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...
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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