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

SectionObjectives
Topic 1: 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
            Topic 2: State Law and Regulations- Insurance producer regulations
            • 1. Ethics and fiduciary duties
              • 2. Licensing requirements
                Topic 3: General Insurance Concepts- Insurance principles and risk management
                • 1. Risk types and management methods
                  • 2. Insurance contract fundamentals
                    Topic 4: Accident and Health Insurance- Health insurance types
                    • 1. Disability income insurance
                      • 2. Medical expense insurance
                        • 3. Long-term care insurance
                          - Policy provisions
                          • 1. Exclusions and limitations
                            • 2. Coordination of benefits

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                              Insurance Licensing Life and Accident and Health or Sickness Producer - Combo Series 20-30 Sample Questions (Q79-Q84):

                              NEW QUESTION # 79
                              All of the following statements about universal life insurance are true EXCEPT:

                              Answer: C

                              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 # 80
                              The income benefits distributed during the liquidation phase of an annuity contract are normally payable to:

                              Answer: B

                              Explanation:
                              During the liquidation (or payout) phase of an annuity, the annuitant receives periodic payments:
                              The annuitant (D) is the individual designated to receive the payments, as they are the insured party in the contract.
                              The owner (A) is often the annuitant but may differ; the owner controls the contract but does not necessarily receive payments.
                              The beneficiary (B) receives the death benefit if the annuitant passes away, not the periodic payments.
                              " Nominator " (C) is not relevant terminology in annuities.
                              References: Maryland Insurance Guidelines on Annuities, Payment Distribution, and Liquidation.


                              NEW QUESTION # 81
                              (Which annuity pays a monthly benefit that begins approximately one month after issuance?)

                              Answer: A

                              Explanation:
                              Comprehensive and Detailed Step by Step Explanation:
                              * Immediate annuity definition:An annuity where payments begin soon after purchase-commonly within about one payment interval (often ~30 days).
                              * Why D is correct:"Begins approximately one month after issuance" is the classic description of animmediate annuity.
                              * Why others are wrong:The other choices are not the standard term for the "start right away" annuity structure.
                              * Maryland reference:As with all products, describing payment start dates inaccurately can be a misleading disclosure; Maryland treats incomplete or misleading disclosure as misrepresentation.


                              NEW QUESTION # 82
                              Which federal government agency enforces the securities laws enacted by Congress?

                              Answer: A

                              Explanation:
                              Role of federal securities regulation.
                              Securities laws regulate investments such as:
                              Stocks
                              Bonds
                              Variable life insurance
                              Variable annuities
                              Authority of the SEC.
                              The Securities and Exchange Commission (SEC) is the federal agency created by Congress to:
                              Enforce federal securities laws
                              Regulate securities markets
                              Protect investors
                              Relevance to insurance producers.
                              Maryland producers selling variable products must:
                              Hold an insurance license, and
                              Be registered with FINRA and regulated by the SEC.
                              Why the other options are incorrect.
                              The other agencies listed do not exist under federal law.
                              Conclusion.
                              The SEC enforces securities laws enacted by Congress.


                              NEW QUESTION # 83
                              In Maryland, a group accident and health certificate of insurance must contain:

                              Answer: A

                              Explanation:
                              Certificates (Insurance Article, § 15-1207) summarize policy features and benefits for group members, not the full contract, physician lists, or financial statements, which are separate or irrelevant. This ensures employees understand their coverage.
                              References:Maryland Insurance Article, § 15-1207; MIA group insurance rules.


                              NEW QUESTION # 84
                              ......

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