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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Accident and Health / Sickness Insurance | 20% | - Disability income, medical expense, and long-term care - HMO, PPO, group vs individual coverage - Health insurance basics and policy provisions - Mandatory benefits and state-specific health rules |
| Topic 2: Insurance Regulation | 30% | - Policy delivery, replacement rules, and disclosure - Ethics, unfair trade practices, and consumer protection - Licensing requirements and procedures - State insurance laws and Maryland regulations |
| Topic 3: 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 4: General Insurance Concepts | 15% | - Insurable interest and risk management - Contract law and principles - Underwriting, premium calculation, and taxation |
| Topic 5: Annuities and Retirement Products | 10% | - Tax treatment and suitability standards - Fixed, indexed, and variable annuities |
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NEW QUESTION # 83
Which activity requires an individual to be licensed as an adviser, rather than as a producer?
Answer: D
Explanation:
Identify what an "adviser" does vs. what a "producer" does (conceptual distinction).
A producer (agent/broker) is generally licensed to solicit, sell, negotiate, or bind insurance and is typically compensated by commissions paid by insurers.
An insurance adviser/consultant is generally someone who is compensated by a client fee to provide advisory
/consulting services about insurance, rather than acting as the seller/placer of coverage for commission.
Evaluate each option against the adviser-vs-producer role.
A). Giving advice on policy coverages to an insured
Producers commonly explain coverages as part of selling/servicing policies. This is usually within the scope of producer activity.
So, this does not uniquely require an adviser license.
B). Charging a fee for contracted insurance advisory services
Charging a separate advisory fee under a consulting/advisory contract is the hallmark of an insurance adviser
/consultant function (fee-based advice).
Therefore, this activity is the one that points to needing an adviser license rather than a producer license.
C). Receiving commissions from an insurance company
Commissions are the standard compensation model for producers, not advisers.
So, this aligns with a producer license.
D). Binding insurance coverage with licensed insurers
Binding coverage is a classic producer/agent function (authority to place coverage).
So, this aligns with a producer license.
Maryland regulatory context tie-in (why this matters in practice).
Maryland's insurance framework recognizes licensed producer activity (e.g., the regulations define "licensed producer" in COMAR 31.15.07 as a person licensed under Maryland Insurance Article Title 10 Subtitle 1).
While your provided Maryland claims-handling document mainly covers unfair claim settlement practices and claims standards, it still reinforces that Maryland insurance activities are regulated and role-based (e.g., it defines licensed producer and regulates insurer/producer conduct in claims communications).
In a real-world compliance setting, charging a fee for advisory services is treated differently from being paid by insurer commission, which is why "adviser" licensing is associated with fee-based insurance consulting rather than selling/binding policies.
Bottom line.
Only Option B clearly describes the fee-based advisory/consulting activity that requires an adviser (consultant) license rather than a producer license.
NEW QUESTION # 84
The designation of a beneficiary by class in a life insurance policy means that:
Answer: D
Explanation:
What "beneficiary by class" means.
A class designation identifies beneficiaries by group description, not by individual names.
Examples include:
"Children of the insured"
"Surviving spouse"
How benefits are paid.
Members of the class who qualify at the insured's death receive proceeds.
Shares are divided equally unless stated otherwise.
Evaluate each option.
A). Business life insurance
Incorrect. Class designation can be used in personal policies.
B). No primary beneficiary allowed
Incorrect. A class can be a primary beneficiary.
C). Individuals not named
Correct. The class is described, not named individually.
D). Unrelated beneficiaries
Incorrect. Class members are often family.
Maryland relevance.
Maryland recognizes class designations as valid beneficiary arrangements.
Conclusion.
A class designation means beneficiaries are not named individually.
NEW QUESTION # 85
Subject to certain limitations, the purpose of the Maryland Life and Health Insurance Guaranty Corporation is to protect various entities such as residents who are policyowners, beneficiaries, and annuitants. The intent is to protect the listed individuals against failure in the performance of contractual obligations due to:
Answer: D
Explanation:
Purpose of the Maryland Life and Health Insurance Guaranty Corporation.
Maryland established the Life and Health Insurance Guaranty Corporation to provide limited protection to policyholders when a licensed insurer becomes insolvent or impaired.
The protection applies only to policies and contracts issued by authorized insurers.
Evaluate each option.
A). Impairment of the insurer
Correct. The guaranty association exists specifically to protect consumers when an insurer fails to meet contractual obligations due to insolvency or impairment.
B). Riots, war, or acts of God
These are risks addressed by insurance policies, not guaranty associations.
C). Producer's fraudulent actions
Producer misconduct is addressed through licensing enforcement and legal remedies, not guaranty funds.
D). Impending insurance legislation
Legislative changes do not trigger guaranty association protection.
Conclusion.
The guaranty corporation protects against insurer insolvency, making option A correct.
NEW QUESTION # 86
Giving policyholders some part of the agent's commission as an inducement to purchase insurance is an unfair trade practice known as:
Answer: D
Explanation:
Definition of rebating.
Rebating occurs when an agent offers part of their commission or other valuable consideration to induce the purchase of insurance.
Evaluate each option.
A). Twisting
Involves misrepresentation to replace a policy.
B). Rebating
Correct. Sharing commissions to induce a sale is rebating.
C). Replacement
Lawful when properly disclosed.
D). Retention
Not an unfair trade practice.
Maryland regulatory context.
Maryland prohibits rebating to ensure fairness among policyholders and prevent price discrimination.
Conclusion.
The described conduct is rebating.
NEW QUESTION # 87
Which of the following statements about participating life insurance is true?
Answer: D
Explanation:
Participating life insurance policies, often issued by mutual companies, include the possibility of dividends:
Dividends (A) represent a share of surplus profits distributed to policyowners.
Policyowners are not assessed for losses (B); the insurer bears those.
The insured and policyowner can be different individuals, making (C) incorrect.
Mutual insurers typically issue participating policies, not stock companies (D).
References: Maryland Insurance Law on Participating Policies.
NEW QUESTION # 88
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