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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Annuities and Retirement Products | 10% | - Fixed, indexed, and variable annuities - Tax treatment and suitability standards |
| Topic 2: General Insurance Concepts | 15% | - Contract law and principles - Insurable interest and risk management - Underwriting, premium calculation, and taxation |
| Topic 3: Life Insurance Basics and Policies | 25% | - Policy provisions, riders, and options - Types of life insurance: term, whole, universal, variable - Beneficiaries, claims, and settlement options |
| Topic 4: Accident and Health / Sickness Insurance | 20% | - Disability income, medical expense, and long-term care - Mandatory benefits and state-specific health rules - HMO, PPO, group vs individual coverage - Health insurance basics and policy provisions |
| Topic 5: 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 |
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NEW QUESTION # 187
One feature that distinguishes a continuous premium whole life policy from a limited payment whole life policy is:
Answer: A
Explanation:
Types of whole life policies.
Both continuous premium and limited payment whole life policies provide lifetime coverage.
Key difference between the two.
Continuous premium whole life requires premiums to be paid for the insured's entire life.
Limited payment whole life requires premiums for a shorter, defined period (e.g., 20-pay, paid-up at 65).
Evaluate each option.
A). Length of time premiums are paid
Correct. This is the distinguishing feature.
B). Settlement options
Generally the same for both.
C). Mortality table
The same actuarial principles apply.
D). Dividend form
Not a distinguishing feature.
Conclusion.
The primary difference is how long premiums are paid.
NEW QUESTION # 188
When a producer engages in unfair practices, all of the following are true EXCEPT:
Answer: B
Explanation:
Authority of the Maryland Insurance Administration (MIA).
The MIA has the authority to investigate complaints, conduct hearings, and impose disciplinary actions against licensed producers.
Evaluate each option.
A). Investigation and hearing
Correct. The MIA investigates alleged violations and may hold administrative hearings.
B). Decision is final
Incorrect. MIA decisions are subject to judicial review and appeal under Maryland administrative law.
C). License suspension
Correct. The MIA may suspend, revoke, or refuse to renew a producer's license.
Good-faith enforcement relevance.
Maryland's system ensures fairness by allowing producers due process and appeal rights.
Conclusion.
Because MIA decisions are not automatically final, option B is the correct answer.
NEW QUESTION # 189
All of the following are unfair trade practices EXCEPT:
Answer: A
Explanation:
Unfair trade practices under Maryland insurance law.
Maryland Insurance Article Title 27 prohibits unfair methods of competition and deceptive acts in the insurance business.
Evaluate each option.
A). Misrepresentation
Explicitly prohibited as an unfair trade practice.
B). Fraudulent advertising
Prohibited under Maryland law.
C). Illegal inducement
Includes rebating and other improper incentives and is prohibited.
D). Reinsurance
A legitimate, lawful business practice between insurers used to manage risk.
Conclusion.
Reinsurance is not an unfair trade practice, making option D correct.
NEW QUESTION # 190
Under Maryland law, the agreement between an insurance producer and insurer under which the insurance producer, for compensation, may sell, solicit, or negotiate policies issued by the insurer is defined as:
Answer: A
Explanation:
An appointment (Insurance Article, ยง 10-103) is the formal agreement allowing a producer to sell an insurer's policies for compensation, distinct from a license (producer credential), certificate of authority (insurer's right), or vague binding agreement.
References:Maryland Insurance Article, ยง 10-103, ยง 4-101; MIA producer regulations.
NEW QUESTION # 191
A definite and unqualified proposal of contract terms by one party to another is:
Answer: A
Explanation:
Basic contract law principles applied to insurance.
Maryland follows standard contract law elements: offer, acceptance, consideration, and legal purpose.
The first step in forming a contract is a clear and definite offer.
Evaluate each option.
A). Oral contract
A type of contract, not the proposal itself.
B). Binder
Temporary insurance coverage, not the proposal of terms.
C). Agreement
Occurs after an offer has been accepted.
D). Offer
Correct. An offer is a definite and unqualified proposal of contract terms.
Conclusion.
The correct legal term for such a proposal is an offer.
NEW QUESTION # 192
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