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Maryland Life and Health Exam 120 Questions with Verified Answers,100% CORRECT
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Maryland Life and Health Exam 120 Questions with Verified Answers
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Maryland Life and Health Exam 120 Questions with VerifiedAnswers
Facultative - CORRECT 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 - CORRECT ANSWER one of the 2 types of insurance agreements which
automatically accepts all new risks presented by the ceding company
law of agency - CORRECT ANSWER states the principle is responsble for acts of
their agents
commissioner - CORRECT ANSWER has the power to issue rules and regulation to
help enforce insruance statutes
risk retention - CORRECT ANSWER assuming the responsbility for loss
contract of adhesion - CORRECT ANSWER submitted on take it or leave it bases,
no input or alteration from the insured is considered
conditional contract - CORRECT ANSWER both parties to a contract must perform
certain dutites to make the contract enforceable
mortality rate is based on - CORRECT ANSWER 1000 people
a producer must include their name and address on what? - CORRECT ANSWER a
policy summary
which policy has a current and guaranteed maximum premium - CORRECT
ANSWER interminatee premium life
accidental death rider - CORRECT 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 - CORRECT ANSWER permanent
term life insurance - CORRECT ANSWER designed for someone with a large
insruance need but with limited cash flow
Variable whole life - CORRECT ANSWER must be sold by prospectus
Equity Universal, Variable, and Variable Universal all have which of the following
characteristics in common? - CORRECT 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: -
CORRECT ANSWER per stripes
on a variable universal life policy, what is the difference between the cash value
and the cash surrender values? - CORRECT ANSWER the surrender charge
Most expensive premium? - CORRECT 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: - CORRECT ANSWER single premium deferred annuity
nonconributory gruop life policy - CORRECT ANSWER must cover 100% of elgible
employees
how is the funding for SS provided? - CORRECT ANSWER through FICA taxes that
are paid by both emploer and employees
a non profit organization can set up a TSA for employees under - CORRECT
ANSWER IRC 500(c)(3)
If a corporation owns an annuity, what is the tax ramification? - CORRECT
ANSWER there is no tax deferral benefit on any earnings
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