclose any information that could impact underwriting decisions. Transparency ensures that policies are accurately priced and legally enforceable.
Denying knowledge (A): Violates ethical and legal obligations.
Acknowledging facts only if asked (B): Demonstrates bad faith and can lead to legal penalties.
Advising applicants to amend (C): While this helps, it does not fulfill the producer's duty to inform the insurer.
References: Maryland Insurance Administration Producer Code of Ethics, COMAR 31.03.13.
NEW QUESTION # 147
Which policy provision allows an employee to change from group coverage to an individual life insurance policy?
Answer: B
Explanation:
Nature of group life insurance.
Group life insurance is typically tied to employment and ends when employment terminates.
Purpose of the conversion provision.
The conversion provision protects employees by allowing them to:
Convert group coverage to an individual policy
Do so without evidence of insurability
Apply within a specified time period after termination
Why conversion is critical.
Prevents loss of coverage due to job loss or retirement.
Especially important if the employee's health has declined.
Evaluate each option.
A). Nonforfeiture
Applies to cash value policies, not group life.
B). Conversion
Correct. This provision grants the conversion right.
C). Assignment
Transfers ownership, not coverage type.
D). Incontestability
Limits defenses after a period of time.
Maryland consumer protection relevance.
Maryland requires clear disclosure of conversion rights to prevent gaps in life insurance protection.
Conclusion.
The conversion provision allows group coverage to become individual coverage.
NEW QUESTION # 148
An individual purchased an annuity contract with $100,000 received in settlement of a lawsuit. No further purchase payments are permitted, and benefit payments are to start in 17 years. The contract is:
Answer: D
Explanation:
Key facts from the question.
One lump-sum payment
No additional premiums allowed
Payments begin in the future (17 years later)
Define single premium deferred annuity (SPDA).
Funded with one premium payment
Includes an accumulation period
Income begins at a future date
Why this is not another type of annuity.
Individual life annuity: Describes payout form, not funding method.
IRA annuity: Must be held within an IRA; lawsuit proceeds are non-qualified.
Retirement annuity: A general term, not a specific contract type.
Maryland suitability and disclosure relevance.
Maryland requires clear explanation of surrender periods and deferred income timing for SPDAs.
Conclusion.
The described contract is a single premium deferred annuity.
NEW QUESTION # 149
Which one of the following causes of death typically would be included under an accidental death rider attached to a life insurance policy?
Answer: A
Explanation:
Accidental death riders provide additional benefits if the insured dies due to an unforeseen accident.
Automobile accidents resulting from the insured's negligence (D): Covered because negligence in driving does not disqualify the event from being an accident. The death must be directly and solely caused by the accident.
Intentionally self-inflicted injuries (A): Excluded as they are not accidental but intentional.
Illness or disease (B): Excluded as accidental death benefits do not apply to natural causes.
War or acts of war (C): Generally excluded under most policies as a specific clause addresses wartime risks.
References: Maryland Insurance Guidelines for Accidental Death Riders and Policy Exclusions, COMAR
31.09.04.
NEW QUESTION # 150
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