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| Section | Objectives |
|---|---|
| Life Insurance | - Policy provisions and riders
|
| State Law and Regulations | - Insurance producer regulations
|
| General Insurance Concepts | - Insurance principles and risk management
|
| Accident and Health Insurance | - Policy provisions
|
>> Life-and-Accident-and-Health-or-Sickness-Producer-Combo Reliable Test Questions <<
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NEW QUESTION # 19
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: 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 # 20
Which feature in a long-term care insurance policy is designed specifically to provide benefits at times when family members need a break from caring for the insured?
Answer: B
Explanation:
Respite care (Insurance Article, § 18-101) offers temporary professional care to relieve family caregivers, a mandated feature in Maryland long-term care policies. Skilled nursing, custodial care, and home health care serve ongoing needs, not specifically caregiver breaks.
References:Maryland Insurance Article, § 18-101 et seq.; MIA LTC guidelines.
NEW QUESTION # 21
Based on the law of large numbers, which one of the following is true if the number of similar insured units increases?
Answer: D
Explanation:
Definition of the law of large numbers.
This actuarial principle states that as the number of exposure units increases, actual losses will more closely match expected losses.
Why insurers rely on this law.
It allows insurers to:
Set accurate premiums
Maintain solvency
Spread risk efficiently
Evaluate each option.
A). Predictability is impaired
Incorrect; predictability improves.
B). Individual losses predicted
Incorrect; only group results are predictable.
C). Predictability improves
Correct.
D). Number of losses decreases
Incorrect; frequency does not necessarily decline.
Maryland solvency oversight relevance.
The Maryland Insurance Administration relies on actuarial predictability to ensure insurers remain financially sound.
Conclusion.
Increasing similar exposure units improves predictability of losses.
NEW QUESTION # 22
An insurance agent ' s license may be revoked for all of the following reasons EXCEPT:
Answer: C
Explanation:
An agent's license can be revoked for serious infractions that violate Maryland's insurance laws:
Rebating (B): Prohibited under Maryland's Unfair Trade Practices Act.
Felony conviction (C): Grounds for revocation as it questions the agent's moral character.
Violating insurance statutes or regulations (D): Includes infractions such as fraud, misrepresentation, or failure to meet ethical standards.
Having no insurer appointment for ten days (A): Incorrect. A lack of appointment does not constitute a violation; it only affects the ability to conduct business temporarily.
References: Maryland Insurance Article §10-126, COMAR 31.03.02, and Licensing Enforcement Guidelines.
NEW QUESTION # 23
Which advantage is available to employees participating in a qualified profit-sharing plan?
Answer: C
Explanation:
Nature of qualified profit-sharing plans.
Profit-sharing plans are qualified retirement plans under federal tax law.
Tax treatment of contributions.
Employer contributions to the plan are not included in the employee's current taxable income.
Taxes are deferred until distribution.
Why the other options are incorrect.
A). Avoid penalties: Early distributions may still be penalized.
C). Defined benefit vs. defined contribution: Profit-sharing plans are defined contribution plans only.
D). Earnings tax-free: Earnings are tax-deferred, not tax-free.
Maryland tax conformity.
Maryland generally follows federal income tax treatment for qualified plans.
Conclusion.
The key advantage is current income tax exclusion of contributions.
NEW QUESTION # 24
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