Maryland Insurance Life-Producer Release Date

Comprehensive and Detailed Step by Step Explanation:Theentire contract clauseensures transparency by limiting the policy's terms to the policy document and any attached application materials.

The application attached to the policy (B):Correct. It becomes part of the legal agreement between the insurer and the policyholder.

The Medical Information Bureau report (A):Used for underwriting but not part of the policy.

Any attending physician's statement (C):May inform underwriting but is not included in the policy.

The producer’s report to the insurer (D):Internal to the insurer and irrelevant to the contract itself.

References:Maryland Insurance Code §16-203, Entire Contract Provision Standards, and COMAR 31.09.09.

Comprehensive and Detailed Step by Step Explanation:The Medical Information Bureau (MIB) collects and shares medical information among member insurance companies to assess risk:

Member insurance companies (B)are the only entities authorized to access MIB data, ensuring confidentiality and appropriate use.

Employment agencies (A)andemployers (C)cannot access MIB data.

Physicians (D)are also excluded, as MIB serves the insurance underwriting process exclusively.

References: Maryland Insurance Privacy Regulations and MIB Operational Guidelines.

Comprehensive and Detailed Step by Step Explanation:Ethical responsibilities and state laws mandate that insurance producers act in good faith when handling applications.

Reporting material facts to the insurer (D):Producers must disclose any information that could impact underwriting decisions. Transparency ensures that policies are accurately priced and legally enforceable.

Denying knowledge (A):Violates ethical and legal obligations.

Acknowledging facts only if asked (B):Demonstrates bad faith and can lead to legal penalties.

Advising applicants to amend (C):While this helps, it does not fulfill the producer’s duty to inform the insurer.

References: Maryland Insurance Administration Producer Code of Ethics, COMAR 31.03.13.