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

SectionObjectives
Topic 1: Life Insurance- Life policy provisions and riders
- Types of life insurance policies
  • 1. Whole life insurance
    • 2. Term life insurance
      • 3. Universal life insurance
        Topic 2: Insurance Fundamentals- Insurable interest and risk management concepts
        - Basic insurance principles
        Topic 3: Accident and Health Insurance- Health insurance plans and structures
        - Disability income and medical expense coverage
        Topic 4: Federal Regulations and Taxation- Federal insurance-related regulations
        - Tax treatment of insurance products
        Topic 5: Policy Provisions and Options- Beneficiaries and policy ownership
        - Standard policy provisions
        Topic 6: State Insurance Regulations- Producer licensing requirements
        - Unfair trade practices and compliance
        Topic 7: Annuities- Annuity types and features
        - Accumulation and payout options
        Topic 8: Ethics and Professional Conduct- Ethical responsibilities of insurance producers
        - Consumer protection standards

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        Insurance Licensing Life and Accident and Health or Sickness Producer - Combo Series 20-30 Sample Questions (Q250-Q255):

        NEW QUESTION # 250
        When the insured's willful failure to disclose a material fact at the time of application is discovered by the insurer shortly after the policy is issued:

        Answer: D

        Explanation:
        A material misrepresentation (Insurance Article, § 12-206) allows the insurer to void the policy within the contestability period (typically 2 years) if willful. It's not automatically void, nor must it continue or wait until renewal; the insurer decides based on materiality.
        References:Maryland Insurance Article, § 12-206; MIA misrepresentation rules.


        NEW QUESTION # 251
        How many days does a former employee have to convert a group term policy to an individual policy after employment is terminated?

        Answer: A

        Explanation:
        Under Maryland insurance law, a terminated employee has 31 days (D) to convert a group term life insurance policy into an individual policy without providing evidence of insurability.
        This grace period allows individuals to maintain coverage while securing individual insurance.
        10 (A), 20 (B), or 30 days (C) are incorrect, as Maryland mandates a specific 31-day window.
        References: Maryland Conversion Rights in Group Life Insurance Policies, Section 15-401 of the Insurance Article.


        NEW QUESTION # 252
        All of the following are characteristics of a preferred risk applicant for disability income insurance EXCEPT:

        Answer: A

        Explanation:
        Preferred risk applicants (Insurance Article, § 15-201) have low disability risk due to non-smoking, safe jobs, and physical activity. High income affects benefit amounts, not risk classification, making it the exception.
        References:Maryland Insurance Article, § 15-201; MIA underwriting standards.


        NEW QUESTION # 253
        Replacing an existing life insurance policy with a new one may result in:

        Answer: A

        Explanation:
        Understanding life insurance replacement.
        Policy replacement occurs when an existing policy is lapsed, surrendered, or exchanged for a new policy.
        Maryland strictly regulates replacements to protect consumers from unnecessary financial harm.
        Evaluate each option.
        A). Capital gains taxation
        Life insurance generally does not produce capital gains tax upon replacement.
        B). Small business taxation
        Not relevant to individual policy replacement.
        C). An illegal transaction
        Replacement is legal when properly disclosed and documented.
        D). Surrender costs
        Correct. Surrender charges may apply if the old policy is terminated early.
        Maryland consumer protection context.
        Maryland replacement regulations require producers to explain surrender charges, loss of benefits, and new contestability periods to ensure good-faith conduct.
        Conclusion.
        Policy replacement may result in surrender costs, making option D correct.


        NEW QUESTION # 254
        Group health insurance contracts providing coverage for employees in more than one state are usually controlled by the laws of the state where:

        Answer: B

        Explanation:
        Multi-state group plans (Insurance Article, § 15-1202) are governed by the state where the master contract is issued, typically the employer's home state, ensuring consistent legal oversight regardless of employee location or producer residence.
        References:Maryland Insurance Article, § 15-1202; MIA multi-state group rules.


        NEW QUESTION # 255
        ......

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