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

SectionObjectives
Policy Provisions and Options- Beneficiaries and policy ownership
- Standard policy provisions
Ethics and Professional Conduct- Consumer protection standards
- Ethical responsibilities of insurance producers
State Insurance Regulations- Unfair trade practices and compliance
- Producer licensing requirements
Insurance Fundamentals- Basic insurance principles
- Insurable interest and risk management concepts
Federal Regulations and Taxation- Federal insurance-related regulations
- Tax treatment of insurance products
Life Insurance- Types of life insurance policies
  • 1. Term life insurance
    • 2. Whole life insurance
      • 3. Universal life insurance
        - Life policy provisions and riders
        Annuities- Accumulation and payout options
        - Annuity types and features
        Accident and Health Insurance- Health insurance plans and structures
        - Disability income and medical expense coverage

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        Insurance Licensing Life and Accident and Health or Sickness Producer - Combo Series 20-30 Sample Questions (Q21-Q26):

        NEW QUESTION # 21
        The waiver of premium provision in a disability income policy provides that premiums will be waived during:

        Answer: B

        Explanation:
        The waiver of premium provision (Insurance Article, § 15-201) waives premiums during the disability benefit period-when benefits are paid-easing financial strain. The elimination period requires premium payment, the grace period is for late payments, and the time limit on defenses relates to incontestability, not waivers.
        References:Maryland Insurance Article, § 15-201; MIA disability insurance standards.


        NEW QUESTION # 22
        The amount received for a life insurance policy in a viatical settlement is:

        Answer: D

        Explanation:
        A viatical settlement allows a policyowner (often with a terminal illness) to sell their life insurance policy for immediate cash, typically to a third party.
        Less than the death benefit (D): The settlement amount is a fraction of the policy ' s face value, reflecting the buyer ' s expected profit after paying premiums and collecting the death benefit.
        Equal to the sum of all premiums paid (A): This is incorrect as premiums paid do not determine the settlement amount.
        Equal to the death benefit (B): The buyer profits from receiving the full death benefit upon the insured's death, so they pay less upfront.
        Greater than the death benefit (C): This would result in a financial loss for the buyer, which is not the case in viatical settlements.
        References: Maryland Viatical Settlement Act, COMAR 31.09.10, and Terminal Illness Policyholder Assistance Guidelines.


        NEW QUESTION # 23
        The Maryland Insurance Administration is an agency of the:

        Answer: B

        Explanation:
        The Maryland Insurance Administration (MIA) is a state government entity responsible for regulating the insurance industry in Maryland.
        State government (B): MIA enforces insurance laws, reviews policy forms, licenses insurers and producers, and investigates consumer complaints.
        Federal government (A): Oversees broader regulations, like ERISA, but does not directly manage state-level insurance matters.
        National Association of Insurance Commissioners (C): A regulatory support organization, not a governing body.
        Maryland General Assembly (D): Creates state laws, but enforcement falls under the MIA.
        References: Maryland Insurance Administration Overview and State Regulatory Framework.


        NEW QUESTION # 24
        Under Maryland law, the agreement between an insurance producer and insurer under which the insurance producer, for compensation, may sell, solicit, or negotiate policies issued by the insurer is defined as:

        Answer: D

        Explanation:
        An appointment (Insurance Article, § 10-103) is the formal agreement allowing a producer to sell an insurer's policies for compensation, distinct from a license (producer credential), certificate of authority (insurer's right), or vague binding agreement.
        References:Maryland Insurance Article, § 10-103, § 4-101; MIA producer regulations.


        NEW QUESTION # 25
        An insured incurs a covered accident and health insurance loss on May 30, which is submitted to the insurer on June 8. If the insured terminated coverage on June 1, the insurer:

        Answer: D

        Explanation:
        A loss on May 30, while covered (Insurance Article, § 15-201), obligates the insurer to pay upon proof, despite termination on June 1. Termination or pre-existing exclusions don't negate prior coverage, and no one- year rule applies.
        References:Maryland Insurance Article, § 15-201; MIA claims rules.


        NEW QUESTION # 26
        ......

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