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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Annuities and Retirement Products | 10% | - Tax treatment and suitability standards - Fixed, indexed, and variable annuities |
| Topic 2: Insurance Regulation | 30% | - Ethics, unfair trade practices, and consumer protection - Policy delivery, replacement rules, and disclosure - Licensing requirements and procedures - State insurance laws and Maryland regulations |
| Topic 3: Accident and Health / Sickness Insurance | 20% | - Health insurance basics and policy provisions - Disability income, medical expense, and long-term care - Mandatory benefits and state-specific health rules - HMO, PPO, group vs individual coverage |
| Topic 4: General Insurance Concepts | 15% | - Underwriting, premium calculation, and taxation - Insurable interest and risk management - Contract law and principles |
| Topic 5: Life Insurance Basics and Policies | 25% | - Types of life insurance: term, whole, universal, variable - Policy provisions, riders, and options - Beneficiaries, claims, and settlement options |
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NEW QUESTION # 143
When determining the premiums for large groups, most insurance companies use:
Answer: D
Explanation:
Large group premiums (Insurance Article, § 15-1205) use experience rating, basing rates on the group's claims history. Occupational rating applies to specific jobs, area rating to geography, and pooled rating to small groups, none of which dominate large groups.
References:Maryland Insurance Article, § 15-1205; MIA group insurance guidelines.
NEW QUESTION # 144
What does the annuitant usually receive during the liquidation phase of an annuity?
Answer: D
Explanation:
During the liquidation phase, an annuity pays out benefits to the annuitant based on the terms of the contract.
Benefit payments at regular intervals (B): Correct. These payments are structured as monthly, quarterly, or yearly installments based on the chosen payout option.
Cash withdrawals upon request (A): Relates to the accumulation phase, not liquidation.
A lump sum (C): Applies only if the annuity is structured for a single payout, not typical during the liquidation phase.
Nothing (D): Incorrect, as this phase is specifically for distributing payments.
References: Maryland Annuity Guidelines, Payout Options, and COMAR 31.09.08.
NEW QUESTION # 145
Which activity requires an individual to be licensed as an adviser, rather than as a producer?
Answer: B
Explanation:
Identify what an "adviser" does vs. what a "producer" does (conceptual distinction).
A producer (agent/broker) is generally licensed to solicit, sell, negotiate, or bind insurance and is typically compensated by commissions paid by insurers.
An insurance adviser/consultant is generally someone who is compensated by a client fee to provide advisory
/consulting services about insurance, rather than acting as the seller/placer of coverage for commission.
Evaluate each option against the adviser-vs-producer role.
A). Giving advice on policy coverages to an insured
Producers commonly explain coverages as part of selling/servicing policies. This is usually within the scope of producer activity.
So, this does not uniquely require an adviser license.
B). Charging a fee for contracted insurance advisory services
Charging a separate advisory fee under a consulting/advisory contract is the hallmark of an insurance adviser
/consultant function (fee-based advice).
Therefore, this activity is the one that points to needing an adviser license rather than a producer license.
C). Receiving commissions from an insurance company
Commissions are the standard compensation model for producers, not advisers.
So, this aligns with a producer license.
D). Binding insurance coverage with licensed insurers
Binding coverage is a classic producer/agent function (authority to place coverage).
So, this aligns with a producer license.
Maryland regulatory context tie-in (why this matters in practice).
Maryland's insurance framework recognizes licensed producer activity (e.g., the regulations define "licensed producer" in COMAR 31.15.07 as a person licensed under Maryland Insurance Article Title 10 Subtitle 1).
While your provided Maryland claims-handling document mainly covers unfair claim settlement practices and claims standards, it still reinforces that Maryland insurance activities are regulated and role-based (e.g., it defines licensed producer and regulates insurer/producer conduct in claims communications).
In a real-world compliance setting, charging a fee for advisory services is treated differently from being paid by insurer commission, which is why "adviser" licensing is associated with fee-based insurance consulting rather than selling/binding policies.
Bottom line.
Only Option B clearly describes the fee-based advisory/consulting activity that requires an adviser (consultant) license rather than a producer license.
NEW QUESTION # 146
In order to qualify for a company convention, an insurance producer agrees to pay the first quarterly premium for the applicant for new insurance. This is called a:
Answer: B
Explanation:
Paying an applicant's premium is considered a rebate, which is generally prohibited in Maryland unless explicitly permitted by law.
Rebates (B) involve offering inducements not specified in the policy, which can undermine fairness and market stability.
Gifts (A) and loans (C) imply separate intentions and are distinct from policy-related payments.
Cost of doing business (D) does not apply, as paying premiums on behalf of clients violates anti-rebating laws.
References: Maryland Rebating Laws, Unfair Trade Practices Act.
NEW QUESTION # 147
When a producer engages in unfair practices, all of the following are true EXCEPT:
Answer: C
Explanation:
Authority of the Maryland Insurance Administration (MIA).
The MIA has the authority to investigate complaints, conduct hearings, and impose disciplinary actions against licensed producers.
Evaluate each option.
A). Investigation and hearing
Correct. The MIA investigates alleged violations and may hold administrative hearings.
B). Decision is final
Incorrect. MIA decisions are subject to judicial review and appeal under Maryland administrative law.
C). License suspension
Correct. The MIA may suspend, revoke, or refuse to renew a producer's license.
Good-faith enforcement relevance.
Maryland's system ensures fairness by allowing producers due process and appeal rights.
Conclusion.
Because MIA decisions are not automatically final, option B is the correct answer.
NEW QUESTION # 148
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