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Pass Guaranteed Maryland Insurance Administration - Life-Producer - The Best Maryland Life Producer Exam (Series 20-27) Exam Objectives Pdf
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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q28-Q33):
NEW QUESTION # 28
The entire contract provision in a life insurance policy states that the policy includes:
- A. The application attached to the policy
- B. Any attending physician's statement
- C. The Medical Information Bureau report
- D. The producer's report to the insurer
Answer: A
Explanation:
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.
NEW QUESTION # 29
All of the following statements about universal life insurance are true EXCEPT:
- A. It may be written with either a level death benefit or an increasing death benefit
- B. Withdrawals of the policy cash value are permitted and sometimes subject to a surrender charge
- C. Failure to pay the renewal premium automatically causes the policy to lapse
- D. The Internal Revenue Code places a minimum limitation on the difference between the cash value and the death benefit
Answer: C
Explanation:
Comprehensive and Detailed Step by Step Explanation:Universal life insurance policies offer flexibility and adaptability, but they also have specific rules:
* Minimum cash value vs. death benefit (A):Correct. IRS rules require a minimum difference to maintain tax-advantaged status.
* Level or increasing death benefits (B):Correct. Policyholders can choose based on their needs.
* Cash value withdrawals (C):Correct. Withdrawals are allowed but may incur surrender charges.
* Automatic lapse (D):Incorrect. Universal life does not immediately lapse due to missed payments; instead, costs are deducted from the cash value, and the policy remains in force until the cash value is depleted.
References:Maryland Insurance Administration Policy Lapse Guidelines, IRS Tax Code §7702, and COMAR
31.09.13.
NEW QUESTION # 30
One factor in premium determination is the expenses of the:
- A. Producer
- B. Policy owner
- C. Policy beneficiary
- D. Insurer
Answer: D
Explanation:
Comprehensive and Detailed Step by Step Explanation:Theinsurer's expensesare a critical factor in premium calculations. Insurers must cover operational costs, claims payouts, reserves, and regulatory compliance while ensuring profitability.
* Insurer (B):Correct. Expenses such as underwriting, administrative costs, and agent commissions are incorporated into the premium.
* Producer (A):Costs are included indirectly through commissions but are not a direct factor.
* Policy beneficiary (C):Plays no role in premium determination.
* Policy owner (D):Pays the premium but does not influence expense considerations.
References:Maryland Insurance Premium Guidelines, Rate Filing Requirements, and COMAR 31.05.02.
NEW QUESTION # 31
An employee with $50,000 group life insurance coverage terminates employment and submits an application WITHOUT the initial premium for a $50,000 conversion policy. If the employee dies 15 days later, the insurer would pay:
- A. $50,000 under the group plan
- B. Nothing at all
- C. $50,000 under the new policy, less the initial premium amount due
- D. $50,000 under the new policy
Answer: A
Explanation:
Comprehensive and Detailed Step by Step Explanation:Group life insurance policies in Maryland typically include a conversion privilege allowing former employees to convert group coverage to an individual policy within a 31-day period after termination, regardless of premium payment status.
* $50,000 under the group plan (A):Correct. During the 31-day conversion period, the original group coverage remains in effect. If the insured dies during this time, the death benefit is paid under the group plan.
* $50,000 under the new policy (B and C):Incorrect, as the conversion policy does not become effective until the first premium is paid.
* Nothing at all (D):Incorrect, as coverage is still active during the conversion period.
References:Maryland Insurance Article §15-403, Group Life Insurance Conversion Privileges, and COMAR
31.09.05.
NEW QUESTION # 32
How many days does a former employee have to convert a group term policy to an individual policy after employment is terminated?
Answer: B
Explanation:
Comprehensive and Detailed Step by Step Explanation:Under Maryland insurance law, a terminated employee has31 days (D)to convert a group term life insurance policy into an individual policy without providing evidence of insurability.
* This grace period allows individuals to maintain coverage while securing individual insurance.
* 10 (A), 20 (B), or 30 days (C)are incorrect, as Maryland mandates a specific 31-day window.
References: Maryland Conversion Rights in Group Life Insurance Policies, Section 15-401 of the Insurance Article.
NEW QUESTION # 33
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