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Valid Maryland Insurance Administration Life-Producer Test Dumps, Exam Life-Producer Collection
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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q23-Q28):
NEW QUESTION # 23
A licensee must report each of the following to the Maryland Insurance Administration EXCEPT:
- A. Change of residence address
- B. Change in financial status
- C. Change of name
- D. Felony convictions
Answer: B
Explanation:
Comprehensive and Detailed Step by Step Explanation:Insurance licensees in Maryland are required to report certain changes to the Maryland Insurance Administration (MIA):
* Change of name (A):Must be reported promptly to ensure accurate licensure records.
* Change of residence address (B):Also required for communication and compliance purposes.
* Felony convictions (D):Mandatory disclosure to maintain transparency and evaluate fitness for licensure.
* Change in financial status (C):Not required unless it directly affects the licensee's ability to meet financial obligations tied to the license (e.g., bonding requirements).
References:Maryland Insurance Code §10-118, COMAR 31.03.01.
NEW QUESTION # 24
A producer is prohibited from:
- A. Selling insurance to family members
- B. Countersigning a policy sold in Maryland
- C. Allowing an applicant to sign a blank or incomplete application
- D. Splitting commissions with a licensed nonresident producer who has jointly sold a policy
Answer: C
Explanation:
Comprehensive and Detailed Step by Step Explanation:Allowing an applicant to sign a blank or incomplete application (B) violates ethical and legal standards, as it undermines transparency and could lead to disputes about coverage or claims.
* Selling insurance to family members (A):Permitted as long as the transactions areconducted ethically and comply with Maryland laws.
* Countersigning policies (C):Required in certain situations to validate contracts in Maryland.
* Splitting commissions with nonresident producers (D):Permissible under Maryland law, provided both producers are licensed and involved in the transaction.
References:Maryland Insurance Administration Producer Conduct Rules, COMAR 31.03.13, and Ethical Standards for Insurance Producers.
NEW QUESTION # 25
An existing life insurance policy is sold by the policyowner to help finance the cost of a terminal illness. This is an example of:
- A. A nonforfeiture option
- B. A viatical settlement
- C. An accelerated death benefit
- D. A survivorship policy
Answer: B
Explanation:
Comprehensive and Detailed Step by Step Explanation:Aviatical settlementinvolves selling a life insurance policy to a third party for immediate cash, typically to cover expenses associated with terminal illnesses.
* Viatical settlement (C):The policyowner receives a percentage of the death benefit to cover high medical costs or improve their quality of life.
* Nonforfeiture options (A):Relate to preserving cash value if the policy lapses, not a sale.
* Accelerated death benefit (B):Involves accessing a portion of the death benefit directly from the insurer, not through a third party.
* Survivorship policies (D):Cover two insureds and pay the death benefit only after both have passed away, unrelated to this case.
References: Maryland Viatical Settlement Law and Insurance Code.
NEW QUESTION # 26
The life insurance buyer's guide includes information about all of the following EXCEPT how to:
- A. Take civil action against an insurer
- B. Compare life insurance policy rates
- C. Compare life insurance policy requirements
- D. Decide how much life insurance to buy
Answer: A
Explanation:
Comprehensive and Detailed Step by Step Explanation:The buyer's guide helps policyholders understand life insurance by offering:
* Advice on deciding coverage needs (B)to ensure adequate protection.
* Rate comparison tools (C)to evaluate costs effectively.
* Guidance on policy requirements (D)to make informed choices.
The guide does not address legal actions such astaking civil action against an insurer (A), as such matters require legal consultation or regulatory support.
References: Maryland Life Insurance Buyer's Guide Provisions.
NEW QUESTION # 27
Which life annuity contract feature provides that benefit payments will continue for a minimum number of years regardless of when the annuitant dies?
- A. Period certain
- B. Installment refund
- C. Cost recovery
- D. Cash refund
Answer: A
Explanation:
Comprehensive and Detailed Step by Step Explanation:
A "period certain" provision ensures payment for a specified period regardless of whether the annuitant survives:
Period certain (B) guarantees payments for a set number of years, protecting beneficiaries.
Cost recovery (A) and refund options (C and D) relate to refunding premiums or unpaid amounts but do not guarantee a payment period.
References: Maryland Annuity Regulations, Payment Options.
NEW QUESTION # 28
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