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

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

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Insurance Licensing Life and Accident and Health or Sickness Producer - Combo Series 20-30 Sample Questions (Q86-Q91):

NEW QUESTION # 86
A life insurance producer is normally responsible for all of the following EXCEPT:

A. Approving policies for issue on behalf of the insurer
B. Notifying the company if a new policy will replace an existing policy
C. Collecting the initial premium from the applicant
D. Delivering newly issued policies to applicants

Answer: A

Explanation:
Producers have defined responsibilities, but they:
Do not approve policies for issue (C); this authority lies with the insurer ' s underwriting department.
Deliver policies (A) and notify insurers about replacements (B) as part of their role.
Collecting initial premiums (D) is a standard practice.
References: Maryland Producer Responsibilities Guidelines.

NEW QUESTION # 87
An individual purchased a flexible premium deferred annuity. When must the interest income be reported for federal income tax purposes?

A. Never at any time because an annuity has tax-exempt status
B. At least annually throughout the period of the contract
C. Upon receiving distributions or income benefits from the contract
D. After first recovering the principal invested in the contract

Answer: C

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 # 88
What might be considered an unfair claims settlement practice?

A. Failing to promptly investigate and settle legitimate claims
B. Denying coverage for claims after a timely investigation
C. Offering compromise settlements when facts are in question
D. Compelling insureds to litigate claims where a real coverage dispute exists

Answer: A

Explanation:
Maryland's Unfair Claim Settlement Practices standards.
Maryland law requires insurers to:
Promptly investigate claims
Act in good faith
Attempt fair and equitable settlements when liability is clear
Analyze each option carefully.
A). Compromise settlements when facts are in question
This is a legitimate and encouraged claims practice.
B). Denying coverage after timely investigation
Permissible if the denial is based on policy terms.
C). Failing to promptly investigate and settle legitimate claims
This is a classic unfair claims settlement practice under Maryland law.
D). Compelling litigation when a real dispute exists
Allowed when coverage is genuinely disputed.
Good-faith obligation.
Delays or failures to settle valid claims undermine the insurer's duty of good faith and fair dealing.
Regulatory consequences.
Such conduct may lead to:
Administrative penalties
Market conduct actions
Civil bad-faith exposure
Conclusion.
Failure to promptly investigate and settle valid claims is an unfair claims settlement practice.

NEW QUESTION # 89
A transaction in which an existing annuity contract is terminated and a new one is issued is called:

A. Reinstatement
B. Conversion
C. Replacement
D. Continuation

Answer: C

Explanation:
Definition of annuity replacement.
Replacement occurs when an existing annuity is surrendered, lapsed, or terminated and replaced with a new annuity.
Why replacements are regulated.
Replacements may trigger:
Surrender charges
Loss of benefits
Restart of surrender periods
Maryland disclosure requirements.
Producers must disclose all consequences of annuity replacement to comply with good-faith and suitability rules.
Why the other options are incorrect.
Conversion: Applies to term-to-permanent policies.
Continuation: Keeping the same contract.
Reinstatement: Restoring a lapsed policy.
Conclusion.
Terminating one annuity and issuing another is a replacement.

NEW QUESTION # 90
One feature that distinguishes a continuous premium whole life policy from a limited payment whole life policy is:

A. The form in which dividends are paid
B. The length of time premiums will be paid
C. The mortality table from which premiums are calculated
D. The settlement options available

Answer: B

Explanation:
Types of whole life policies.
Both continuous premium and limited payment whole life policies provide lifetime coverage.
Key difference between the two.
Continuous premium whole life requires premiums to be paid for the insured's entire life.
Limited payment whole life requires premiums for a shorter, defined period (e.g., 20-pay, paid-up at 65).
Evaluate each option.
A). Length of time premiums are paid
Correct. This is the distinguishing feature.
B). Settlement options
Generally the same for both.
C). Mortality table
The same actuarial principles apply.
D). Dividend form
Not a distinguishing feature.
Conclusion.
The primary difference is how long premiums are paid.

NEW QUESTION # 91
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