Maryland Life and Health Insurance Licensing Exam
/ Questions & Detailed Solutions.
Terms in this set (150)
After an insured gives notice File written proof of loss
of loss, what must he/she do
if the insurer does not
furnish forms?
Which of these factors Avocation (hobby)
help determine an
insured's life insurance
premium?
The Life and Health Member insurers
Guaranty Corporation
provides funds to carry out
its powers and duties by
assessing
Lifetime protection A limited payment whole life policy provides
Decreasing term life The least expensive option to pay off a 30-yea mortgage
balance would be?
May never raise premiums In contrast to a guaranteed renewable policy, a noncancellable
policy
Period of time after the What is an insurance policy's grace period?
premium is due but the
policy remains in force
The standard grace period for a life insurance policy sold in
30 days
Maryland is
,Exam
Terms in this set (150)
At least 21 years old Which of the following is NOT a requirement for soliciting
insurance in Maryland?
Medicare supplement Which type of plan would be most appropriate for an
Plan F individual on Medicare and is concerned that Medicare will
NOT pay for charges exceeding the approved amount?
Variable life insurance A securities license is required for a life insurance producer to
sell
Master policy What is the contract called that is issued to an employer for a
Group Medical Insurance Plan?
Insurable interest can be In regards to a life insurance contract, which of the following
established sufficiently by statements is NOT true regarding the concept of insurable
interest?
sentimental attachment
alone
How to take legal action Which of the following is NOT information found in a life
against an insurance insurance buyer's guide?
company
Lower than the typical The premium for a Modified whole life policy is?
whole life policy during
the first few years and
then higher than typical
for the remainder
Nonresident producer A producer who is licensed in Maryland but resident in
another state is called a?
Taxable income 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 The waiting period for a disability insurance policy
short-term illness or injury
, Adjustable Life A policyowner may change two policy features on what type
(Adjustable Life allows the of life
policyowner to change two
policy features: premium
and face amount)
Change of occupation (The Which of the following is NOT a required provision in an
change of occupation accident and health insurance policy?
provision is considered an
OPTIONAL provision)
Annuity Fixed period settlement options are considered to be a form
of a(n)
Automobile Which of these factors is NOT taken into account when
determining an applicant's life insurance needs?
Fare-paying passenger 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 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 The identity of the ____ must be made clear in every health
insurance advertisement
Obtain the beneficiary's When a producer is replacing an existing ordinary life insurance
signature policy, the producer must take all of the following actions EXCEPT
Generally speaking, which three levels of care are Long-Term Care
Skilled nursing,
policies provided with?
intermediate, and
custodial care
/ Questions & Detailed Solutions.
Terms in this set (150)
After an insured gives notice File written proof of loss
of loss, what must he/she do
if the insurer does not
furnish forms?
Which of these factors Avocation (hobby)
help determine an
insured's life insurance
premium?
The Life and Health Member insurers
Guaranty Corporation
provides funds to carry out
its powers and duties by
assessing
Lifetime protection A limited payment whole life policy provides
Decreasing term life The least expensive option to pay off a 30-yea mortgage
balance would be?
May never raise premiums In contrast to a guaranteed renewable policy, a noncancellable
policy
Period of time after the What is an insurance policy's grace period?
premium is due but the
policy remains in force
The standard grace period for a life insurance policy sold in
30 days
Maryland is
,Exam
Terms in this set (150)
At least 21 years old Which of the following is NOT a requirement for soliciting
insurance in Maryland?
Medicare supplement Which type of plan would be most appropriate for an
Plan F individual on Medicare and is concerned that Medicare will
NOT pay for charges exceeding the approved amount?
Variable life insurance A securities license is required for a life insurance producer to
sell
Master policy What is the contract called that is issued to an employer for a
Group Medical Insurance Plan?
Insurable interest can be In regards to a life insurance contract, which of the following
established sufficiently by statements is NOT true regarding the concept of insurable
interest?
sentimental attachment
alone
How to take legal action Which of the following is NOT information found in a life
against an insurance insurance buyer's guide?
company
Lower than the typical The premium for a Modified whole life policy is?
whole life policy during
the first few years and
then higher than typical
for the remainder
Nonresident producer A producer who is licensed in Maryland but resident in
another state is called a?
Taxable income 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 The waiting period for a disability insurance policy
short-term illness or injury
, Adjustable Life A policyowner may change two policy features on what type
(Adjustable Life allows the of life
policyowner to change two
policy features: premium
and face amount)
Change of occupation (The Which of the following is NOT a required provision in an
change of occupation accident and health insurance policy?
provision is considered an
OPTIONAL provision)
Annuity Fixed period settlement options are considered to be a form
of a(n)
Automobile Which of these factors is NOT taken into account when
determining an applicant's life insurance needs?
Fare-paying passenger 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 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 The identity of the ____ must be made clear in every health
insurance advertisement
Obtain the beneficiary's When a producer is replacing an existing ordinary life insurance
signature policy, the producer must take all of the following actions EXCEPT
Generally speaking, which three levels of care are Long-Term Care
Skilled nursing,
policies provided with?
intermediate, and
custodial care
