QUIZ LIFE-PRODUCER - MARYLAND LIFE PRODUCER EXAM (SERIES 20-27)–TRUSTABLE NEW REAL EXAM

Quiz Life-Producer - Maryland Life Producer Exam (Series 20-27)–Trustable New Real Exam

Quiz Life-Producer - Maryland Life Producer Exam (Series 20-27)–Trustable New Real Exam

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Tags: Life-Producer New Real Exam, Life-Producer Exam Tutorials, Life-Producer Best Vce, Complete Life-Producer Exam Dumps, Life-Producer Reliable Study Plan

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q61-Q66):

NEW QUESTION # 61
Which contract offers flexible deposits, deferred taxation, a guaranteed minimum interest rate, and death proceeds equal to the cash value?

  • A. Available deferred annuity
  • B. A universal life insurance policy
  • C. A flexible premium fixed annuity
  • D. An adjustable whole life insurance policy

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Aflexible premium fixed annuityallows policyholders to make varying contributions while offering tax-deferred growth and a guaranteed minimum interest rate.
* Flexible premium fixed annuity (C):Correct. Combines flexible payments with guaranteed returns and death proceeds equal to cash value.
* Adjustable whole life (A):Involves fixed payments and lacks tax-deferred features.
* Available deferred annuity (B):Vague and not specifically tied to these features.
* Universal life (D):Provides death benefits but lacks guaranteed minimum interest rates.
References:Maryland Annuity Regulations, COMAR 31.09.08, and Fixed Annuity Product Guidelines.


NEW QUESTION # 62
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 new policy
  • B. $50,000 under the group plan
  • C. $50,000 under the new policy, less the initial premium amount due
  • D. Nothing at all

Answer: B

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 # 63
Which one of the following life insurance settlement options pays a predetermined monthly benefit until principal and interest are exhausted?

  • A. The fixed period installment option
  • B. The interest-only option
  • C. The fixed amount installment option
  • D. The accelerated endowment option

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Thefixed amount installment optionprovides for a predetermined monthly benefit to the policy beneficiary. Payments continue until the principal (death benefit) and accumulated interest are fully paid out.
* Fixed amount installment option (A):Ensures consistent payment amounts until the death benefit and interest are exhausted. This option is often used when beneficiaries want a steady income.
* Accelerated endowment option (B):Not relevant as it refers to early payouts for policies reaching maturity.
* Interest-only option (C):Only pays interest earned on the death benefit, leaving the principal untouched.
* Fixed period installment option (D):Guarantees payments for a specific period, regardless of whether the principal or interest is depleted.
References: Maryland Life Insurance Policy Payout Regulations and Settlement Options Guidelines.


NEW QUESTION # 64
Publishing a derogatory article about the financial condition of an insurer that is false and calculated to injure the insurer is an example of:

  • A. Intimidation
  • B. Coercion
  • C. Defamation
  • D. Extortion

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Defamationin the context of insurance involves publishing false or malicious statements intended to harm an insurer's reputation.
* Defamation (A):Includes false claims about an insurer's financial stability, products, or business practices, prohibited under Maryland law.
* Intimidation (B):Refers to coercing individuals into specific actions, unrelated to false publications.
* Extortion (C):Involves obtaining something of value through threats, unrelated to false statements.
* Coercion (D):Focuses on forcing compliance, not publishing falsehoods.
References:Maryland Insurance Administration's Unfair Trade Practices Act, COMAR 31.15.03.


NEW QUESTION # 65
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. Cost recovery
  • C. Cash refund
  • D. Installment 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 # 66
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