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

SectionWeightObjectives
Annuities and Retirement Products10%- Tax treatment and suitability standards
- Fixed, indexed, and variable annuities
Accident and Health / Sickness Insurance20%- HMO, PPO, group vs individual coverage
- Disability income, medical expense, and long-term care
- Health insurance basics and policy provisions
- Mandatory benefits and state-specific health rules
Life Insurance Basics and Policies25%- Beneficiaries, claims, and settlement options
- Types of life insurance: term, whole, universal, variable
- Policy provisions, riders, and options
General Insurance Concepts15%- Underwriting, premium calculation, and taxation
- Insurable interest and risk management
- Contract law and principles
Insurance Regulation30%- State insurance laws and Maryland regulations
- Licensing requirements and procedures
- Ethics, unfair trade practices, and consumer protection
- Policy delivery, replacement rules, and disclosure

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Insurance Licensing Life and Accident and Health or Sickness Producer - Combo Series 20-30 Sample Questions (Q13-Q18):

NEW QUESTION # 13
A disability income insurance policy typically provides coverage for disabilities resulting from:

Answer: B

Explanation:
Disability income policies (Insurance Article, § 15-201) cover both accidents and sickness, providing broad income protection, not limited to one cause or occupational incidents.
References:Maryland Insurance Article, § 15-201; MIA disability standards.


NEW QUESTION # 14
An insurance producer provided several examples to the applicant persuasively demonstrating that the insurance coverage offered under his company's policy was superior to a competitor's product. The insurance producer knew he was misrepresenting or stretching the truth in order to induce the applicant to forfeit her current policy and purchase a similar but inferior insurance policy from him. The insurance producer is involved in which one of the following unfair trade practices?

Answer: D

Explanation:
Twisting (Insurance Article, § 27-203) involves misrepresenting policy benefits to induce replacement with an inferior product. Fraud is broader, discrimination isn't relevant, and rebating offers financial inducements, not misrepresentation.
References:Maryland Insurance Article, § 27-203; MIA trade practice rules.


NEW QUESTION # 15
To be eligible for major medical extended care benefits, a patient must:

Answer: B

Explanation:
Extended care under major medical (Insurance Article, § 15-201) requires continuous skilled nursing care (e.
g., nursing home), not just terminal illness, surgery, or therapy, which have broadercriteria.
References:Maryland Insurance Article, § 15-201; MIA major medical standards.


NEW QUESTION # 16
The amount received for a life insurance policy in a viatical settlement is:

Answer: D

Explanation:
A viatical settlement allows a policyowner (often with a terminal illness) to sell their life insurance policy for immediate cash, typically to a third party.
Less than the death benefit (D): The settlement amount is a fraction of the policy ' s face value, reflecting the buyer ' s expected profit after paying premiums and collecting the death benefit.
Equal to the sum of all premiums paid (A): This is incorrect as premiums paid do not determine the settlement amount.
Equal to the death benefit (B): The buyer profits from receiving the full death benefit upon the insured's death, so they pay less upfront.
Greater than the death benefit (C): This would result in a financial loss for the buyer, which is not the case in viatical settlements.
References: Maryland Viatical Settlement Act, COMAR 31.09.10, and Terminal Illness Policyholder Assistance Guidelines.


NEW QUESTION # 17
An individual purchased a flexible premium deferred annuity. When must the interest income be reported for federal income tax purposes?

Answer: B

Explanation:
Tax treatment of deferred annuities.
A deferred annuity accumulates interest on a tax-deferred basis.
Interest earnings are not reported annually while they remain in the contract.
Trigger for taxation.
Federal tax law, followed by Maryland for income reporting, requires taxation only when distributions are received.
Interest is taxed as ordinary income, not capital gains.
Evaluate each option.
A). Annually
Incorrect. This would describe taxable interest accounts, not annuities.
B). After recovering principal
Incorrect. Under the LIFO rules for annuities, interest is taxed first.
C). Upon receiving distributions or income benefits
Correct. This is when taxation occurs.
D). Tax-exempt
Incorrect. Annuities are tax-deferred, not tax-exempt.
Conclusion.
Interest income is reported when distributions are received.


NEW QUESTION # 18
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