Maryland Life and Health insurance exam<\/p>\n\n\n\n
facultative CORRECT ANSWERS one of the 2 types of resinsurance agreements which
allow the resinsurer the opportunity to reject risks presented to it or to price them higher
based on the risk exposure
treaty CORRECT ANSWERS one of the 2 types of insurance agreements which
automatically accepts all new risks presented by the ceding company
law of agency CORRECT ANSWERS states the principle is responsble for acts of their
agents
commissioner CORRECT ANSWERS has the power to issue rules and regulation to
help enforce insruance statutes
risk retention CORRECT ANSWERS assuming the responsbility for loss
contract of adhesion CORRECT ANSWERS submitted on take it or leave it bases, no
input or alteration from the insured is considered
conditional contract CORRECT ANSWERS both parties to a contract must perform
certain dutites to make the contract enforceable
mortality rate is based on CORRECT ANSWERS 1000 people
a producer must include their name and address on what? CORRECT ANSWERS a
policy summary
which policy has a current and guaranteed maximum premium CORRECT ANSWERS
interminatee premium life
accidental death rider CORRECT ANSWERS the policy pays the stated multiple of the
face amount should the insured die as a result of an acciednt
Whole life is know as CORRECT ANSWERS permanent
term life insurance CORRECT ANSWERS designed for someone with a large insruance
need but with limited cash flow
Variable whole life CORRECT ANSWERS must be sold by prospectus<\/p>\n\n\n\n
Equity Universal, Variable, and Variable Universal all have which of the following
characteristics in common? CORRECT ANSWERS the overall policy performance has
something to do with the stock market in general
The name of the beneficiary designation that will pay a deceased beneficiary’s share to
the heirs of that beneficiary who predeceases the insured is called: CORRECT
ANSWERS per stripes
on a variable universal life policy, what is the difference between the cash value and the
cash surrender values? CORRECT ANSWERS the surrender charge
Most expensive premium? CORRECT ANSWERS monthly
A lump sum of money is placed into an account from which the annuitant will draw
periodic benefits beginning more than a year from the date of purchase. This describes
a: CORRECT ANSWERS single premium deferred annuity
nonconributory gruop life policy CORRECT ANSWERS must cover 100% of elgible
employees
how is the funding for SS provided? CORRECT ANSWERS through FICA taxes that are
paid by both emploer and employees
a non profit organization can set up a TSA for employees under CORRECT ANSWERS
IRC 500(c)(3)
If a corporation owns an annuity, what is the tax ramification? CORRECT ANSWERS
there is no tax deferral benefit on any earnings
Failure to take a required minimum distribution can lead to a CORRECT ANSWERS
50% tax penalty
what is in part 1 of a health insurance app? CORRECT ANSWERS gender, marital
status, residence, date of birth, occupation, and past and present life insurance
accidental means CORRECT ANSWERS both the cause and result must be unintended
and not under the control of the insured
who is responsible for ensuring the app is filled out? CORRECT ANSWERS producer
A procedure used by dental insurance carriers to determine the benefit to be paid is
known as: CORRECT ANSWERS precertification
indemnity CORRECT ANSWERS states that an insured may be reimbursed up to the
amount of the actual loss<\/p>\n\n\n\n