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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Insurance Regulation | 30% | - State insurance laws and Maryland regulations - Ethics, unfair trade practices, and consumer protection - Policy delivery, replacement rules, and disclosure - Licensing requirements and procedures |
| Topic 2: Annuities and Retirement Products | 10% | - Fixed, indexed, and variable annuities - Tax treatment and suitability standards |
| Topic 3: General Insurance Concepts | 15% | - Contract law and principles - Underwriting, premium calculation, and taxation - Insurable interest and risk management |
| Topic 4: Accident and Health / Sickness Insurance | 20% | - Disability income, medical expense, and long-term care - Mandatory benefits and state-specific health rules - HMO, PPO, group vs individual coverage - Health insurance basics and policy provisions |
| Topic 5: Life Insurance Basics and Policies | 25% | - Policy provisions, riders, and options - Beneficiaries, claims, and settlement options - Types of life insurance: term, whole, universal, variable |
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NEW QUESTION # 161
An elimination period in a disability income insurance policy is the:
Answer: D
Explanation:
The elimination period (Insurance Article, § 15-201) is the waiting time (e.g., 90 days) before disability benefits begin, distinct from the benefit period (payment duration), probationary period (pre-coverage wait), or policy term.
References:Maryland Insurance Article, § 15-201; MIA disability insurance rules.
NEW QUESTION # 162
All of the following are true of managing general agents EXCEPT:
Answer: D
Explanation:
Who is a managing general agent (MGA).
A managing general agent is a person or entity that performs significant underwriting, policy issuance, or claims authority on behalf of an insurer.
MGAs act as an extension of the insurer, not the insured.
Licensing requirement in Maryland.
Maryland law requires MGAs to be properly licensed.
Acting as an MGA without a license is unlawful.
Contractual requirement.
Maryland requires a written agreement between the MGA and the insurer that clearly defines authority, duties, and limitations.
License renewal.
MGA licenses follow Maryland's standard biennial renewal cycle, consistent with producer licensing.
Why option D is incorrect.
MGAs primarily represent the insurer, not the insured.
Representing the insured is the role of an agent or broker, not an MGA.
Conclusion.
The incorrect statement is that an MGA represents the insured.
NEW QUESTION # 163
Under federal law, an insurance producer may be sentenced to prison for:
Answer: D
Explanation:
Criminal vs. administrative violations.
Not all insurance violations are crimes.
Criminal penalties apply when conduct involves fraud, theft, or embezzlement.
Define embezzlement.
Embezzlement involves misappropriating funds entrusted to the producer, such as:
Premium payments
Trust account funds
Evaluate each option.
A). Selling with a nonresident license
Typically an administrative violation, not a felony.
B). Embezzling money
Correct. This is a federal and state crime punishable by imprisonment.
C). Inducing a client to sign an application
Lawful solicitation activity.
D). Suing an insurer
A legal right, not a crime.
Maryland enforcement context.
Embezzlement may result in:
License revocation
Criminal prosecution
Restitution orders
Conclusion.
Embezzlement can result in prison sentencing.
NEW QUESTION # 164
The purpose of licensing insurance agents is to:
Answer: D
Explanation:
Insurance licensing ensures agents meet professional standards:
Licensure demonstrates qualifications (B) to act ethically and competently on behalf of insurers.
It does not limit the number of agents (A).
Sales activity monitoring (C) and rate regulation (D) are separate regulatory functions.
References: Maryland Insurance Administration Licensing Standards.
NEW QUESTION # 165
Which activity is an unfair claims settlement practice?
Answer: C
Explanation:
Offering settlements below fair value (D) is prohibited as an unfair claims settlement practice under Maryland law. Insurers must handle claims in good faith and pay fair settlements based on policy terms.
Negotiating claims (A): Permitted when there are legitimate disputes over coverage or liability.
Denying claims (B): Allowed if based on valid policy exclusions or conditions.
Including arbitration provisions (C): Legal, provided they comply with state guidelines and are not coercive.
Unfair claims settlement practices include:
Misrepresenting policy provisions.
Failing to promptly investigate or settle claims.
Attempting to settle for less than reasonable amounts.
References: Maryland Insurance Article §27-303, Unfair Claims Practices Act, and COMAR 31.15.07.
NEW QUESTION # 166
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