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Latest Maryland Insurance Administration Life-Producer Exam Pass4sure, Latest Life-Producer Test Sample

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q49-Q54):

NEW QUESTION # 49
In order to qualify for a company convention, an insurance producer agrees to pay the first quarterly premium for the applicant for new insurance. This is called a:

A. Loan
B. Rebate
C. Gift
D. Cost of doing business

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Paying an applicant's premium is considered a rebate, which is generally prohibited in Maryland unless explicitly permitted by law.
* Rebates (B)involve offering inducements not specified in the policy, which can undermine fairness and market stability.
* Gifts (A)andloans (C)imply separate intentions and are distinct from policy-related payments.
* Cost of doing business (D)does not apply, as paying premiums on behalf of clients violates anti- rebating laws.
References: Maryland Rebating Laws, Unfair Trade Practices Act.

NEW QUESTION # 50
A producer is prohibited from:

A. Splitting commissions with a licensed nonresident producer who has jointly sold a policy
B. Selling insurance to family members
C. Countersigning a policy sold in Maryland
D. Allowing an applicant to sign a blank or incomplete application

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Insurance producers must uphold ethical and legal practices when conducting business.
* Allowing an applicant to sign a blank or incomplete application (B):This is strictly prohibited, as it creates opportunities for fraud, disputes, and incorrect information being submitted to insurers.
* Selling insurance to family members (A):Permissible under Maryland law as long as transactions comply with standard regulations.
* Countersigning a policy (C):Required in some cases for validating contracts sold in Maryland.
* Splitting commissions with a licensed nonresident producer (D):Permissible if both parties are licensed and participate in the sale.
References:Maryland Producer Code of Conduct, COMAR 31.03.13, and Maryland InsuranceEthics Guidelines.

NEW QUESTION # 51
The needs approach to personal life insurance planning includes the creation of an emergency reserve fund.
This fund is designed primarily to:

A. Provide retirement income
B. Cover the cost of unexpected expenses
C. Pay off an existing mortgage
D. Pay for college tuition and books

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Theneeds approachassesses financial requirements to determine the appropriate amount of life insurance.
* Covering unexpected expenses (B):Emergency reserve funds help beneficiaries handle unforeseen costs, such as urgent repairs, medical emergencies, or temporary loss of income.
* College tuition and books (A):This falls under education funding needs, not emergency reserves.
* Paying off mortgages (C):This is categorized as debt repayment, separate from the reserve fund.
* Providing retirement income (D):This is a long-term goal that requires separate planning, not immediate financial reserves.
References: Maryland Insurance Needs Analysis Guidelines and Life Insurance Planning Practices.

NEW QUESTION # 52
How long will income benefit payments continue under a life annuity with ten years certain?

A. Until the annuitant dies, and for an additional ten years
B. Until the annuitant dies, or for ten years, whichever is longer
C. Only until the annuitant dies, regardless of when death occurs
D. Only for ten years, regardless of how long the annuitant lives

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:A life annuity with aten years certainprovision guarantees payments for at least ten years. If theannuitant dies before the end of ten years, payments continue to the beneficiary for the remainder of the period.
* Until the annuitant dies, or for ten years, whichever is longer (A):Ensures payments for life with a minimum ten-year guarantee.
* Until the annuitant dies, and for an additional ten years (B):Incorrect; payments cease after the guaranteed period or the annuitant's lifetime.
* Only until the annuitant dies (C):Incorrect; the ten-year guarantee applies.
* Only for ten years (D):Incorrect; payments continue if the annuitant outlives the guaranteed period.
References:Maryland Annuity Payout Options Guidelines, COMAR 31.09.08.

NEW QUESTION # 53
A transaction in which a new life insurance policy is purchased, and an existing life insurance policy is surrendered is called:

A. Replacement
B. Nonforfeiture
C. Reinvestment
D. Rollover

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Areplacementoccurs when a new life insurance policy is purchased, and the existing policy is surrendered, terminated, or its benefits reduced to make way for the new policy.
* Replacement (B):This is regulated to ensure the policyholder is not disadvantaged by switching policies, often requiring additional disclosures and forms, like Maryland's "Important Notice Replacement of Life Insurance or Annuities."
* Nonforfeiture (A):Refers to retaining cash value benefits when a policy lapses or is canceled, not applicable here.
* Reinvestment (C):Generally relates to financial or investment accounts, not life insurance.
* Rollover (D):Pertains to tax-advantaged accounts like IRAs, not applicable to insurance.
References: Maryland Replacement Regulations, Disclosure Requirements, and Consumer Protections.

NEW QUESTION # 54
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