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

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

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Insurance Licensing Life and Accident and Health or Sickness Producer - Combo Series 20-30 Sample Questions (Q113-Q118):

NEW QUESTION # 113
To determine whether unfair trade practices have been violated, who has the power to examine an insurer ' s books and records?

A. The Federal Deposit Insurance Corporation
B. The Maryland Property & Casualty Insurance Guaranty Corporation (PCIGC)
C. The National Association of Insurance Commissioners
D. The Maryland Insurance Administration

Answer: D

Explanation:
The Maryland Insurance Administration (MIA) is the regulatory body responsible for ensuring compliance with state insurance laws, including identifying unfair trade practices:
The Maryland Insurance Administration (A): Has statutory authority to examine insurers' books and records to investigate potential violations and protect consumers.
National Association of Insurance Commissioners (B): Provides guidance but lacks enforcement powers in Maryland.
Federal Deposit Insurance Corporation (C): Regulates banks, not insurers.
PCIGC (D): Handles claims for insolvent insurers but does not investigate trade practices.
References: Maryland Insurance Article §2-209, COMAR 31.15.07, and MIA Enforcement Guidelines.

NEW QUESTION # 114
In life insurance, an insurable interest in the life of the insured must exist:

A. Only at the death of the insured
B. During the first two years of the contract
C. Throughout the period of the contract
D. Only at the inception of the contract

Answer: D

Explanation:
Comprehensive and Detailed in Depth Explanation:
The correct answer isA. Only at the inception of the contract. Under Maryland Insurance Article §12-201, a person may not procure an insurance contract on the life or body of another individual unless the benefits are payable to the insured, the insured's personal representative, or a person with an insurable interest in the insuredat the time the insurance contract was made. This means the insurable interest must exist when the policy is created. It does not have to continue until the insured's death unless a specific legal rule or policy issue applies.
Option B is incorrect because the Maryland statute focuses on the time the contract is made, not the time of death. Option C is incorrect because the two-year period relates to other life insurance concepts, such as contestability, not the existence of insurable interest. Option D is incorrect because Maryland law does not require the insurable interest to continue throughout the entire policy period. Official Maryland Reference:
Maryland Insurance Article §12-201, Insurable Interest.

NEW QUESTION # 115
The reinstatement provision in individual accident and health insurance:

A. Requires that all reinstatement applications must be approved by the Maryland Insurance Administration
B. Allows the insured to reinstate the policy after coverage lapses for nonpayment of premium
C. Allows the insured to change statements made in the application
D. Reinstates the amount of insurance after payment of a loss

Answer: B

Explanation:
Comprehensive and Detailed in Depth Explanation:
The correct answer is B. Allows the insured to reinstate the policy after coverage lapses for nonpayment of premium. Under Maryland Insurance Article §15-210, each health insurance policy must contain a reinstatement provision. If a renewal premium is not paid within the time allowed, later acceptance of the premium by the insurer or an authorized insurance producer can reinstate the policy. If an application for reinstatement is required, the policy is reinstated when the insurer approves the application or, if the insurer does not disapprove it in writing, on the 45th day after the conditional receipt. This provision is about restoring a lapsed policy, not restoring the face amount after a claim, changing application statements, or requiring approval from the Maryland Insurance Administration. Official Maryland Reference: Maryland Insurance Article §15-210, Reinstatement.

NEW QUESTION # 116
Which of the following statements about cash values in whole life insurance policies is true?

A. They result from the level premium concept.
B. They typically increase until age 65 and remain level thereafter.
C. They equal the policy face value at age 65.
D. They cannot be guaranteed.

Answer: A

Explanation:
Cash values in whole life insurance are a key feature, and they:
Accumulate as a result of the level premium concept (A), where excess premiums in the early years of the policy build the cash value.
Are guaranteed in whole life policies, contrary to option B.
Do not equal the face value at age 65 (C) unless specifically structured for that purpose.
Continue to grow beyond age 65 as long as the policy remains active, invalidating option D.
References: Maryland Insurance Guidelines on Whole Life Policies, Cash Value, and Premium Structures.

NEW QUESTION # 117
An order from the Commissioner MUST include all of the following EXCEPT:

A. Its effective date
B. Its purpose
C. The grounds on which it is based
D. The signature of the Governor

Answer: D

Explanation:
Authority of the Maryland Insurance Commissioner.
The Commissioner has independent statutory authority to issue orders, rulings, and enforcement actions.
Required elements of an administrative order.
A valid order must clearly state:
The effective date
The purpose of the order
The legal and factual grounds supporting the decision
Why the Governor's signature is not required.
The Commissioner acts under delegated legislative authority.
Orders are administrative, not executive proclamations.
Evaluate each option.
A). Effective date - required
B). Purpose - required
C). Grounds - required
D). Governor's signature - not required
Due process relevance.
These requirements ensure transparency and allow for judicial review.
Conclusion.
An order does not require the Governor's signature.

NEW QUESTION # 118
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