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Life-Producer Certification Questions, Maryland Insurance Administration Life-Producer Latest Test Practice: Maryland Life Producer Exam (Series 20-27) Pass Success

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q75-Q80):

NEW QUESTION # 75
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. An accelerated death benefit
B. A viatical settlement
C. A nonforfeiture option
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 # 76
A licensee must report each of the following to the Maryland Insurance Administration EXCEPT:

A. Change of name
B. Felony convictions
C. Change in financial status
D. Change of residence address

Answer: C

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 # 77
The beneficiary of a life insurance policy is the:

A. Person or entity who has ownership interest in the policy
B. Insurer that issues the policy
C. Person or entity designated in the policy to receive the death proceeds
D. Owner of the cash value fund

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Thebeneficiaryis the individual or entity named in the life insurance policy to receive the death benefit upon the insured's death.
* Designated recipient of proceeds (B):The policyholder nominates this party in the policy documents.
* Ownership interest in the policy (A):Refers to the policyowner, who controls and funds the policy but may not be the beneficiary.
* Insurer (C):Issues and administers the policy but is not a recipient.
* Owner of the cash value fund (D):This pertains to cash value accumulation, separate from death benefit designation.
References: Maryland Life Insurance Policy Provisions and Beneficiary Designation Rules.

NEW QUESTION # 78
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. Cash refund
C. Installment refund
D. Cost recovery

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 # 79
The Maryland Insurance Administration may suspend an agent's license for all of the following reasons EXCEPT:

A. Violating a regulation or order of the Maryland Insurance Administration
B. Sharing commissions with agents holding the same license type
C. Engaging in fraudulent or dishonest practices
D. Mishandling premium payments

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:
The Maryland Insurance Administration enforces disciplinary measures:
Fraudulent practices (A), mishandling premiums (B), and violating regulations (D) are grounds for suspension or revocation.
Sharing commissions (C) with agents of the same license type is permitted under Maryland law if done legally and transparently.
References: Maryland Insurance Administration Regulatory Code and Enforcement Procedures.

NEW QUESTION # 80
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