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| Section | Objectives |
|---|---|
| Topic 1: Life Insurance | - Life policy provisions and riders - Types of life insurance policies
|
| Topic 2: Ethics and Professional Conduct | - Ethical responsibilities of insurance producers - Consumer protection standards |
| Topic 3: Policy Provisions and Options | - Beneficiaries and policy ownership - Standard policy provisions |
| Topic 4: Accident and Health Insurance | - Health insurance plans and structures - Disability income and medical expense coverage |
| Topic 5: State Insurance Regulations | - Unfair trade practices and compliance - Producer licensing requirements |
| Topic 6: Insurance Fundamentals | - Insurable interest and risk management concepts - Basic insurance principles |
| Topic 7: Federal Regulations and Taxation | - Federal insurance-related regulations - Tax treatment of insurance products |
| Topic 8: Annuities | - Accumulation and payout options - Annuity types and features |
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NEW QUESTION # 83
The owner's cost basis in a non-qualified deferred annuity is usually equal to the:
Answer: C
Explanation:
Meaning of cost basis.
Cost basis represents the amount of after-tax money the owner has invested in the contract.
Non-qualified annuity definition.
A non-qualified annuity is purchased with after-tax dollars, not through a qualified retirement plan.
How cost basis is calculated.
The cost basis equals the sum of all premiums paid, minus any non-taxable withdrawals previously received.
Why this matters for taxation.
When distributions occur:
Earnings are taxable as ordinary income.
The cost basis portion is returned tax-free.
Evaluate each option.
A). Opportunity cost
An economic concept, not a tax basis.
B). Total premiums paid
Correct. This is the owner's investment in the contract.
C). Guaranteed cash value
A policy feature, not tax basis.
D). Actual cash value
Includes earnings, not just after-tax investment.
Conclusion.
The cost basis of a non-qualified annuity is the total premiums paid.
NEW QUESTION # 84
Medical charges that fall within the range of fees normally charged for a given procedure in a certain geographical area are called:
Answer: A
Explanation:
Reasonable and customary charges are the typical fees for a procedure in a geographic area, used to set reimbursement levels (Insurance Article, § 15-1005). Preapproved charges require prior authorization, utilization charges relate to service reviews, and scheduled charges are fixed fees, none of which define this standard.
References:Maryland Insurance Article, § 15-1005; MIA health insurance guidelines.
NEW QUESTION # 85
When the owner of a life insurance policy reserves the right to change the beneficiary, the arrangement is called:
Answer: A
Explanation:
Beneficiary designation concepts.
Life insurance policies allow the owner to name beneficiaries who receive proceeds at death.
Revocable vs. irrevocable designations.
A revocable beneficiary can be changed by the policyowner at any time without the beneficiary's consent.
An irrevocable beneficiary cannot be changed without the beneficiary's written consent.
Evaluate each option.
A). Contingent designation
Refers to a secondary beneficiary, not the right to change.
B). Irrevocable designation
Opposite of the described situation.
C). Contestable designation
Not a valid beneficiary term.
D). Revocable designation
Correct. This allows the policyowner to change beneficiaries.
Maryland relevance.
Maryland recognizes revocable beneficiary designations unless the policy specifically states otherwise.
Conclusion.
Reserving the right to change beneficiaries is a revocable designation.
NEW QUESTION # 86
Which is true about the taxation of benefit payments under a non-qualified annuity?
Answer: D
Explanation:
What a non-qualified annuity is.
A non-qualified annuity is purchased with after-tax dollars, not through a qualified retirement plan (such as an IRA or 401(k)).
Tax treatment of annuity distributions.
Distributions are taxed under the interest-first (LIFO) rule, meaning:
Earnings are taxed first as ordinary income.
Principal (cost basis) is returned tax-free only after earnings are exhausted.
Age-based penalty rule.
If distributions are taken before age 59½, the taxable portion may be subject to:
Ordinary income tax, and
An additional 10% federal penalty tax, unless an exception applies.
Evaluate each option.
A). Fully taxable at all times
Incorrect. Only the earnings portion is taxable.
B). Must begin by age 70½
Incorrect. Required minimum distributions apply to qualified plans, not non-qualified annuities.
C). Before age 59½ may be subject to a penalty
Correct.
D). After age 59½ tax exempt
Incorrect. Earnings are still taxable as ordinary income.
Maryland tax conformity.
Maryland follows federal tax treatment for annuity distributions.
Conclusion.
Early distributions from non-qualified annuities may be subject to a penalty, making option C correct.
NEW QUESTION # 87
An insurance adviser's written contract with the client must include all of the following EXCEPT:
Answer: D
Explanation:
Comprehensive and Detailed in Depth Explanation:
The correct answer is A. Expiration date of the consultant's license. Maryland law requires an agreement between an insurance adviser and another person to be in writing, executed in duplicate, delivered to and kept by the client, and to plainly state the amount of the fee paid or to be paid and the services to be performed by the adviser. The agreement must also be in the form currently approved by the Commissioner. The expiration date of the adviser's license is not listed as a required item in the client contract.
The amount of the fee is specifically required. The scope, timing, or duration of advisory services may be part of the services to be performed under the approved agreement form. Compensation disclosures are important because Maryland law separately states that an adviser's license does not authorize the adviser to receive compensation from an insurer or insurance producer for the sale or placement of insurance. Official Maryland References: Maryland Insurance Article §10-215 and §10-208.
NEW QUESTION # 88
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