MD Life & Health study guide
MD Life & Health · Work through your exam, one topic at a time.
The Maryland Life & Health insurance producer license is the credential that allows an individual to solicit, negotiate, and sell life insurance and health insurance products in Maryland. It is administered under the authority of the Maryland Insurance Administration, whose Producer Licensing unit handles initial licensing and registration as well as renewal of existing qualifications. The MD Life & Health study guide has 5 sections and about 1,807 words.
01Insurance Regulation and General Insurance Concepts
Insurance in the United States is regulated primarily by the states. In Maryland the regulator is the Maryland Insurance Administration (MIA) , headed by the Insurance Commissioner, who is appointed by the Governor.
342 words, about 2 min02Life Insurance Basics and Policy Types
Net premium reflects mortality and interest ; gross premium adds expenses . Level premiums over-prepay in early years, creating reserves and, in permanent policies, cash value.
357 words, about 2 min03Life Insurance Provisions, Options, Riders, and Beneficiaries
Entire contract (policy plus application), free look (Maryland requires at least 10 days on individual life policies), grace period (commonly 30 or 31 days), reinstatement (typically within 3–5 years with evidence of insurability and payment of overdue premiums with interest; a new contestable period may attach), incontestability (2 years), suicide exclusion (usually 2 years), and misstatement of age or sex (benefit adjusted to what the premium would have purchased). Nonforfeiture options are cash surrender, reduced paid-up , and extended term .
376 words, about 2 min04Annuities and Retirement Products
An annuity is the mirror image of life insurance: it liquidates an estate rather than creating one and transfers longevity risk to the insurer. The contract has an accumulation phase and a payout (annuitization) phase , and annuitization is generally irrevocable.
353 words, about 2 min05Health Insurance Basics, Policy Provisions, and Maryland-Specific Requirements
Indemnity plans reimburse; HMOs use a closed panel, a primary care gatekeeper, and capitation; PPOs allow out-of-network care at higher cost; POS and EPO plans blend these features. Cost sharing means deductible , coinsurance , copayment , and an out-of-pocket maximum .
379 words, about 2 min