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

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

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Insurance Licensing Life and Accident and Health or Sickness Producer - Combo Series 20-30 Sample Questions (Q166-Q171):

NEW QUESTION # 166
The provision in a life insurance policy that allows the policyowner to cancel the policy within a limited period of time after delivery of the policy and receive a full premium refund is the:

A. Free look period
B. Grace period
C. Probationary period
D. Discovery period

Answer: A

Explanation:
Purpose of the free look period.
The free look period allows the policyowner to review the policy after delivery.
Consumer protection function.
Maryland law requires a minimum free look period (commonly 10 days).
If cancelled within this time, the policyowner receives a full refund.
Why the other options are incorrect.
Discovery period: Related to claims-made policies.
Probationary period: Often associated with health insurance waiting periods.
Grace period: Allows late premium payment, not cancellation.
Conclusion.
The correct provision is the free look period.

NEW QUESTION # 167
Which type of coverage bases benefit eligibility on the capacity to perform activities of daily living?

A. Medicare supplement
B. Major medical expense
C. Long-term disability
D. Long-term care insurance

Answer: D

Explanation:
Long-term care insurance (Insurance Article, § 18-101) triggers benefits based on inability to perform ADLs (e.g., bathing), unlike Medigap, major medical, or disability, which focus on medical or work criteria.
References:Maryland Insurance Article, § 18-101; MIA long-term care rules.

NEW QUESTION # 168
An insurance adviser's written contract with the client must include all of the following EXCEPT:

A. Amount of the fee
B. Disclosure as to whether commissions may be received
C. Expiration date of the consultant's license
D. Duration of the contract

Answer: C

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 # 169
Upon terminating employment, Kim requested the 401(k) plan trustee to distribute the entire accrued benefit by a check made payable to the custodian of Kim's individual retirement account. Under IRS rules, this transaction will be:

A. Subject to mandatory income tax withholding
B. Considered as a Section 1035 exchange
C. Treated as a direct rollover
D. Subject to an excise tax

Answer: C

Explanation:
Definition of a direct rollover.
A direct rollover occurs when retirement funds are transferred directly from one trustee to another without the participant taking possession.
Apply the facts.
The check is payable to the IRA custodian, not to Kim.
Kim never has constructive receipt of the funds.
Evaluate each option.
A). Excise tax
Not applicable to a direct rollover.
B). Mandatory withholding
Does not apply to direct rollovers.
C). Section 1035 exchange
Applies to insurance and annuities, not qualified plans.
D). Direct rollover
Correct under IRS rules.
Conclusion.
This transaction is treated as a direct rollover.

NEW QUESTION # 170
Needs analysis is a method of life insurance planning which:

A. Eliminates the need for estimating future interest and inflation rates
B. Ignores Social Security benefit payments
C. Requires the team effort of the producer and home office underwriter
D. Identifies the needs of an individual and the individual's dependents

Answer: D

Explanation:
Definition of needs analysis.
Needs analysis is a planning method that evaluates:
Income replacement
Debts
Education funding
Final expenses
Survivor needs
Purpose of the method.
To determine how much life insurance is needed, not just whether insurance is needed.
Evaluate each option.
A). Identifies needs of the individual and dependents
Correct. This is the core function.
B). Eliminates future estimates
Incorrect. Inflation and interest must still be considered.
C). Requires underwriter participation
Incorrect. Needs analysis is done by the producer and client.
D). Ignores Social Security
Incorrect. Social Security benefits are included in analysis.
Maryland suitability relevance.
Needs analysis supports suitability and good-faith recommendations required by Maryland law.
Conclusion.
Needs analysis identifies the financial needs of the individual and dependents.

NEW QUESTION # 171
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