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| Section | Objectives |
|---|---|
| Federal Regulations and Taxation | - Federal insurance-related regulations - Tax treatment of insurance products |
| Ethics and Professional Conduct | - Ethical responsibilities of insurance producers - Consumer protection standards |
| Annuities | - Annuity types and features - Accumulation and payout options |
| Insurance Fundamentals | - Insurable interest and risk management concepts - Basic insurance principles |
| Policy Provisions and Options | - Beneficiaries and policy ownership - Standard policy provisions |
| Life Insurance | - Types of life insurance policies
|
| State Insurance Regulations | - Unfair trade practices and compliance - Producer licensing requirements |
| Accident and Health Insurance | - Health insurance plans and structures - Disability income and medical expense coverage |
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NEW QUESTION # 113
Based on the law of large numbers, which one of the following is true if the number of similar insured units increases?
Answer: B
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 # 114
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: C
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 # 115
The typical group disability income insurance policy EXCLUDES coverage for disability resulting from:
Answer: B
Explanation:
Group disability policies (Insurance Article, § 15-201) cover accidents like crashes or home injuries, but exclude military service disabilities, often covered by government programs (e.g., VA), reflecting standard exclusions.
References:Maryland Insurance Article, § 15-201; MIA disability insurance standards.
NEW QUESTION # 116
Publishing a derogatory article about the financial condition of an insurer that is false and calculated to injure the insurer is an example of:
Answer: D
Explanation:
Defamation involves publishing or circulating false, malicious statements intended to harm an insurer's reputation. It is prohibited under Maryland law to protect the integrity of insurers.
Defamation (A): Includes any written or spoken communication that is untrue and harms the insurer's business standing.
Intimidation (B): Relates to coercing individuals through threats, not publishing falsehoods.
Extortion (C): Involves demanding something through threats, unrelated to false statements.
Coercion (D): Involves forcing a party to act under duress, not relevant to publishing false information.
References: Maryland Insurance Article §27-205, Unfair Trade Practices and Consumer Protection Act.
NEW QUESTION # 117
All of the following are common underwriting factors used by life insurance companies EXCEPT:
Answer: B
Explanation:
Underwriting involves evaluating risk factors that could influence the likelihood of claims and ensuring compliance with anti-discrimination laws.
Ethnic heritage (A): Incorrect. Using ethnic heritage as an underwriting factor violates anti-discrimination laws, including Maryland Insurance Article §27-501.
Amount of insurance applied for (B): Correct. Insurers consider coverage amounts to assess risk and pricing.
Driving record (C): Correct. Poor driving history, particularly DUI incidents, increases risk.
Family health history (D): Correct. Inherited conditions and family medical history help predict potential health risks.
References: Maryland Insurance Anti-Discrimination Laws, Life Insurance Underwriting Standards, and COMAR 31.08.07.
NEW QUESTION # 118
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