Maryland Insurance Regulation
30%of exam
Life Insurance + Annuities
33%of exam
Health Insurance
25%of exam
Senior + Federal Topics
12%of exam
Quick Facts
- Exam
- Series 20-30
- Questions
- 130 scored + 10
- Time
- 150 minutes
- Pass
- 70%
- Fee
- $60 per attempt
- Provider
- Prometric
- Regulator
- Maryland MIA
- Pre-license
- Not required
Maryland Key Numbers
10 free look, 31 grace, 2 contest, 24 CE
10 days: free look31 days: grace2 years: incontestable24 hours: biennial CE
Maryland Licensing
- MIA
- Maryland Insurance Administration
- Commissioner
- Governor-appointed, 4-year term
- Minimum age
- 18 years old
- Pre-license education
- Repealed October 1 2024
- Exam score validity
- Apply within 6 months
- License term
- Biennial, birth-month cycle
- CE requirement
- 24 hours, 3 ethics
- Renewal fee
- $69 ($54 + $15)
Unfair Practices
Twisting, Rebating, misrepresentation, Defamation
Twisting: induce replacementRebating: hidden inducementDefamation: false insurer claim
Maryland Producer Conduct
- Twisting
- Misrepresent to induce replacement
- Churning
- Excessive replacement for commission
- Rebating
- Undisclosed inducement to buy
- Defamation
- False statement about insurer
- Commingling
- Mixing premium with personal
- Change reporting
- Name/address within 30 days
- Appointment filing
- Within 15 days
- For-cause termination
- File within 30 days
Maryland Consumer Protections
- Free look
- 10 days from delivery
- Grace period
- 31 days, life policy
- Incontestability
- 2 years maximum
- Replacement rule
- COMAR 31.09.05 disclosures
- Guaranty Corporation
- Insolvency safety net
- Maryland Health Connection
- State exchange, not federal
- First violation penalty
- Up to $1,000 fine
- Repeat violation penalty
- Up to $2,500 fine
Settlement Options
Cash, Interest, Fixed Period, Fixed Amount, Life
Cash: lump sumInterest only: heldFixed period: spanFixed amount: dollarsLife income: until death
Term vs Whole Life
Term
- Temporary period
- No cash value
- Lowest premium
Whole Life
- Lifetime coverage
- Builds cash value
- Level premium
Temporary vs permanent
Which Life Policy Fits
- Lowest cost, temporary need→Term(No cash value)
- Cover a mortgage→Decreasing term(Falling face)
- Permanent, guarantees→Whole life(Fixed premium)
- Flexible premium permanent→Universal life(Adjustable)
- Wants market upside→Variable life(Subaccounts)
- Pay off before retirement→Limited-pay whole(Early-paid)
- Buy more later guaranteed→GIO rider(No exam)
- Lock cash plus flexibility→Variable universal(VUL)
Contract Law Terms
- Insurable interest
- Required at application
- Indemnity
- Restore, not profit
- Utmost good faith
- Honest disclosure both sides
- Adhesion
- Insurer writes terms
- Aleatory
- Unequal value exchange
- Consideration
- Premium plus statements
- Representation
- Believed-true statement
- Warranty
- Guaranteed-true statement
- Concealment
- Hiding material fact
Valid Contract Elements
COAL: Consideration, Offer, Acceptance, Legal
Consideration: premiumOffer: applicationAcceptance: policy issuedLegal purpose: insurable interest
Whole vs Universal Life
Whole Life
- Fixed premium
- Guaranteed cash value
- Insurer manages
Universal Life
- Flexible premium
- Adjustable death benefit
- Interest-sensitive
Fixed vs flexible
Taxability Decision
- Death benefit lump sum→Income tax-free(To beneficiary)
- Cash value growth→Tax-deferred(While inside policy)
- Surrender above basis→Gain taxable(Cost recovery first)
- Withdraw from a MEC→LIFO, gain first(Possible penalty)
- Annuity payout earnings→Taxable(Exclusion ratio)
- Qualified plan distribution→Fully taxable(Pre-tax dollars)
- Employer-paid group life→First $50k tax-free(Excess imputed)
- Individual disability benefits→Tax-free(Premiums paid after-tax)
Life Insurance Types
- Term
- Temporary, no cash value
- Whole life
- Permanent, fixed premium
- Universal life
- Flexible premium permanent
- Variable life
- Subaccount investment risk
- Variable universal
- Flexible plus subaccounts
- Decreasing term
- Falling face, mortgage
- Endowment
- Pays at maturity age
- Limited-pay
- Premiums end early
MEC vs Non-MEC
MEC
- Fails 7-pay test
- LIFO taxation
- Pre-59 penalty
Non-MEC
- Passes 7-pay test
- FIFO withdrawals
- Loans tax-favored
Overfunded vs normal
Life Policy Provisions
- Free look
- Return for full refund
- Grace period
- Late payment, stays inforce
- Incontestability
- 2 years, then locked
- Reinstatement
- Restore lapsed policy
- Entire contract
- Policy plus application
