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

Section	Weight	Objectives
Topic 1: General Insurance Concepts	15%	- Insurable interest and risk management - Contract law and principles - Underwriting, premium calculation, and taxation
Topic 2: Life Insurance Basics and Policies	25%	- Types of life insurance: term, whole, universal, variable - Policy provisions, riders, and options - Beneficiaries, claims, and settlement options
Topic 3: Annuities and Retirement Products	10%	- Fixed, indexed, and variable annuities - Tax treatment and suitability standards
Topic 4: Accident and Health / Sickness Insurance	20%	- HMO, PPO, group vs individual coverage - Disability income, medical expense, and long-term care - Mandatory benefits and state-specific health rules - Health insurance basics and policy provisions
Topic 5: Insurance Regulation	30%	- Policy delivery, replacement rules, and disclosure - State insurance laws and Maryland regulations - Ethics, unfair trade practices, and consumer protection - Licensing requirements and procedures

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Insurance Licensing Life and Accident and Health or Sickness Producer - Combo Series 20-30 Sample Questions (Q185-Q190):

NEW QUESTION # 185
Which statement is true of trade association groups eligible for group medical benefits?

A. Members of the association are usually in the same industry
B. Such associations are formed for the purpose of purchasing insurance
C. The association membership primarily consists of large employers
D. Employer contributions are usually waived

Answer: A

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 # 186
An employee with $50,000 group life insurance coverage terminates employment and submits an application WITHOUT the initial premium for a $50,000 conversion policy. If the employee dies 15 days later, the insurer would pay:

A. $50,000 under the new policy, less the initial premium amount due
B. $50,000 under the new policy
C. $50,000 under the group plan
D. Nothing at all

Answer: C

Explanation:
Group life insurance policies in Maryland typically include a conversion privilege allowing former employees to convert group coverage to an individual policy within a 31-day period after termination, regardless of premium payment status.
$50,000 under the group plan (A): Correct. During the 31-day conversion period, the original group coverage remains in effect. If the insured dies during this time, the death benefit is paid under the group plan.
$50,000 under the new policy (B and C): Incorrect, as the conversion policy does not become effective until the first premium is paid.
Nothing at all (D): Incorrect, as coverage is still active during the conversion period.
References: Maryland Insurance Article §15-403, Group Life Insurance Conversion Privileges, and COMAR
31.09.05.

NEW QUESTION # 187
All of the following are unfair trade practices EXCEPT:

A. Illegal inducement
B. Reinsurance
C. Fraudulent advertising
D. Misrepresentation

Answer: B

Explanation:
Unfair trade practices under Maryland insurance law.
Maryland Insurance Article Title 27 prohibits unfair methods of competition and deceptive acts in the insurance business.
Evaluate each option.
A). Misrepresentation
Explicitly prohibited as an unfair trade practice.
B). Fraudulent advertising
Prohibited under Maryland law.
C). Illegal inducement
Includes rebating and other improper incentives and is prohibited.
D). Reinsurance
A legitimate, lawful business practice between insurers used to manage risk.
Conclusion.
Reinsurance is not an unfair trade practice, making option D correct.

NEW QUESTION # 188
In surrendering a life insurance contract for its cash value, the total of premiums paid less the total of any dividends received in cash or used to offset premiums is:

A. The gross proceeds
B. The cash value
C. The cost basis
D. The loan value

Answer: C

Explanation:
The cost basis is the total of all premiums paid minus dividends received or used to offset premiums. This figure is used to calculate the taxable portion of the cash value upon surrender.
Cost basis (D): Represents the non-taxable portion of the surrender value; any amount exceeding this is considered taxable income.
Cash value (A): The policy's accumulated value, which may include taxable gains.
Loan value (B): Refers to the amount available for borrowing against the policy.
Gross proceeds (C): The full amount received upon surrender, not accounting for cost basis deductions.
References: IRS Guidance on Life Insurance Taxation, Maryland Life Insurance Surrender Rules, and COMAR 31.09.14.

NEW QUESTION # 189
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:

A. The insurer must continue the insurance policy in full force
B. The insurer may cancel the policy only at the expiration or renewal date
C. The policy is voidable at the insurer's option
D. The policy is automatically void

Answer: C

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 # 190
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