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Maryland Statutes, Rules, and Regulations - Life and Health Insurance Exam Questions And All Correct Answers. $9.49   Add to cart

Exam (elaborations)

Maryland Statutes, Rules, and Regulations - Life and Health Insurance Exam Questions And All Correct Answers.

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  • Course
  • Maryland life prelicensing
  • Institution
  • Maryland Life Prelicensing

CommissionerN - Answer -Appointed by governor for 4 year term -issues licenses, revokes, cease and desist, conducts hearings Commissioner - examinations - Answer -must examine each domestic insurer once every 5 years -records, documents, transactions pertaining to the insurer. Commiss...

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  • August 27, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Maryland life prelicensing
  • Maryland life prelicensing
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TestSolver9
Maryland Statutes, Rules, and
Regulations - Life and Health Insurance
Exam Questions And All Correct
Answers.
CommissionerN - Answer -Appointed by governor for 4 year term

-issues licenses, revokes, cease and desist, conducts hearings



Commissioner - examinations - Answer -must examine each domestic insurer once every 5 years

-records, documents, transactions pertaining to the insurer.



Commissioner - Hearings - Answer -Must hold a hearing if required by state law or upon written
request demanded by a person aggrieved by any act of the commissioner.



-hearing must be 30 days after request

-at least 10 days in advance notice of time and place of hearing

-results must be provided within 30 days after



Commissioner - rates - Answer must regulate insurance rates so they are not excessive or unfair.



Commissioner - criminal penalty - Answer - if a person willfully violates a state insurance law, if a
greater penalty is not provided by other applicable state law is:



-guilty of misdemeanor

-subject to a fine not exceeding $10,000



Producer License Requirement - Answer -must be 18

, -file a licensing application and pay fee

-pass a written exam



Producer License Requirement - education and experience - Answer - unless waiver is obtained (CLU,
RHU, AAI)

-successfully complete an approved prelicensing course

-must have been employed as an employee of Maryland Insurance, an insurer, or a producer for not less
than one year out of the past 3 years



Producer License Requirement - Licensing Exemptions - Answer Following are not required to have a
producer's license:



-insurer

-an officer, director, or employee of insurer who does not receive any commission

-A salaried employee who advises the employee's employer relative to the insurance interests of the
employer, and does not sell/receive commission



Business Entity - Answer -Must designate a licensed insurance producer to act as a business entity's
principal contract with the administration

-



Business Entity- change of business entity's designated producer name or address - Answer within 10
days to Admin



Producer - Must report a change of legal name or address - Answer within 30 days to commissioner



Appointment of Producer registration - Answer Every insurer must maintain a producer register of
appointed producers within 30 days of hiring/terminating a producer



-30 days must accept/reject the insurance application from producer and update register accordingly

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