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| Section | Objectives |
|---|---|
| State Law and Regulations | - Insurance producer regulations
|
| Accident and Health Insurance | - Health insurance types
|
| Life Insurance | - Life insurance policies
|
| General Insurance Concepts | - Insurance principles and risk management
|
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NEW QUESTION # 216
Which policy provision allows an employee to change from group coverage to an individual life insurance policy?
Answer: A
Explanation:
Nature of group life insurance.
Group life insurance is typically tied to employment and ends when employment terminates.
Purpose of the conversion provision.
The conversion provision protects employees by allowing them to:
Convert group coverage to an individual policy
Do so without evidence of insurability
Apply within a specified time period after termination
Why conversion is critical.
Prevents loss of coverage due to job loss or retirement.
Especially important if the employee's health has declined.
Evaluate each option.
A). Nonforfeiture
Applies to cash value policies, not group life.
B). Conversion
Correct. This provision grants the conversion right.
C). Assignment
Transfers ownership, not coverage type.
D). Incontestability
Limits defenses after a period of time.
Maryland consumer protection relevance.
Maryland requires clear disclosure of conversion rights to prevent gaps in life insurance protection.
Conclusion.
The conversion provision allows group coverage to become individual coverage.
NEW QUESTION # 217
All of the following are elements of an insurable risk EXCEPT:
Answer: D
Explanation:
Definition of insurable risk.
An insurable risk must meet certain criteria so insurers can predict losses and set premiums fairly.
Required elements of an insurable risk.
Accidental loss: Loss must be unintended and fortuitous.
Definite and measurable loss: The amount and timing of loss must be determinable.
Large number of similar exposures: Allows insurers to use the law of large numbers.
Non-catastrophic to the insurer: Losses must not affect all policyholders at once.
Why speculative risk is excluded.
Speculative risks involve the possibility of gain or loss (e.g., gambling or investing).
Insurance only covers pure risks, which involve the possibility of loss or no loss, but no gain.
Evaluate each option.
A). Speculative risk
Incorrect for insurability and therefore the correct answer.
B). Accidental loss
Required element.
C). Large number of similar units
Required for actuarial predictability.
D). Ability to measure the loss
Required to determine claim amounts.
Conclusion.
Speculative risk is not insurable, making option A correct.
NEW QUESTION # 218
Based on the law of large numbers, which one of the following is true if the number of similar insured units increases?
Answer: A
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 # 219
Which contract offers flexible deposits, deferred taxation, a guaranteed minimum interest rate, and death proceeds equal to the cash value?
Answer: D
Explanation:
A flexible premium fixed annuity allows policyholders to make varying contributions while offering tax- deferred growth and a guaranteed minimum interest rate.
Flexible premium fixed annuity (C): Correct. Combines flexible payments with guaranteed returns and death proceeds equal to cash value.
Adjustable whole life (A): Involves fixed payments and lacks tax-deferred features.
Available deferred annuity (B): Vague and not specifically tied to these features.
Universal life (D): Provides death benefits but lacks guaranteed minimum interest rates.
References: Maryland Annuity Regulations, COMAR 31.09.08, and Fixed Annuity Product Guidelines.
NEW QUESTION # 220
(What is the effect on a life insurance policy if the insured fails to repay the full value of loans taken against the policy?)
Answer: D
Explanation:
Comprehensive and Detailed Step by Step Explanation:
* Policy loans:With cash value life insurance, policy loans may be taken against the cash value.
* Loan balance at death:If not repaid, the loan balance (plus interest) is typically deducted from the policy proceeds.
* Why D is correct:Unrepaid loans reduce thenet death benefitpayable to the beneficiary.
* Why others are wrong:
* A: The policy generally does not become void simply because a loan exists; lapse can occur only if loan + interest exceed cash value and the policy can't sustain charges.
* B: Premium isn't automatically increased because of a loan.
* C: Dividends may be affected depending on policy type, but the standard, direct effect tested is reduction of proceeds.
* Maryland reference:Any insurer explanation about claim payment must be clear and not misleading; Maryland requires identifying the coverage/payment basis and prohibits misrepresentation of policy provisions.
NEW QUESTION # 221
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