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

SectionObjectives
Topic 1: Accident and Health Insurance- Health insurance types
  • 1. Disability income insurance
    • 2. Long-term care insurance
      • 3. Medical expense insurance
        - Policy provisions
        • 1. Exclusions and limitations
          • 2. Coordination of benefits
            Topic 2: State Law and Regulations- Insurance producer regulations
            • 1. Ethics and fiduciary duties
              • 2. Licensing requirements
                Topic 3: Life Insurance- Life insurance policies
                • 1. Universal life insurance
                  • 2. Term life insurance
                    • 3. Whole life insurance
                      - Policy provisions and riders
                      • 1. Beneficiaries and settlements
                        • 2. Policy loans and dividends
                          Topic 4: General Insurance Concepts- Insurance principles and risk management
                          • 1. Risk types and management methods
                            • 2. Insurance contract fundamentals

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                              Quiz 2026 Insurance Licensing Marvelous Life-and-Accident-and-Health-or-Sickness-Producer-Combo: Life and Accident and Health or Sickness Producer - Combo Series 20-30 Exam Materials

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                              Insurance Licensing Life and Accident and Health or Sickness Producer - Combo Series 20-30 Sample Questions (Q176-Q181):

                              NEW QUESTION # 176
                              Under which of the following circumstances may a class designation of beneficiary in life insurance be used?

                              Answer: C

                              Explanation:
                              What a class designation means.
                              A class designation identifies beneficiaries by category, not by individual names.
                              Common class examples include:
                              "Children of the insured"
                              "Surviving spouse"
                              Why class designations are used.
                              Allows flexibility when:
                              Family composition may change
                              Children are born after policy issuance
                              The insured wants automatic inclusion of qualifying members
                              Evaluate each option.
                              A). Naming children without naming them individually
                              Correct. This is the textbook example of a class designation.
                              B). Charity
                              A charity must be named specifically.
                              C). Trust fund
                              A trust must be named as a legal entity.
                              D). Specific beneficiary on behalf of a group
                              This is not a class designation.
                              Maryland beneficiary rules.
                              Maryland recognizes class designations as valid if clearly defined and not ambiguous.
                              Conclusion.
                              A class designation is properly used to name children as beneficiaries without listing them individually.


                              NEW QUESTION # 177
                              In accident and health insurance underwriting, when the risk imposed by an applicant is similar to the risks imposed by most other applicants, the applicant is:

                              Answer: B

                              Explanation:
                              Standard risk applicants (Insurance Article, § 15-201) receive the standard premium rate, as their risk aligns with the average pool. Declining coverage or adjusting payment terms applies to higher risks, not standard ones.
                              References:Maryland Insurance Article, § 15-201; MIA underwriting guidelines.


                              NEW QUESTION # 178
                              The free-look period provided in a life insurance policy is usually:

                              Answer: B

                              Explanation:
                              Comprehensive and Detailed Step by Step Explanation:
                              Thefree-look periodis a consumer protection mechanism allowing policyholders to cancel a policy within a specific period for a full refund.
                              * 10 days (A):Maryland law requires a minimum free-look period of 10 days for life insurance policies, allowing buyers to review the policy without financial obligation.
                              * 31 days (B), 45 days (C), and 60 days (D):These exceed Maryland's statutory minimum and are not standard requirements unless specifically offered by the insurer.
                              References:Maryland Free-Look Provisions, COMAR 31.09.09, and Maryland Consumer Protection Act.


                              NEW QUESTION # 179
                              All of the following statements about universal life insurance are true EXCEPT:

                              Answer: D

                              Explanation:
                              Universal life insurance policies offer flexibility and adaptability, but they also have specific rules:
                              Minimum cash value vs. death benefit (A): Correct. IRS rules require a minimum difference to maintain tax- advantaged status.
                              Level or increasing death benefits (B): Correct. Policyholders can choose based on their needs.
                              Cash value withdrawals (C): Correct. Withdrawals are allowed but may incur surrender charges.
                              Automatic lapse (D): Incorrect. Universal life does not immediately lapse due to missed payments; instead, costs are deducted from the cash value, and the policy remains in force until the cash value is depleted.
                              References: Maryland Insurance Administration Policy Lapse Guidelines, IRS Tax Code §7702, and COMAR
                              31.09.13.


                              NEW QUESTION # 180
                              In order to qualify for a company convention, an insurance producer agrees to pay the first quarterly premium for the applicant for new insurance. This is called a:

                              Answer: A

                              Explanation:
                              Paying an applicant's premium is considered a rebate, which is generally prohibited in Maryland unless explicitly permitted by law.
                              Rebates (B) involve offering inducements not specified in the policy, which can undermine fairness and market stability.
                              Gifts (A) and loans (C) imply separate intentions and are distinct from policy-related payments.
                              Cost of doing business (D) does not apply, as paying premiums on behalf of clients violates anti-rebating laws.
                              References: Maryland Rebating Laws, Unfair Trade Practices Act.


                              NEW QUESTION # 181
                              ......

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