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MarylandAccident and Health or Sickness Producer Series 20-24 Exam Questions and Answers

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Viewing questions 21-30 out of questions

Questions # 21:

The Maryland Insurance Administration is an agency of the:

Options:

Federal government

State government

National Association of Insurance Commissioners

Maryland General Assembly

Answer

Explanation

The Maryland Insurance Administration (MIA) is a state agency under Insurance Article, § 2-101, regulating insurance within Maryland. The federal government oversees broader laws, the NAIC is a voluntary group, and the General Assembly legislates, but the MIA operates as an executive state entity.

[References:Maryland Insurance Article, § 2-101; MIA official structure., , ]

Questions # 22:

When a producer engages in unfair practices, all of the following are true EXCEPT:

Options:

The Maryland Insurance Administration can investigate the problem and hold a hearing

The Maryland Insurance Administration’s decision is final

The Maryland Insurance Administration can suspend the producer’s license

The Maryland Insurance Administration can issue a cease and desist order

Answer

Explanation

The MIA (Insurance Article, § 2-201, § 10-126) can investigate, suspend licenses, and issue orders, but its decisions are appealable to Maryland courts, not final.

[References:Maryland Insurance Article, § 2-201, § 10-126; MIA enforcement powers., , ]

Questions # 23:

Pre-existing conditions include conditions of health that:

Options:

Are never insurable under any circumstances or degree of severity

Must exist before an applicant can be accepted by an insurer

Have been medically treated or diagnosed prior to the effective date of coverage

Develop after the effective date of the policy but before the expiration of the time limit on certain defenses

Answer

Explanation

Pre-existing conditions (Insurance Article, § 15-109) are those treated or diagnosed before coverage begins, often subject to exclusions or waiting periods, unlike new conditions or uninsurable absolutes.

[References:Maryland Insurance Article, § 15-109; MIA pre-existing condition rules., , ]

Questions # 24:

Before issuing a policy of long-term care insurance to an applicant who is at least 80 years old, unless the policy is guaranteed issue, the carrier shall obtain a:

Options:

Report of a physical examination

Applicant’s family’s consent

Copy of the person’s living will

Power of attorney

Answer

Explanation

For non-guaranteed issue long-term care policies (Insurance Article, § 18-107), a physical exam report is required for applicants 80+ to assess risk, not family consent, living wills, or power of attorney.

[References:Maryland Insurance Article, § 18-107; MIA LTC underwriting rules., , ]

Questions # 25:

Which statement describes the most likely federal income tax treatment of death benefits paid to the family of an insured under an accident and health insurance policy?

Options:

Benefits will not be taxable

Some benefits will usually be taxable

All benefits will be taxable

Taxation depends on the beneficiary’s tax bracket

Answer

Explanation

Death benefits from accident and health policies (e.g., accidental death, IRC § 101) are generally tax-free to beneficiaries. Partial or full taxation is rare unless tied to taxable settlements, and tax brackets don’t determine this exemption.

[References:IRC § 101; MIA tax treatment guidelines., , ]

Questions # 26:

In Maryland, an insurance producer is a person who solicits, negotiates, or sells insurance plans PRIMARILY in conjunction with:

Options:

Earning commission

Performing clerical duties

Enrolling individuals in group plans

Acting as a regularly salaried officer

Answer

Explanation

A producer (Insurance Article, § 1-101(aa)) solicits and sells insurance primarily for commissions,distinguishing them from clerical staff, enrollment facilitators, or salaried insurer employees. This reflects their independent role.

[References:Maryland Insurance Article, § 1-101(aa), § 10-101; MIA producer definitions., , ]

Questions # 27:

Short-term group disability income insurance:

Options:

Usually provides benefits expressed as a percentage of the insured’s normal weekly wage, up to a specified weekly maximum

Usually coordinates the amount of benefits paid with disability benefits received under Social Security

Often has a benefit period extending up to a maximum of ten years

Frequently provides coverage through age 65 for insureds who are over 55 when they become disabled

Answer

Explanation

Short-term disability (Insurance Article, § 15-201) pays a percentage of wages (e.g., 50-70%) up to a weekly cap for a short duration (e.g., 13-26 weeks). Coordination with Social Security, 10-year periods, or coverage to age 65 are long-term disability features.

[References:Maryland Insurance Article, § 15-201; MIA disability insurance standards., , ]

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