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

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

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                              Insurance Licensing Life and Accident and Health or Sickness Producer - Combo Series 20-30 Sample Questions (Q106-Q111):

                              NEW QUESTION # 106
                              To provide the funds necessary to carry out the powers and duties of the Life and Health Insurance Guaranty Corporation, the Boards of Directors shall:

                              Answer: D

                              Explanation:
                              Purpose of the Guaranty Corporation.
                              The Life and Health Insurance Guaranty Corporation protects policyholders when a licensed insurer becomes insolvent.
                              How the guaranty system is funded.
                              It is not funded by taxpayers.
                              It is not funded by policyholders directly.
                              Assessment mechanism.
                              Member insurers are assessed proportionally to cover obligations arising from insolvencies.
                              This spreads risk across the industry.
                              Why the other options are incorrect.
                              Raise premiums: Insurers may adjust pricing, but guaranty funding is not a premium increase mechanism.
                              State funds: No taxpayer funding.
                              Policyholders assessed: Consumers are protected, not charged.
                              Maryland solvency and good-faith relevance.
                              This structure supports consumer confidence and insurer accountability without burdening insureds.
                              Conclusion.
                              Guaranty Corporation funding comes from assessments on member insurers.


                              NEW QUESTION # 107
                              Which of the following statements about cash values in whole life insurance policies is true?

                              Answer: C

                              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 # 108
                              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: A

                              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 # 109
                              An individual purchased an annuity contract with $100,000 received in settlement of a lawsuit. No further purchase payments are permitted, and benefit payments are to start in 17 years. The contract is:

                              Answer: B

                              Explanation:
                              Key facts from the question.
                              One lump-sum payment
                              No additional premiums allowed
                              Payments begin in the future (17 years later)
                              Define single premium deferred annuity (SPDA).
                              Funded with one premium payment
                              Includes an accumulation period
                              Income begins at a future date
                              Why this is not another type of annuity.
                              Individual life annuity: Describes payout form, not funding method.
                              IRA annuity: Must be held within an IRA; lawsuit proceeds are non-qualified.
                              Retirement annuity: A general term, not a specific contract type.
                              Maryland suitability and disclosure relevance.
                              Maryland requires clear explanation of surrender periods and deferred income timing for SPDAs.
                              Conclusion.
                              The described contract is a single premium deferred annuity.


                              NEW QUESTION # 110
                              Coverage for the first three pints of blood for Medicare enrollees is:

                              Answer: B

                              Explanation:
                              Medicare Part A excludes the first three pints of blood for inpatient care, but Medigap core benefits (Insurance Article, § 15-901) cover this cost across all plans (A-J), making it a standard, not additional, benefit. Parts A and B don't include it directly.
                              References:Maryland Insurance Article, § 15-901; CMS Medicare guidelines.


                              NEW QUESTION # 111
                              ......

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