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

Section	Objectives
Topic 1: State Law and Regulations	- Insurance producer regulations 1. Ethics and fiduciary duties 2. Licensing requirements
Topic 2: Life Insurance	- Policy provisions and riders 1. Beneficiaries and settlements 2. Policy loans and dividends - Life insurance policies 1. Term life insurance 2. Whole life insurance 3. Universal life insurance
Topic 3: Accident and Health Insurance	- Health insurance types 1. Medical expense insurance 2. Long-term care insurance 3. Disability income insurance - Policy provisions 1. Coordination of benefits 2. Exclusions and limitations
Topic 4: General Insurance Concepts	- Insurance principles and risk management 1. Risk types and management methods 2. Insurance contract fundamentals

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Insurance Licensing Life and Accident and Health or Sickness Producer - Combo Series 20-30 Sample Questions (Q49-Q54):

NEW QUESTION # 49
An insurer may pay a commission directly or indirectly to:

A. A surplus lines broker operating without a license for less than one year
B. A producer whose license is terminated after earning the commission
C. An unlicensed employee of the insurer
D. Anyone soliciting business for the insurer

Answer: B

Explanation:
Commissions (Insurance Article, § 10-103) require a license, but a producer earning a commission while licensed can be paid post-termination. Unlicensed individuals or brokers can't legally receive commissions.
References:Maryland Insurance Article, § 10-103, § 10-130, § 3-306; MIA commission rules.

NEW QUESTION # 50
All of the following statements about universal life insurance are true EXCEPT:

A. It may be written with either a level death benefit or an increasing death benefit
B. Withdrawals of the policy cash value are permitted and sometimes subject to a surrender charge
C. The Internal Revenue Code places a minimum limitation on the difference between the cash value and the death benefit
D. Failure to pay the renewal premium automatically causes the policy to lapse

Answer: D

Explanation:
Universal life insurance policies offer flexibility and adaptability, but they also have specific rules:
Minimum cash value vs. death benefit (A): Correct. IRS rules require a minimum difference to maintain tax- advantaged status.
Level or increasing death benefits (B): Correct. Policyholders can choose based on their needs.
Cash value withdrawals (C): Correct. Withdrawals are allowed but may incur surrender charges.
Automatic lapse (D): Incorrect. Universal life does not immediately lapse due to missed payments; instead, costs are deducted from the cash value, and the policy remains in force until the cash value is depleted.
References: Maryland Insurance Administration Policy Lapse Guidelines, IRS Tax Code §7702, and COMAR
31.09.13.

NEW QUESTION # 51
Disability income insurance premiums are a deductible expense when the premiums are paid by:

A. An insured for individual disability income coverage
B. An employee for group disability income coverage
C. A partnership for group disability income coverage for the partners
D. A corporation for group disability income coverage for the employees

Answer: D

Explanation:
Under IRC § 162, premiums paid by a corporation for group disability coverage for employees are deductible as a business expense, with benefits taxable to employees. Partnerships can't deduct for partners (owners), individual premiums aren't deductible (IRC § 213), and employee-paid premiums don't qualify unless under specific plans. Maryland follows federal tax treatment.
References:Maryland Insurance Article; IRC § 162, § 213; MIA tax guidelines.

NEW QUESTION # 52
Which federal government agency enforces the securities laws enacted by Congress?

A. The National Securities Regulatory Commission
B. The Securities Investment Commission
C. The Securities and Exchange Commission
D. The Variable Investment Commission

Answer: C

Explanation:
Role of federal securities regulation.
Securities laws regulate investments such as:
Stocks
Bonds
Variable life insurance
Variable annuities
Authority of the SEC.
The Securities and Exchange Commission (SEC) is the federal agency created by Congress to:
Enforce federal securities laws
Regulate securities markets
Protect investors
Relevance to insurance producers.
Maryland producers selling variable products must:
Hold an insurance license, and
Be registered with FINRA and regulated by the SEC.
Why the other options are incorrect.
The other agencies listed do not exist under federal law.
Conclusion.
The SEC enforces securities laws enacted by Congress.

NEW QUESTION # 53
Under which marketing system do insurers solicit customers by mass media advertising and mail without the services of a producer?

A. Branch office
B. Direct response
C. Contingent
D. Captive agent

Answer: B

Explanation:
Direct response (Insurance Article, § 10-101) uses mass media and mail to sell directly, bypassing producers, unlike branch offices, captive agents, or contingent systems, which involve intermediaries.
References:Maryland Insurance Article, § 10-101; MIA marketing guidelines.

NEW QUESTION # 54
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