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| Section | Weight | Objectives |
|---|---|---|
| Life Insurance Basics and Policies | 25% | - Policy provisions, riders, and options - Types of life insurance: term, whole, universal, variable - Beneficiaries, claims, and settlement options |
| General Insurance Concepts | 15% | - Underwriting, premium calculation, and taxation - Contract law and principles - Insurable interest and risk management |
| Annuities and Retirement Products | 10% | - Tax treatment and suitability standards - Fixed, indexed, and variable annuities |
| Accident and Health / Sickness Insurance | 20% | - Health insurance basics and policy provisions - Mandatory benefits and state-specific health rules - Disability income, medical expense, and long-term care - HMO, PPO, group vs individual coverage |
| Insurance Regulation | 30% | - State insurance laws and Maryland regulations - Licensing requirements and procedures - Ethics, unfair trade practices, and consumer protection - Policy delivery, replacement rules, and disclosure |
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NEW QUESTION # 36
The annual addition to an employee ' s account in a qualified retirement plan:
Answer: D
Explanation:
Qualified retirement plans are regulated by IRS rules:
Contributions cannot exceed IRS limits (C), which are updated annually.
Contributions are not arbitrarily determined by employers (A) or based on employee performance (D).
Employers may make varying contributions, invalidating (B).
References: IRS Regulations for Qualified Retirement Plans, Maryland Employee Benefits Guidelines.
NEW QUESTION # 37
All of the following are typical health maintenance organization (HMO) preventive care services provided by a primary care physician EXCEPT:
Answer: A
Explanation:
HMOs (Health-General Article, § 19-701) provide preventive care like checkups, immunizations, and exams.
Experimental surgery isn't preventive or standard, making it the exception to covered services.
References:Maryland Health-General Article, § 19-701; MIA HMO guidelines.
NEW QUESTION # 38
All of the following are exclusions or restrictions sometimes found in life insurance policies EXCEPT:
Answer: B
Explanation:
Purpose of exclusions in life insurance.
Exclusions limit coverage for high-risk or extraordinary events.
Common life insurance exclusions.
Suicide: Usually excluded during the first two policy years.
Aviation: May exclude non-commercial or private aviation.
War: Often excluded due to catastrophic risk.
Why accidental death is not an exclusion.
Accidental death is a covered cause of death, and often provides enhanced benefits under riders.
Evaluate each option.
A). Suicide - exclusion
B). Accidental death - covered peril
C). Aviation - possible exclusion
D). War - possible exclusion
Maryland policy drafting relevance.
Maryland requires exclusions to be clearly stated and not misleading.
Conclusion.
Accidental death is not an exclusion.
NEW QUESTION # 39
When the employer pays the premium, covered individuals normally receive tax-free benefits under all of the following group health plans EXCEPT:
Answer: B
Explanation:
Federal tax rules (IRC § 105, § 106) make employer-paid medical benefits (major medical, dental, HMO) tax- free, but disability income benefits are taxable if employer-funded, as they replace income.
References:IRC § 105, § 106; Maryland Insurance Article, § 15-1201; MIA tax guidelines.
NEW QUESTION # 40
Which of the following is commonly used to structure the payment of liability insurance settlements, lottery winnings, and other large sums?
Answer: C
Explanation:
Understanding structured payments.
Large settlements and awards are often paid over time to provide steady income, improve financial security, and reduce the risk of rapid depletion.
Evaluate each option.
A). Modified endowment contract (MEC)
Used for life insurance tax classification, not settlement structuring.
B). Individual retirement account (IRA)
Designed for retirement savings, not settlement payouts.
C). 403(b) tax-sheltered annuity
Employer-sponsored retirement plan for certain employees.
D). Immediate annuity
Correct. Immediate annuities are commonly used to provide guaranteed periodic payments from a lump sum.
Maryland claims and settlement context.
Structured settlements using immediate annuities are widely accepted in Maryland liability claims as they promote long-term financial stability, aligning with good-faith settlement practices.
Conclusion.
An immediate annuity is the standard tool used to structure large settlement payments.
NEW QUESTION # 41
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