VALID LIFE-PRODUCER STUDY MATERIALS, MARYLAND INSURANCE ADMINISTRATION LIFE-PRODUCER EXAM PASS GUIDE: MARYLAND LIFE PRODUCER EXAM (SERIES 20-27) PASS SUCCESS

Valid Life-Producer Study Materials, Maryland Insurance Administration Life-Producer Exam Pass Guide: Maryland Life Producer Exam (Series 20-27) Pass Success

Valid Life-Producer Study Materials, Maryland Insurance Administration Life-Producer Exam Pass Guide: Maryland Life Producer Exam (Series 20-27) Pass Success

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Quiz Maryland Insurance Administration - Life-Producer - Authoritative Valid Maryland Life Producer Exam (Series 20-27) Study Materials

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q17-Q22):

NEW QUESTION # 17
When an individual replaces a life insurance policy, the form entitled "Important Notice Replacement of Life Insurance or Annuities" is REQUIRED to be signed by:

  • A. Both the applicant and the insurance producer
  • B. The insurance producer only
  • C. An officer of the insurer
  • D. The applicant only

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:In Maryland, the replacement of life insurance policies requires safeguards to protect policyholders.
* TheImportant Notice Replacement of Life Insurance or Annuitiesform must be signed byboth the applicant and the insurance producer (B)to ensure informed consent and regulatory compliance.
* The applicant only (A)does not suffice, as producer acknowledgment is essential.
* The producer only (C)lacks the policyholder's agreement.
* An officer of the insurer (D)does not participate in this process.
References: Maryland Replacement of Life Insurance Regulations, COMAR 31.09.05.


NEW QUESTION # 18
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 # 19
What does the annuitant usually receive during the liquidation phase of an annuity?

  • A. Benefit payments at regular intervals
  • B. Nothing
  • C. Cash withdrawals upon request
  • D. A lump sum

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:During theliquidation phase, an annuity pays out benefits to the annuitant based on the terms of the contract.
* Benefit payments at regular intervals (B):Correct. These payments are structured as monthly, quarterly, or yearly installments based on the chosen payout option.
* Cash withdrawals upon request (A):Relates to the accumulation phase, not liquidation.
* A lump sum (C):Applies only if the annuity is structured for a single payout, not typical during the liquidation phase.
* Nothing (D):Incorrect, as this phase is specifically for distributing payments.
References:Maryland Annuity Guidelines, Payout Options, and COMAR 31.09.08.


NEW QUESTION # 20
In the event of a death claim under a life insurance policy, what happens to the amount of any existing policy loan?

  • A. It is canceled, and the beneficiary receives the face amount of the policy.
  • B. It represents a primary claim against the estate of the insured.
  • C. The beneficiary has an obligation to pay the amount to the insurance company.
  • D. It is deducted from the face amount of the policy together with any interest due.

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:When a death claim is filed on a life insurance policy with an outstanding loan:
* Deducted from the face amount (A):The death benefit is reduced by the loan balance plus any accrued interest, ensuring the insurer recovers the outstanding debt.
* Beneficiary obligation (B):Incorrect. The beneficiary receives the adjusted benefit without personal liability for the loan.
* Claim against the estate (C):Incorrect. The loan is tied to the policy, not the estate.
* Canceled without adjustment (D):Incorrect, as insurers must recoup the loan amount from the death benefit.
References:Maryland Life Insurance Policy Loan Provisions, COMAR 31.09.03, and Standard Death Claim Settlement Practices.


NEW QUESTION # 21
How often must insurance licensees subject to continuing education meet the educational requirements?

  • A. Every three years
  • B. There is no requirement
  • C. Each year
  • D. Every two years

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Maryland law requires insurance licensees to complete continuing education (CE) everytwo years (B)to maintain their licenses:
* CE ensures that agents remain informed about current laws, practices, and products.
* Each year (A):Too frequent for most state requirements, including Maryland.
* Every three years (C):Exceeds Maryland's regulatory timeframe.
* No requirement (D):Incorrect, as CE is mandatory for license renewal.
References:Maryland Insurance Code §10-116, Continuing Education Guidelines, and COMAR 31.03.02.


NEW QUESTION # 22
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