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| Section | Weight | Objectives |
|---|---|---|
| Annuities and Retirement Products | 10% | - Fixed, indexed, and variable annuities - Tax treatment and suitability standards |
| General Insurance Concepts | 15% | - Underwriting, premium calculation, and taxation - Insurable interest and risk management - Contract law and principles |
| Life Insurance Basics and Policies | 25% | - Beneficiaries, claims, and settlement options - Policy provisions, riders, and options - Types of life insurance: term, whole, universal, variable |
| Insurance Regulation | 30% | - Policy delivery, replacement rules, and disclosure - Licensing requirements and procedures - State insurance laws and Maryland regulations - Ethics, unfair trade practices, and consumer protection |
| Accident and Health / Sickness Insurance | 20% | - HMO, PPO, group vs individual coverage - Health insurance basics and policy provisions - Disability income, medical expense, and long-term care - Mandatory benefits and state-specific health rules |
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NEW QUESTION # 112
The entire contract provision in an individual accident and health insurance policy states that the producer:
Answer: B
Explanation:
The entire contract provision (Insurance Article, § 15-207) defines the policy and application as the full agreement, barring producers from altering or waiving terms. Only the insurer has such authority.
References:Maryland Insurance Article, § 15-207; MIA policy standards.
NEW QUESTION # 113
The needs approach to personal life insurance planning includes the creation of an emergency reserve fund.
This fund is designed primarily to:
Answer: C
Explanation:
The needs approach assesses financial requirements to determine the appropriate amount of life insurance.
Covering unexpected expenses (B): Emergency reserve funds help beneficiaries handle unforeseen costs, such as urgent repairs, medical emergencies, or temporary loss of income.
College tuition and books (A): This falls under education funding needs, not emergency reserves.
Paying off mortgages (C): This is categorized as debt repayment, separate from the reserve fund.
Providing retirement income (D): This is a long-term goal that requires separate planning, not immediate financial reserves.
References: Maryland Insurance Needs Analysis Guidelines and Life Insurance Planning Practices.
NEW QUESTION # 114
All of the following are basic underwriting actions in accident and health insurance EXCEPT:
Answer: C
Explanation:
Underwriting involves assessing risk by rejecting high-risk applicants, issuing standard policies, or adding exclusion riders for specific conditions. Deleting uniform policy provisions-mandatory clauses like grace periods (Insurance Article, § 15-201)-isn't an underwriting action, as these are legally required and cannot be altered by underwriters.
References:Maryland Insurance Article, § 15-201 et seq.; MIA underwriting guidelines.
NEW QUESTION # 115
Which of the following is a requirement of an insurable risk?
Answer: C
Explanation:
Comprehensive and Detailed Step by Step Explanation:Aninsurable riskmust meet specific criteria to ensure fair and financially viable coverage:
Chance of loss must be calculable (C):Correct. Insurers need statistical data to assess risk and determine premiums.
Loss must be intentional (A):Incorrect; intentional losses are not insurable.
Loss must be catastrophic (B):Incorrect; catastrophic losses (e.g., war or large-scale disasters) are often excluded or managed through reinsurance.
Large number of different loss exposures (D):A large number of similar, not different, exposures is required for risk pooling.
References:Maryland Insurance Principles, Actuarial Standards, and COMAR 31.09.14.
NEW QUESTION # 116
The typical group disability income insurance policy EXCLUDES coverage for disability resulting from:
Answer: A
Explanation:
Group disability policies (Insurance Article, § 15-201) cover accidents like crashes or home injuries, but exclude military service disabilities, often covered by government programs (e.g., VA), reflecting standard exclusions.
References:Maryland Insurance Article, § 15-201; MIA disability insurance standards.
NEW QUESTION # 117
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