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| Section | Weight | Objectives |
|---|---|---|
| Accident and Health / Sickness Insurance | 20% | - Disability income, medical expense, and long-term care - Mandatory benefits and state-specific health rules - Health insurance basics and policy provisions - HMO, PPO, group vs individual coverage |
| General Insurance Concepts | 15% | - Contract law and principles - Underwriting, premium calculation, and taxation - Insurable interest and risk management |
| Life Insurance Basics and Policies | 25% | - Policy provisions, riders, and options - Types of life insurance: term, whole, universal, variable - Beneficiaries, claims, and settlement options |
| Insurance Regulation | 30% | - Ethics, unfair trade practices, and consumer protection - Policy delivery, replacement rules, and disclosure - State insurance laws and Maryland regulations - Licensing requirements and procedures |
| Annuities and Retirement Products | 10% | - Tax treatment and suitability standards - Fixed, indexed, and variable annuities |
>> Life-and-Accident-and-Health-or-Sickness-Producer-Combo Exam Topic <<
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NEW QUESTION # 139
Policy loan provisions may be found in all of the following life insurance policies EXCEPT:
Answer: A
Explanation:
Comprehensive and Detailed in Depth Explanation:
The correct answer isB. Five-year term life. Policy loans are associated with life insurance policies that buildcash surrender value, such as whole life, limited-pay whole life, and universal life. Maryland's life insurance regulation states that a policy loan provision applies after premiums have been paid for three full years and after the policy has a cash surrender value. The same Maryland regulation also states that, at the insurer's option, the policy loan provision may be omitted in aterm life insurance policy.
A twenty-payment life policy is a limited-pay whole life policy and normally develops cash value. Whole life also develops cash value. Universal life is also a cash-value policy; Maryland's universal life regulation specifically includes policy loans in the definition of cash surrender value. A five-year term policy provides temporary death protection and generally has no cash value, so it is the exception. Official Maryland References: COMAR 31.09.01.08J, Policy Loans, and COMAR 31.09.15.03, Universal Life Insurance definitions.
NEW QUESTION # 140
Which of the following is NOT a mandated benefit in Maryland?
Answer: D
Explanation:
Maryland mandates mental health (§ 15-802), substance abuse (§ 15-803), and hearing aids for children (§ 15-
838), but weight reduction programs are elective and not required (Insurance Article, § 15-801).
References:Maryland Insurance Article, § 15-801, § 15-802, § 15-803, § 15-838; MIA mandated benefits.
NEW QUESTION # 141
All of the following statements about the life insurance protection provided by a family life insurance policy are true EXCEPT:
Answer: D
Explanation:
Family life insurance policies provide comprehensive coverage for families, including automatic coverage for certain dependents.
Option A: Correct. A significant portion of the premium funds whole life insurance for the primary insured (typically the head of household).
Option B: Correct. Dependent children born after the policy is issued are automatically covered, often without additional cost or underwriting.
Option C: Incorrect. Family life insurance policies are not restricted to individuals under 30; this criterion does not exist in standard policy guidelines.
Option D: Correct. Coverage for dependents can often be converted to whole life insurance at specific ages or policy milestones without medical underwriting.
References: Maryland Family Life Insurance Policy Standards, COMAR 31.09.04, and Maryland Insurance Administration Dependent Coverage Guidelines.
NEW QUESTION # 142
Which one of the following is a life insurance policy provision that keeps the policy in force for a time if the premium is not paid?
Answer: C
Explanation:
Comprehensive and Detailed in Depth Explanation:
The correct answer is D. Grace period provision. A grace period gives the policyowner extra time after a premium due date to pay the premium while the life insurance policy remains in force. Maryland's life insurance policy provision regulation states that a grace period of not less than 30 days must be allowed for payment of any premium other than the first premium, and that during the grace period the policy continues in full force. The incontestability clause limits the insurer's ability to contest the policy after a stated period, the conversion option allows conversion of certain coverage, and the assignment provision deals with transferring policy rights. Official Maryland Reference: COMAR 31.09.01.08B, Grace Period.
NEW QUESTION # 143
Which of the following is commonly used to structure the payment of liability insurance settlements, lottery winnings, and other large sums?
Answer: D
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 # 144
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