Free Insurance Regulation Practice Questions
Maryland Life exam — 175 practice questions.
Subtopics: Regulatory authority, Title of regulator, Appointment of Commissioner, Continuing education, CE ethics component, License renewal cycle, Licensing prerequisite, Appointment by insurer, Certificate of authority, Commissioner powers, Unfair trade practice - twisting, Churning, Rebating, Misrepresentation, Defamation, Fiduciary duty, Free look, Replacement regulation, License action, Change of address, Cease and desist, Nonresident license, Insurance fraud, Temporary license, Examination of insurers, Exam retake wait, Minimum age, Prelicensing education repeal, Lines of authority, Definition of producer, Insurance adviser, Clerical exemption, Business entity license, Trade names, License and authority, License expiration date, CE completion deadline, Renewal notice, Reinstating an expired license, Reinstatement window, Expired license conduct, Veteran producer CE, Nonresident CE, Insurer and CE choice, Producer register, Application before appointment, Checking producer discipline, Termination for cause, Producer response to termination, Appointment documentation, Revoked certificate of authority, Email address changes, Criminal prosecution report, Moving out of Maryland, Temporary license term, Producer civil penalty, Restitution, Grounds for discipline, Child support arrears, Re-examination after suspension, Willful violation, Hearing demand, Notice of hearing, Stay of order, Commissioner term, Insurer penalty, Premium paid to producer, Independent producer label, Renewal commissions, Producer fee cap, Rebating exceptions, Gift contingent on purchase, Tie-in sales, False financial statements, Stock as inducement, Policy name misleading, Unfair practice not defined, Cease and desist hearing, Domestic violence, Blindness discrimination, Genetic trait, Past lawful travel, Underwriting inquiries, Senior designations, Premium account withdrawals, Commingling, Fraud felony threshold, Administrative fraud penalty, Fraud reporting immunity, Fraud Division, False application statement, Form filing period, Domestic insurer exam, Emergency cease writing, Unfair claim penalty, Unfair claims practices, Privacy of medical records, Life exam results, Guaranty death benefit limit, Guaranty annuity limit, Guaranty membership, Guaranty corporation status, Temporary license recipients, Exam waivers, Reporting duties, Replacement definition, Signed statement, Replacement sales material, Notifying existing insurer, Replacement free look, Internal replacement credit, Financed purchase presumption, Replacement violation penalty, Advising to answer no, Loan or surrender notice, Fair Credit Reporting Act, Fraud and false statements, Privacy and Do Not Call, USA PATRIOT Act AML, McCarran-Ferguson Act, Telephone Consumer Protection Act, Investigative report notice, Investigative report disclosure, Obsolete information, FCRA purpose, Consumer rights, False pretenses penalty, 18 USC 1033 consent, 18 USC 1033 penalties, Embezzlement by insurance persons, False statements to regulators, AML covered products, Suspicious activity reports, Cash reporting, AML program elements, Money laundering red flags, Do Not Call hours, Established business relationship, GLBA opt-out, GLBA initial notice, Nonpublic personal information, McCarran-Ferguson, South-Eastern Underwriters, Boycott exception, NAIC role, Federal securities regulation, Prospectus delivery, Producer license required, Appointment, False advertising, Boycott coercion intimidation, Unfair discrimination, License revocation causes, Nonresident licensing, National Producer Number, Replacement notice, Replacing insurer duty, Annuity best interest, Best interest obligations, Consumer profile information, Annuity training, Insurer supervision, Illustration signatures, Illustration prohibitions, Buyer's guide timing, Viatical settlement, Viatical broker duty, Settlement provider, Settlement vs surrender
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Sample questions & answers
1. Which agency regulates the business of insurance in Maryland?
The Maryland Insurance Administration
Section 2-101 of the Insurance Article creates the Maryland Insurance Administration (MIA) as an independent unit of State government; it is headed by the Maryland Insurance Commissioner.
2. What is the title of the official who heads the Maryland Insurance Administration?
Insurance Commissioner
The head of the Maryland Insurance Administration is the Maryland Insurance Commissioner, who controls and supervises the Administration.
3. How does the Maryland Insurance Commissioner generally take office?
Appointed by the Governor with Senate consent
The Governor appoints the Commissioner with the advice and consent of the Senate for a 4-year term; the Commissioner is directly responsible to the Governor.
4. How many hours of continuing education must a Maryland resident producer (other than a 25-year veteran or title-only licensee) complete each license renewal period?
24 hours
Maryland requires 24 hours of CE per 2-year renewal period for most producers (COMAR 31.03.02.03A); reduced hours apply only to special cases such as producers licensed 25+ consecutive years as of Oct. 1, 2008 (8 hours).
Practice: Insurance Regulation
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
