Maryland Life and Health exam questions
with correct answers
facultative - ...,.🔹VERIFIED 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 - ...,.🔹VERIFIED ANSWER **✔✔one of the 2 types of
insurance agreements which automatically accepts all new risks
presented by the ceding company
law of agency - ...,.🔹VERIFIED ANSWER **✔✔states the
principle is responsble for acts of their agents
commissioner - ...,.🔹VERIFIED ANSWER **✔✔has the power to
issue rules and regulation to help enforce insruance statutes
risk retention - ...,.🔹VERIFIED ANSWER **✔✔assuming the
responsbility for loss
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,contract of adhesion - ...,.🔹VERIFIED ANSWER **✔✔submitted
on take it or leave it bases, no input or alteration from the insured
is considered
conditional contract - ...,.🔹VERIFIED ANSWER **✔✔both parties
to a contract must perform certain dutites to make the contract
enforceable
mortality rate is based on - ...,.🔹VERIFIED ANSWER **✔✔1000
people
a producer must include their name and address on what?
- ...,.🔹VERIFIED ANSWER **✔✔a policy summary
which policy has a current and guaranteed maximum premium
- ...,.🔹VERIFIED ANSWER **✔✔interminatee premium life
accidental death rider - ...,.🔹VERIFIED ANSWER **✔✔the policy
pays the stated multiple of the face amount should the insured die
as a result of an acciednt
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22
, Whole life is know as - ...,.🔹VERIFIED ANSWER
**✔✔permanent
term life insurance - ...,.🔹VERIFIED ANSWER **✔✔designed for
someone with a large insruance need but with limited cash flow
Variable whole life - ...,.🔹VERIFIED ANSWER **✔✔must be sold
by prospectus
Equity Universal, Variable, and Variable Universal all have which
of the following characteristics in common? - ...,.🔹VERIFIED
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: - ...,.🔹VERIFIED ANSWER **✔✔per stripes
on a variable universal life policy, what is the difference between
the cash value and the cash surrender values? - ...,.🔹VERIFIED
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22
with correct answers
facultative - ...,.🔹VERIFIED 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 - ...,.🔹VERIFIED ANSWER **✔✔one of the 2 types of
insurance agreements which automatically accepts all new risks
presented by the ceding company
law of agency - ...,.🔹VERIFIED ANSWER **✔✔states the
principle is responsble for acts of their agents
commissioner - ...,.🔹VERIFIED ANSWER **✔✔has the power to
issue rules and regulation to help enforce insruance statutes
risk retention - ...,.🔹VERIFIED ANSWER **✔✔assuming the
responsbility for loss
1 \\\\\\/ \\\\\\
22
,contract of adhesion - ...,.🔹VERIFIED ANSWER **✔✔submitted
on take it or leave it bases, no input or alteration from the insured
is considered
conditional contract - ...,.🔹VERIFIED ANSWER **✔✔both parties
to a contract must perform certain dutites to make the contract
enforceable
mortality rate is based on - ...,.🔹VERIFIED ANSWER **✔✔1000
people
a producer must include their name and address on what?
- ...,.🔹VERIFIED ANSWER **✔✔a policy summary
which policy has a current and guaranteed maximum premium
- ...,.🔹VERIFIED ANSWER **✔✔interminatee premium life
accidental death rider - ...,.🔹VERIFIED ANSWER **✔✔the policy
pays the stated multiple of the face amount should the insured die
as a result of an acciednt
2 \\\\\\/ \\\\\\
22
, Whole life is know as - ...,.🔹VERIFIED ANSWER
**✔✔permanent
term life insurance - ...,.🔹VERIFIED ANSWER **✔✔designed for
someone with a large insruance need but with limited cash flow
Variable whole life - ...,.🔹VERIFIED ANSWER **✔✔must be sold
by prospectus
Equity Universal, Variable, and Variable Universal all have which
of the following characteristics in common? - ...,.🔹VERIFIED
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: - ...,.🔹VERIFIED ANSWER **✔✔per stripes
on a variable universal life policy, what is the difference between
the cash value and the cash surrender values? - ...,.🔹VERIFIED
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22
