Maryland Life and Health Insurance Licensing
Exam Questions With Correct Answers
After |an |insured |gives |notice |of |loss, |what |must |he/she |do |if |the |insurer |does |not |furnish |
forms? |- |CORRECT |ANSWER✔✔-File |written |proof |of |loss
Which |of |these |factors |help |determine |an |insured's |life |insurance |premium? |- |CORRECT |
ANSWER✔✔-Avocation |(hobby)
The |Life |and |Health |Guaranty |Corporation |provides |funds |to |carry |out |its |powers |and |duties |
by |assessing |- |CORRECT |ANSWER✔✔-Member |insurers
Lifetime |protection |- |CORRECT |ANSWER✔✔-A |limited |payment |whole |life |policy |provides
Decreasing |term |life |- |CORRECT |ANSWER✔✔-The |least |expensive |option |to |pay |off |a |30-yea |
mortgage |balance |would |be?
May |never |raise |premiums |- |CORRECT |ANSWER✔✔-In |contrast |to |a |guaranteed |renewable |
policy, |a |noncancellable |policy
Period |of |time |after |the |premium |is |due |but |the |policy |remains |in |force |- |CORRECT |
ANSWER✔✔-What |is |an |insurance |policy's |grace |period?
30 |days |- |CORRECT |ANSWER✔✔-The |standard |grace |period |for |a |life |insurance |policy |sold |in |
Maryland |is
,At |least |21 |years |old |- |CORRECT |ANSWER✔✔-Which |of |the |following |is |NOT |a |requirement |for
|soliciting |insurance |in |Maryland?
Medicare |supplement |Plan |F |- |CORRECT |ANSWER✔✔-Which |type |of |plan |would |be |most |
appropriate |for |an |individual |on |Medicare |and |is |concerned |that |Medicare |will |NOT |pay |for |
charges |exceeding |the |approved |amount?
Variable |life |insurance |- |CORRECT |ANSWER✔✔-A |securities |license |is |required |for |a |life |
insurance |producer |to |sell
Master |policy |- |CORRECT |ANSWER✔✔-What |is |the |contract |called |that |is |issued |to |an |
employer |for |a |Group |Medical |Insurance |Plan?
Insurable |interest |can |be |established |sufficiently |by |sentimental |attachment |alone |- |CORRECT |
ANSWER✔✔-In |regards |to |a |life |insurance |contract, |which |of |the |following |statements |is |NOT |
true |regarding |the |concept |of |insurable |interest?
How |to |take |legal |action |against |an |insurance |company |- |CORRECT |ANSWER✔✔-Which |of |the |
following |is |NOT |information |found |in |a |life |insurance |buyer's |guide?
Lower |than |the |typical |whole |life |policy |during |the |first |few |years |and |then |higher |than |typical
|for |the |remainder |- |CORRECT |ANSWER✔✔-The |premium |for |a |Modified |whole |life |policy |is?
Nonresident |producer |- |CORRECT |ANSWER✔✔-A |producer |who |is |licensed |in |Maryland |but |
resident |in |another |state |is |called |a?
Taxable |income |- |CORRECT |ANSWER✔✔-Justin |is |receiving |disability |income |benefits |from |a |
group |policy |paid |for |by |his |employer. |How |are |these |benefits |treated |for |tax |purposes?
, Excludes |payments |for |a |short-term |illness |or |injury |- |CORRECT |ANSWER✔✔-The |waiting |
period |for |a |disability |insurance |policy
Adjustable |Life |(Adjustable |Life |allows |the |policyowner |to |change |two |policy |features: |
premium |and |face |amount) |- |CORRECT |ANSWER✔✔-A |policyowner |may |change |two |policy |
features |on |what |type |of |life
Change |of |occupation |(The |change |of |occupation |provision |is |considered |an |OPTIONAL |
provision) |- |CORRECT |ANSWER✔✔-Which |of |the |following |is |NOT |a |required |provision |in |an |
accident |and |health |insurance |policy?
Annuity |- |CORRECT |ANSWER✔✔-Fixed |period |settlement |options |are |considered |to |be |a |form |
of |a(n)
Automobile |- |CORRECT |ANSWER✔✔-Which |of |these |factors |is |NOT |taken |into |account |when |
determining |an |applicant's |life |insurance |needs?
Fare-paying |passenger |- |CORRECT |ANSWER✔✔-A |life |insurance |policy |normally |contains |a |
provision |that |restricts |coverage |in |the |event |of |death |under |all |of |the |following |situations |
EXCEPT
Silver |Plan |- |CORRECT |ANSWER✔✔-According |to |the |Affordable |Care |Act, |what |metal |tier |is |
required |to |have |an |actuarial |value |of |70% |with |covered |individuals |paying |30% |through |
deductibles, |co-pays, |and |other |cost |sharing |features?
