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Life-Producer Practice Materials: Maryland Life Producer Exam (Series 20-27) and Life-Producer Study Guide - TrainingQuiz

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q10-Q15):

NEW QUESTION # 10
The purpose of licensing insurance agents is to:

A. Regulate rates to prevent unfair discrimination among insureds
B. Demonstrate that the agent is qualified to act on behalf of insurers in Maryland
C. Monitor insurance sales activity in Maryland
D. Limit the number of agents who do business within Maryland

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:
Insurance licensing ensures agents meet professional standards:
Licensure demonstrates qualifications (B) to act ethically and competently on behalf of insurers.
It does not limit the number of agents (A).
Sales activity monitoring (C) and rate regulation (D) are separate regulatory functions.
References: Maryland Insurance Administration Licensing Standards.

NEW QUESTION # 11
A life insurance policy beneficiary's life expectancy has a direct bearing upon:

A. The premium rate for each $1,000 of face amount
B. The taxable portion of each benefit payment under a life income settlement option
C. The total amount payable under the policy as a result of the insured's death
D. The policy value that will be includable in the insured's estate

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Thetaxable portion of benefit payments under a life income settlement optiondepends on the beneficiary's life expectancy:
* Life expectancy impacts (B)how the payments are taxed, as longer payment durations result in more taxable income over time.
* Thepolicy's inclusion in the estate (A)is unrelated to the beneficiary's life expectancy.
* Thetotal death benefit (C)is fixed and not influenced by the beneficiary's lifespan.
* Premium rates (D)are determined during underwriting, not affected by beneficiary life expectancy.
References: Maryland Life Insurance Taxation Guidelines and IRS Settlement Option Rules.

NEW QUESTION # 12
An applicant for life insurance must be informed that testing for Human Immunodeficiency Virus (HIV) infection is used to help determine:

A. The type of policy that will be issued
B. Whether an insurable interest exists
C. The effective date and term of coverage
D. The insurability of the proposed insured

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:HIV testing is used by insurers to evaluate the health risks associated with the applicant anddetermine insurability.
* The insurability of the proposed insured (D):Correct. HIV status can impact underwriting decisions, subject to Maryland's anti-discrimination laws.
* The type of policy issued (A):Irrelevant, as this is determined by the applicant's preferences and eligibility.
* Effective date and term of coverage (B):Determined separately from medical testing.
* Whether an insurable interest exists (C):Based on the relationship between the policyholder and insured, not medical testing.
References:Maryland Insurance Code §27-208, HIV Testing Disclosure Guidelines, and Maryland Human Rights Act.

NEW QUESTION # 13
The free-look period provided in a life insurance policy is usually:

A. 45 days
B. 60 days
C. 10 days
D. 31 days

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Thefree-look periodis a consumer protection mechanism allowing policyholders to cancel a policy within a specific period for a full refund.
* 10 days (A):Maryland law requires a minimum free-look period of 10 days for life insurance policies, allowing buyers to review the policy without financial obligation.
* 31 days (B), 45 days (C), and 60 days (D):These exceed Maryland's statutory minimum and are not standard requirements unless specifically offered by the insurer.
References:Maryland Free-Look Provisions, COMAR 31.09.09, and Maryland Consumer Protection Act.

NEW QUESTION # 14
A producer may be guilty of misrepresentation if the producer:

A. Required timely written notice of loss for all claims
B. Issued a full settlement check expressly releasing the insurer
C. Failed to disclose exclusions of the policy
D. Denied a claim for failure of the policyholder to prove damages

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Misrepresentation involves providing false, misleading, or incomplete information about a policy:
* Failed to disclose exclusions of the policy (A):Correct. Not informing the insured about policy exclusions misrepresents the coverage and violates Maryland law.
* Denied a claim for failure to prove damages (B):This relates to claims handling and is not misrepresentation.
* Required written notice of loss (C):This is a legitimate policy requirement, not misrepresentation.
* Issued a full settlement check (D):Standard claims settlement practice when agreed upon; not related to misrepresentation.
References:Maryland Insurance Article §27-303, Misrepresentation and False Advertising Standards, COMAR 31.15.03.

NEW QUESTION # 15
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