LIFE-PRODUCER EXAM COLLECTION: MARYLAND LIFE PRODUCER EXAM (SERIES 20-27) & LIFE-PRODUCER TOP TORRENT & LIFE-PRODUCER EXAM CRAM

Life-Producer Exam Collection: Maryland Life Producer Exam (Series 20-27) & Life-Producer Top Torrent & Life-Producer Exam Cram

Life-Producer Exam Collection: Maryland Life Producer Exam (Series 20-27) & Life-Producer Top Torrent & Life-Producer Exam Cram

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q42-Q47):

NEW QUESTION # 42
The amount received for a life insurance policy in a viatical settlement is:

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

Answer: A

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 # 43
The income benefits distributed during the liquidation phase of an annuity contract are normally payable to:

  • A. The owner
  • B. The annuitant
  • C. The nominator
  • D. The beneficiary

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:
During the liquidation (or payout) phase of an annuity, the annuitant receives periodic payments:
The annuitant (D) is the individual designated to receive the payments, as they are the insured party in the contract.
The owner (A) is often the annuitant but may differ; the owner controls the contract but does not necessarily receive payments.
The beneficiary (B) receives the death benefit if the annuitant passes away, not the periodic payments.
"Nominator" (C) is not relevant terminology in annuities.
References: Maryland Insurance Guidelines on Annuities, Payment Distribution, and Liquidation.


NEW QUESTION # 44
A producer may be guilty of misrepresentation if the producer:

  • A. Issued a full settlement check expressly releasing the insurer
  • B. Failed to disclose exclusions of the policy
  • C. Required timely written notice of loss for all claims
  • D. Denied a claim for failure of the policyholder to prove damages

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Misrepresentation involves providing false, misleading, or incomplete information about a policy:
* Failed to disclose exclusions of the policy (A):Correct. Not informing the insured about policy exclusions misrepresents the coverage and violates Maryland law.
* Denied a claim for failure to prove damages (B):This relates to claims handling and is not misrepresentation.
* Required written notice of loss (C):This is a legitimate policy requirement, not misrepresentation.
* Issued a full settlement check (D):Standard claims settlement practice when agreed upon; not related to misrepresentation.
References:Maryland Insurance Article §27-303, Misrepresentation and False Advertising Standards, COMAR 31.15.03.


NEW QUESTION # 45
Which amount may be deposited into a rollover individual retirement account (IRA) for the purpose of deferring income taxes?

  • A. The value of an IRA established by the beneficiary's deceased parent
  • B. The proceeds of a life insurance policy paid to a beneficiary under age 70-1/2
  • C. The amount paid to the spouse of a deceased annuitant under a tax-sheltered annuity
  • D. The refund received by the beneficiary under a refund life annuity

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:
A rollover IRA is used to defer taxes on qualifying distributions.
Proceeds from a life insurance policy (A) are generally not eligible for tax-deferred treatment.
Refunds from a refund life annuity (B) are considered taxable income and not eligible for rollover.
Amounts paid to a spouse under a tax-sheltered annuity (C) qualify for rollover treatment because they meet IRS rollover rules for deferred taxation.
IRAs inherited from parents (D) follow different tax rules and cannot be directly rolled over into a new IRA.
References: IRS Publication 590-B and Maryland Retirement Account Regulations.


NEW QUESTION # 46
An insurance producer who conducts business under an assumed or fictitious name must:

  • A. Post a $10,000 bond
  • B. Apply for an additional license
  • C. File the name with the Insurance Administration
  • D. Apply for an additional appointment

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Insurance producers using an assumed or fictitious name for their business must file the name with the Maryland Insurance Administration (MIA).
* File the name with the Insurance Administration (A):This ensures transparency and compliance with regulatory standards.
* Apply for an additional license (B):Not required; the existing license covers the producer.
* Apply for an additional appointment (C):Applies when a producer represents multiple insurers, not for fictitious names.
* Post a $10,000 bond (D):Irrelevant to this context.
References: Maryland Insurance Administration Guidelines on Producer Licensing and Business Names.


NEW QUESTION # 47
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