Maryland Life and Health Study Guide Exam And Actual Answers.
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Course
Maryland life prelicensing
Institution
Maryland Life Prelicensing
facultative - Answer 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 - Answer one of the 2 types of insurance agreements which automatically accepts all new ri...
Maryland Life and Health Study Guide
Exam And Actual Answers.
facultative - Answer 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 - Answer one of the 2 types of insurance agreements which automatically accepts all new risks
presented by the ceding company
law of agency - Answer states the principle is responsble for acts of their agents
commissioner - Answer has the power to issue rules and regulation to help enforce insruance statutes
risk retention - Answer assuming the responsbility for loss
contract of adhesion - Answer submitted on take it or leave it bases, no input or alteration from the
insured is considered
conditional contract - Answer both parties to a contract must perform certain dutites to make the
contract enforceable
mortality rate is based on - Answer 1000 people
a producer must include their name and address on what? - Answer a policy summary
which policy has a current and guaranteed maximum premium - Answer interminatee premium life
accidental death rider - Answer 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 - Answer permanent
term life insurance - Answer designed for someone with a large insruance need but with limited cash
flow
Variable whole life - Answer must be sold by prospectus
Equity Universal, Variable, and Variable Universal all have which of the following characteristics in
common? - Answer 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: - Answer per stripes
on a variable universal life policy, what is the difference between the cash value and the cash surrender
values? - Answer the surrender charge
Most expensive premium? - Answer 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: - Answer single premium
deferred annuity
nonconributory gruop life policy - Answer must cover 100% of elgible employees
how is the funding for SS provided? - Answer through FICA taxes that are paid by both emploer and
employees
a non profit organization can set up a TSA for employees under - Answer IRC 500(c)(3)
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