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

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Insurance Licensing Life and Accident and Health or Sickness Producer - Combo Series 20-30 Sample Questions (Q28-Q33):

NEW QUESTION # 28
If the owner makes a withdrawal from a tax-sheltered annuity, or TSA, at age 56, the amount of federal taxes owed normally will be:

A. Only 10% of the amount withdrawn
B. Nothing, since under a qualified plan the taxes are deferred
C. The usual tax on ordinary income, plus 10% of the amount withdrawn
D. Only the usual tax on ordinary income

Answer: C

Explanation:
Comprehensive and Detailed in Depth Explanation:
The correct answer is C. The usual tax on ordinary income, plus 10% of the amount withdrawn. A tax- sheltered annuity is commonly a 403(b) plan. IRS guidance states that withdrawals from retirement plans before age 59½ are generally early distributions and are subject to an additional 10% tax unless an exception applies. IRS 403(b) guidance also states that in-service withdrawals may be subject to a possible 10% penalty if the participant is under age 59½. Because the owner in this question is age 56, the withdrawal is normally taxable as ordinary income and also subject to the additional 10% early distribution tax, unless an IRS exception applies. Official Federal Tax References: IRS 403(b) Tax-Sheltered Annuity Plans; IRS Topic No.
558, Additional Tax on Early Distributions.

NEW QUESTION # 29
A life insurance policy becomes incontestable after it has been in force for:

A. 3 years
B. 30 days
C. 6 months
D. 2 years

Answer: D

Explanation:
The incontestability clause prevents insurers from voiding a policy after a specified period, except in cases of fraud or non-payment of premiums:
2 years (C): Maryland law mandates a maximum incontestability period of two years. After this period, the insurer cannot deny claims due to misstatements on the application.
30 days (A) and 6 months (B): Too short for standard incontestability clauses.
3 years (D): Exceeds the Maryland limit.
References: Maryland Insurance Article §16-203, Incontestability Clause Guidelines, and COMAR 31.09.09.

NEW QUESTION # 30
An immediate annuity:

A. Pays a lump sum benefit to the annuitant
B. May be purchased in installments
C. Normally permits tax-deductible contributions
D. Lacks an accumulation period

Answer: D

Explanation:
Definition of an immediate annuity.
An immediate annuity is designed to begin income payments shortly after purchase, usually within one year.
Key structural feature.
Immediate annuities are purchased with a single lump sum.
Payments begin almost immediately.
Why there is no accumulation period.
The accumulation period exists only in deferred annuities, where funds grow before payout.
Immediate annuities move directly into the annuity (payout) phase.
Evaluate each option.
A). Purchased in installments
Incorrect; installment purchases describe flexible premium deferred annuities.
B). Pays a lump sum
Incorrect; it pays periodic income, not a lump sum.
C). Lacks an accumulation period
Correct.
D). Tax-deductible contributions
Incorrect; contributions are generally not deductible unless within a qualified plan.
Conclusion.
An immediate annuity has no accumulation period.

NEW QUESTION # 31
Misrepresenting pertinent policy provisions relating to coverages after a loss is:

A. An unfair claim settlement practice
B. A violation of the principle of adhesion
C. An unfair discrimination between individuals
D. A concealment in insurance applications

Answer: A

Explanation:
Misrepresenting coverage post-loss (Insurance Article, § 27-303) is an unfair claims practice, deceiving claimants about benefits. Concealment applies pre-policy, discrimination involves unequal treatment, and adhesion relates to contract terms, not claims.
References:Maryland Insurance Article, § 27-303; MIA claims practices.

NEW QUESTION # 32
Which one of the following is a true statement regarding the Maryland Insurance Commissioner?

A. The Commissioner shall serve for a term of 6 years
B. The Commissioner is in the executive service of the State Personnel Management System and is entitled to payment from the State Insurance Guaranty Fund
C. The Commissioner shall counsel and advise the Governor on all matters assigned to the Maryland Insurance Administration
D. The Commissioner is elected by a majority vote of the Maryland Senate

Answer: C

Explanation:
Comprehensive and Detailed in Depth Explanation:
The correct answer is C. The Commissioner shall counsel and advise the Governor on all matters assigned to the Maryland Insurance Administration. Maryland Insurance Article §2-103 states that the Governor appoints the Commissioner with the advice and consent of the Senate, the Commissioner serves a 4-year term, is directly responsible to the Governor, and must counsel and advise the Governor on matters assigned to the Administration. Option A is incorrect because the Commissioner is appointed, not elected by Senate vote.
Option B is incorrect because the term is 4 years, not 6 years. Option D is incorrect because although the Commissioner is in the executive service, compensation is under the Executive Pay Plan in accordance with the State budget, not from the State Insurance Guaranty Fund. Official Maryland Reference: Maryland Insurance Article §2-103.

NEW QUESTION # 33
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