MARYLAND INSURANCE ADMINISTRATION LIFE-PRODUCER EXAM | LIFE-PRODUCER NEW BRAINDUMPS QUESTIONS - MOST RELIABLE WEBSITE FOR YOU

Maryland Insurance Administration Life-Producer Exam | Life-Producer New Braindumps Questions - Most Reliable Website for you

Maryland Insurance Administration Life-Producer Exam | Life-Producer New Braindumps Questions - Most Reliable Website for you

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q70-Q75):

NEW QUESTION # 70
The Maryland Insurance Administration is an agency of the:

  • A. Federal government
  • B. National Association of Insurance Commissioners
  • C. Maryland General Assembly
  • D. State government

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:The Maryland Insurance Administration (MIA) is a state governmententity responsible for regulating the insurance industry in Maryland.
* State government (B):MIA enforces insurance laws, reviews policy forms, licenses insurers and producers, and investigates consumer complaints.
* Federal government (A):Oversees broader regulations, like ERISA, but does not directly manage state- level insurance matters.
* National Association of Insurance Commissioners (C):A regulatory support organization, not a governing body.
* Maryland General Assembly (D):Creates state laws, but enforcement falls under the MIA.
References: Maryland Insurance Administration Overview and State Regulatory Framework.


NEW QUESTION # 71
The entire contract provision in a life insurance policy states that the policy includes:

  • A. The producer's report to the insurer
  • B. The Medical Information Bureau report
  • C. Any attending physician's statement
  • D. The application attached to the policy

Answer: D

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 # 72
A policy of life insurance may NOT be delivered unless the policy has a:

  • A. Legible and brief description of the policy on the first page
  • B. Financial statement of the life insurance company
  • C. Premium coupon book
  • D. Notary seal

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Maryland law mandates that life insurance policies include aclear and concise description of the policyon the first page to ensure transparency and understanding for policyholders.
* Legible and brief description (A):Correct. This ensures the buyer can quickly identify key terms and benefits of the policy.
* Notary seal (B):Not required for delivering life insurance policies.
* Premium coupon book (C):Optional, often replaced with digital billing methods.
* Financial statement of the insurer (D):Not required in the policy itself, although insurers must provide financial stability information upon request.
References:Maryland Insurance Article §16-206, COMAR 31.09.04, and Policy Form Filing Standards.


NEW QUESTION # 73
The amount received for a life insurance policy in a viatical settlement is:

  • A. Equal to the sum of all premiums paid
  • B. Equal to the death benefit
  • C. Less than the death benefit
  • D. Greater than the death benefit

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:A viatical settlement allows a policyowner (often with a terminal illness) to sell their life insurance policy for immediate cash, typically to a third party.
* Less than the death benefit (D):The settlement amount is a fraction of the policy's face value, reflecting the buyer's expected profit after paying premiums and collecting the death benefit.
* Equal to the sum of all premiums paid (A):This is incorrect as premiums paid do not determine the settlement amount.
* Equal to the death benefit (B):The buyer profits from receiving the full death benefit upon the insured' s death, so they pay less upfront.
* Greater than the death benefit (C):This would result in a financial loss for the buyer, which is not the case in viatical settlements.
References: Maryland Viatical Settlement Act, COMAR 31.09.10, and Terminal Illness Policyholder Assistance Guidelines.


NEW QUESTION # 74
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 # 75
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