- Suicide clause
- Excluded first 2 years
- Misstatement of age
- Benefit adjusted, not voided
- Nonforfeiture
- Cash value options
Revocable vs Irrevocable Beneficiary
Revocable
- Owner may change
- No consent needed
- Most common
Irrevocable
- Change needs consent
- Vested interest
- Hard to alter
Free vs locked designation
Riders + Options
- Waiver of premium
- Disability stops premiums
- Accidental death
- Doubles accident payout
- Guaranteed insurability
- Buy more, no exam
- Accelerated benefit
- Early terminal-illness payout
- Term rider
- Adds temporary coverage
- Settlement options
- How proceeds are paid
- APL
- Automatic premium loan
- Child rider
- Covers dependent children
Annuities
- Accumulation
- Phase that builds value
- Annuitization
- Phase that pays income
- Fixed annuity
- Guaranteed minimum rate
- Variable annuity
- Subaccount market risk
- Indexed annuity
- Tied to market index
- Immediate annuity
- Income starts now
- Deferred annuity
- Income starts later
- Life only
- Highest income, no refund
- Period certain
- Guaranteed payment span
HMO vs PPO
HMO
- Network only
- PCP gatekeeper
- Lower cost
PPO
- Out-of-network ok
- No referral needed
- Higher cost
Restrictive vs flexible
Which Health Coverage Fits
- Lowest cost, in-network→HMO(Gatekeeper PCP)
- Wants provider freedom→PPO(Out-of-network ok)
- Network base, some choice→POS(Hybrid)
- Replace income if disabled→Disability income(Wage protection)
- Cover custodial ADL care→Long-term care(ADL trigger)
- Fill Original Medicare gaps→Medigap(Age 65+)
- Lump sum on diagnosis→Critical illness(Supplemental)
- Need-based, low income→Medicaid(State-federal)
Health Plan Types
- Medical expense
- Pays healthcare costs
- Disability income
- Replaces lost wages
- Long-term care
- Custodial, ADL-triggered
- Dental
- Routine and major dental
- AD&D
- Accidental death, dismemberment
- Medicare supplement
- Fills Original Medicare gaps
- Critical illness
- Lump sum on diagnosis
Cancelable vs Guaranteed Renewable
Cancelable
- Insurer may cancel
- Anytime with notice
- Least protection
Guaranteed Renewable
- Must renew
- Class-wide rate changes
- Cannot single out
Weak vs strong renewal
Managed Care
- HMO
- Network only, gatekeeper PCP
- PPO
- Network plus out-of-network
- POS
- HMO base, PPO option
- Copay
- Flat per-visit charge
- Deductible
- Paid before plan pays
- Coinsurance
- Shared percentage of cost
- Out-of-pocket max
- Annual spending cap
- Capitation
- Fixed per-member payment
Health Provisions
- Elimination period
- Time-based deductible
- Benefit period
- Maximum payment duration
- Own-occupation
- Cannot do your job
- Any-occupation
- Cannot do any job
- Probationary period
- Wait before sickness coverage
- COB
- Prevents duplicate overpayment
- Pre-existing
- Condition before policy
- Recurrent disability
- Same cause counts continuous
Medicare Parts
A hospital, B doctor, C Advantage, D drugs
A: inpatientB: outpatientC: bundled planD: prescriptions
Medicare vs Medicaid
Medicare
- Age 65 or disabled
- Federal program
- Not income-based
Medicaid
- Need-based eligibility
- State and federal
- Income limits
Age vs income
Medicare + Medicaid
- Part A
- Hospital, inpatient care
- Part B
- Doctors, outpatient care
- Part C
- Medicare Advantage plan
- Part D
- Prescription drug coverage
- Medigap
- Supplements Original Medicare
- Medicaid
- Need-based, state-federal
- OEP
- 6-month Medigap window
- Dual eligible
- Medicare plus Medicaid
Common Traps
Term vs whole
Term has no cash ≠ Whole builds value
HMO vs PPO
HMO needs referral ≠ PPO no referral
Medicare vs Medicaid
Medicare is age-based ≠ Medicaid is need-based
Representation vs warranty
Representation believed true ≠ Warranty guaranteed true
Twisting vs churning
Twisting misrepresents policy ≠ Churning replaces excessively
Free look vs grace
Free look 10 days ≠ Grace period 31 days
Maryland exchange
Maryland Health Connection ≠ Not federal Healthcare.gov
Last Minute
- 1.Series 20-30: 130 scored + 10 unscored
- 2.Pass 70%; 150 minutes; $60 fee
- 3.Pre-license education repealed Oct 1 2024
- 4.Free look 10 days; grace 31
- 5.Incontestability = 2 years maximum
- 6.CE = 24 hours biennial, 3 ethics
- 7.Report name/address changes: 30 days
- 8.Appointment filing within 15 days
- 9.Term = no cash; whole = cash value
- 10.Medicare = age 65; Medicaid = income
- 11.Maryland uses Maryland Health Connection
- 12.Death benefit: income tax-free to beneficiary
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