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| Section | Objectives |
|---|---|
| Insurance Fundamentals | - Risk management principles
|
| Policy Provisions and Riders | - Common riders
|
| State Regulation (Maryland Insurance Law) | - Ethics and conduct
|
| Life Insurance Products | - Annuities
|
1. An insurer may refuse to underwrite a particular insurance applicant for a reason based wholly on:
A) Gender
B) Race
C) Medical condition
D) Creed
2. What does the annuitant usually receive during the liquidation phase of an annuity?
A) A lump sum
B) Benefit payments at regular intervals
C) Cash withdrawals upon request
D) Nothing
3. When a wage earner dies, the surviving family members may have all of the following expenses EXCEPT:
A) Final expenses
B) Family living expenses
C) Unemployment tax liabilities
D) Death taxes
4. Which contract offers flexible deposits, deferred taxation, a guaranteed minimum interest rate, and death proceeds equal to the cash value?
A) Available deferred annuity
B) An adjustable whole life insurance policy
C) A universal life insurance policy
D) A flexible premium fixed annuity
5. The Maryland Insurance Administration may suspend an agent's license for all of the following reasons EXCEPT:
A) Engaging in fraudulent or dishonest practices
B) Mishandling premium payments
C) Violating a regulation or order of the Maryland Insurance Administration
D) Sharing commissions with agents holding the same license type
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: B | Question # 3 Answer: C | Question # 4 Answer: D | Question # 5 Answer: D |
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