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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Insurance Regulation | 30% | - Licensing requirements and procedures - Policy delivery, replacement rules, and disclosure - State insurance laws and Maryland regulations - Ethics, unfair trade practices, and consumer protection |
| Topic 2: Life Insurance Basics and Policies | 25% | - Beneficiaries, claims, and settlement options - Policy provisions, riders, and options - Types of life insurance: term, whole, universal, variable |
| Topic 3: Annuities and Retirement Products | 10% | - Fixed, indexed, and variable annuities - Tax treatment and suitability standards |
| Topic 4: General Insurance Concepts | 15% | - Contract law and principles - Insurable interest and risk management - Underwriting, premium calculation, and taxation |
| Topic 5: Accident and Health / Sickness Insurance | 20% | - Health insurance basics and policy provisions - Mandatory benefits and state-specific health rules - Disability income, medical expense, and long-term care - HMO, PPO, group vs individual coverage |
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NEW QUESTION # 135
Under what circumstances will a contingent beneficiary be entitled to proceeds from a life insurance policy?
Answer: A
Explanation:
Comprehensive and Detailed in Depth Explanation:
The correct answer isC. If the primary beneficiary has predeceased the insured. A contingent beneficiary, also called a secondary beneficiary, receives life insurance proceeds only if the primary beneficiary cannot receive them. The NAIC explains that primary beneficiaries receive the policy benefit if they outlive the insured, while contingent or secondary beneficiaries receive the proceeds if the primary beneficiary dies before the insured.
Option A is incorrect because a contingent beneficiary does not receive proceeds after the primary beneficiary has already been paid. Option B is incorrect because life insurance beneficiary rights are not based simply on whether all of the insured's debts have been settled. Option D is incorrect because being the insured's child does not automatically make someone the contingent beneficiary; the person must be properly designated under the policy. Maryland regulations require the policy to identify the beneficiary and reserve the policyowner's right to change the beneficiary unless the designation is irrevocable. Official References:
Maryland COMAR beneficiary provision and NAIC beneficiary guidance.
NEW QUESTION # 136
Which statement is true of trade association groups eligible for group medical benefits?
Answer: B
Explanation:
Trade associations (Insurance Article, § 15-1209) group members in the same industry for medical benefits, not solely for insurance, and include small employers with contributions typically required.
References:Maryland Insurance Article, § 15-1209; MIA group insurance rules.
NEW QUESTION # 137
An existing life insurance policy is sold by the policyowner to help finance the cost of a terminal illness. This is an example of:
Answer: D
Explanation:
A viatical settlement involves selling a life insurance policy to a third party for immediate cash, typically to cover expenses associated with terminal illnesses.
Viatical settlement (C): The policyowner receives a percentage of the death benefit to cover high medical costs or improve their quality of life.
Nonforfeiture options (A): Relate to preserving cash value if the policy lapses, not a sale.
Accelerated death benefit (B): Involves accessing a portion of the death benefit directly from the insurer, not through a third party.
Survivorship policies (D): Cover two insureds and pay the death benefit only after both have passed away, unrelated to this case.
References: Maryland Viatical Settlement Law and Insurance Code.
NEW QUESTION # 138
Which expenses are covered by Medicare Part D?
Answer: C
Explanation:
Medicare Part D covers outpatient prescription drugs, not medical (Part B), hospital (Part A), or dental (excluded) expenses, per federal law applicable in Maryland. It fills a key gap for enrollees' medication costs.
References:Medicare guidelines; Maryland Insurance Article, § 15-901.
NEW QUESTION # 139
To have " an insurable interest " in the life of another person, an individual must have a reasonable expectation of:
Answer: A
Explanation:
An insurable interest exists when the policyholder benefits more from the insured's life than their death.
Benefiting from the other person's continued life (C): Correct. This applies to relationships where there is a legal, financial, or familial dependence.
Gaining economically by the death of the other person (A): Mischaracterizes insurable interest; financial gain from death without a legitimate relationship is unethical and illegal.
Continuing on good terms (B) and seeing the person survive (D): Do not constitute insurable interest under Maryland law.
References: Maryland Insurance Article §12-201, Insurable Interest Guidelines, and COMAR 31.09.03.
NEW QUESTION # 140
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