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Maryland Insurance Administration Life-Producer Exam Study Guide & Life-Producer New Soft Simulations

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

NEW QUESTION # 17
Which contract offers flexible deposits, deferred taxation, a guaranteed minimum interest rate, and death proceeds equal to the cash value?

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

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Aflexible premium fixed annuityis designed to allow policyholders flexibility in premium payments while providing guaranteed growth.
* Flexible deposits:Policyholders can make variable contributions based on their financial situation.
* Deferred taxation:Earnings grow tax-deferred until withdrawal.
* Guaranteed minimum interest rate:Fixed annuities offer this feature to protect against market downturns.
* Death proceeds equal to cash value:Upon death, beneficiaries typically receive the accumulated cash value.
Other Options:
* Adjustable whole life policy (A):Features adjustable premiums but lacks deferred taxation and guaranteed rates.
* Deferred annuity (B):Generic and does not specify the features of fixed annuities.
* Universal life (D):Provides more flexibility but differs in guaranteed returns.
References:Maryland Annuity Guidelines, COMAR 31.09.08, and Tax-Deferred Financial Product Regulations.

NEW QUESTION # 18
The free-look period provided in a life insurance policy is usually:

A. 60 days
B. 45 days
C. 31 days
D. 10 days

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Thefree-look periodis a consumer protection mechanism allowing policyholders to cancel a policy within a specific period for a full refund.
* 10 days (A):Maryland law requires a minimum free-look period of 10 days for life insurance policies, allowing buyers to review the policy without financial obligation.
* 31 days (B), 45 days (C), and 60 days (D):These exceed Maryland's statutory minimum and are not standard requirements unless specifically offered by the insurer.
References:Maryland Free-Look Provisions, COMAR 31.09.09, and Maryland Consumer Protection Act.

NEW QUESTION # 19
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. Defamation
B. Coercion
C. Intimidation
D. Extortion

Answer: A

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 # 20
Who normally receives dividends in a stock insurance company?

A. Producers
B. Shareholders
C. Beneficiaries
D. Only members of the board of directors

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:In astock insurance company, shareholders are the owners and receive dividends from the company's profits.
* Shareholders (B):They are entitled to dividends when declared by the board of directors, based on profitability.
* Board of directors (A):Oversee corporate governance and do not individually receive dividends as a right.
* Beneficiaries (C):Receive policy death benefits, not dividends.
* Producers (D):Earn commissions or fees, not dividends.
References:Maryland Corporate Insurance Structure Rules, Stock vs. Mutual Insurer Regulations, COMAR
31.05.03.

NEW QUESTION # 21
When a wage earner dies, the surviving family members may have all of the following expenses EXCEPT:

A. Final expenses
B. Death taxes
C. Family living expenses
D. Unemployment tax liabilities

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:When a wage earner dies, surviving families face significant financial obligations:
* Final expenses (A):Include funeral costs and related end-of-life expenses.
* Family living expenses (C):Cover ongoing needs like housing, food, and utilities.
* Death taxes (D):May apply based on estate value and Maryland inheritance laws.
Unemployment tax liabilities (B)are irrelevant as they apply only to employers, not surviving family members.
References: Maryland Estate Tax and Death Benefit Regulations.

NEW QUESTION # 22
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