Insurer |- |CORRECT |ANSWER✔✔-The |identity |of |the |____ |must |be |made |clear |in |every |health |
insurance |advertisement
Obtain |the |beneficiary's |signature |- |CORRECT |ANSWER✔✔-When |a |producer |is |replacing |an |
existing |ordinary |life |insurance |policy, |the |producer |must |take |all |of |the |following |actions |
EXCEPT
Exam Questions With Correct Answers
After |an |insured |gives |notice |of |loss, |what |must |he/she |do |if |the |insurer |does |not |furnish |
forms? |- |CORRECT |ANSWER✔✔-File |written |proof |of |loss
Which |of |these |factors |help |determine |an |insured's |life |insurance |premium? |- |CORRECT |
ANSWER✔✔-Avocation |(hobby)
The |Life |and |Health |Guaranty |Corporation |provides |funds |to |carry |out |its |powers |and |duties |
by |assessing |- |CORRECT |ANSWER✔✔-Member |insurers
Lifetime |protection |- |CORRECT |ANSWER✔✔-A |limited |payment |whole |life |policy |provides
Decreasing |term |life |- |CORRECT |ANSWER✔✔-The |least |expensive |option |to |pay |off |a |30-yea |
mortgage |balance |would |be?
May |never |raise |premiums |- |CORRECT |ANSWER✔✔-In |contrast |to |a |guaranteed |renewable |
policy, |a |noncancellable |policy
Period |of |time |after |the |premium |is |due |but |the |policy |remains |in |force |- |CORRECT |
ANSWER✔✔-What |is |an |insurance |policy's |grace |period?
30 |days |- |CORRECT |ANSWER✔✔-The |standard |grace |period |for |a |life |insurance |policy |sold |in |
Maryland |is
,At |least |21 |years |old |- |CORRECT |ANSWER✔✔-Which |of |the |following |is |NOT |a |requirement |for
|soliciting |insurance |in |Maryland?
Medicare |supplement |Plan |F |- |CORRECT |ANSWER✔✔-Which |type |of |plan |would |be |most |
appropriate |for |an |individual |on |Medicare |and |is |concerned |that |Medicare |will |NOT |pay |for |
charges |exceeding |the |approved |amount?
Variable |life |insurance |- |CORRECT |ANSWER✔✔-A |securities |license |is |required |for |a |life |
insurance |producer |to |sell
Master |policy |- |CORRECT |ANSWER✔✔-What |is |the |contract |called |that |is |issued |to |an |
employer |for |a |Group |Medical |Insurance |Plan?
Insurable |interest |can |be |established |sufficiently |by |sentimental |attachment |alone |- |CORRECT |
ANSWER✔✔-In |regards |to |a |life |insurance |contract, |which |of |the |following |statements |is |NOT |
true |regarding |the |concept |of |insurable |interest?
How |to |take |legal |action |against |an |insurance |company |- |CORRECT |ANSWER✔✔-Which |of |the |
following |is |NOT |information |found |in |a |life |insurance |buyer's |guide?
Lower |than |the |typical |whole |life |policy |during |the |first |few |years |and |then |higher |than |typical
|for |the |remainder |- |CORRECT |ANSWER✔✔-The |premium |for |a |Modified |whole |life |policy |is?
Nonresident |producer |- |CORRECT |ANSWER✔✔-A |producer |who |is |licensed |in |Maryland |but |
resident |in |another |state |is |called |a?
Taxable |income |- |CORRECT |ANSWER✔✔-Justin |is |receiving |disability |income |benefits |from |a |
group |policy |paid |for |by |his |employer. |How |are |these |benefits |treated |for |tax |purposes?
, Excludes |payments |for |a |short-term |illness |or |injury |- |CORRECT |ANSWER✔✔-The |waiting |
period |for |a |disability |insurance |policy
Adjustable |Life |(Adjustable |Life |allows |the |policyowner |to |change |two |policy |features: |
premium |and |face |amount) |- |CORRECT |ANSWER✔✔-A |policyowner |may |change |two |policy |
features |on |what |type |of |life
Change |of |occupation |(The |change |of |occupation |provision |is |considered |an |OPTIONAL |
provision) |- |CORRECT |ANSWER✔✔-Which |of |the |following |is |NOT |a |required |provision |in |an |
accident |and |health |insurance |policy?
Annuity |- |CORRECT |ANSWER✔✔-Fixed |period |settlement |options |are |considered |to |be |a |form |
of |a(n)
Automobile |- |CORRECT |ANSWER✔✔-Which |of |these |factors |is |NOT |taken |into |account |when |
determining |an |applicant's |life |insurance |needs?
Fare-paying |passenger |- |CORRECT |ANSWER✔✔-A |life |insurance |policy |normally |contains |a |
provision |that |restricts |coverage |in |the |event |of |death |under |all |of |the |following |situations |
EXCEPT
Silver |Plan |- |CORRECT |ANSWER✔✔-According |to |the |Affordable |Care |Act, |what |metal |tier |is |
required |to |have |an |actuarial |value |of |70% |with |covered |individuals |paying |30% |through |
deductibles, |co-pays, |and |other |cost |sharing |features?
Insurer |- |CORRECT |ANSWER✔✔-The |identity |of |the |____ |must |be |made |clear |in |every |health |
insurance |advertisement
Obtain |the |beneficiary's |signature |- |CORRECT |ANSWER✔✔-When |a |producer |is |replacing |an |
existing |ordinary |life |insurance |policy, |the |producer |must |take |all |of |the |following |actions |
EXCEPT
