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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q48-Q53):

NEW QUESTION # 48
A licensee must report each of the following to the Maryland Insurance Administration EXCEPT:

A. Change of name
B. Change in financial status
C. Felony convictions
D. Change of residence address

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Insurance licensees in Maryland are required to report certain changes to the Maryland Insurance Administration (MIA):
* Change of name (A):Must be reported promptly to ensure accurate licensure records.
* Change of residence address (B):Also required for communication and compliance purposes.
* Felony convictions (D):Mandatory disclosure to maintain transparency and evaluate fitness for licensure.
* Change in financial status (C):Not required unless it directly affects the licensee's ability to meet financial obligations tied to the license (e.g., bonding requirements).
References:Maryland Insurance Code §10-118, COMAR 31.03.01.

NEW QUESTION # 49
A valid contract requires all of the following EXCEPT:

A. Offer and acceptance
B. Competent parties
C. Consideration
D. Written evidence

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:To be legally enforceable, a contract must meet the following requirements:
* Offer and acceptance (A):One party must propose terms, and the other must agree to them.
* Competent parties (B):Individuals must have the legal capacity to enter a contract (e.g., not minors or mentally incapacitated).
* Consideration (C):Each party must provide something of value (e.g., money, services, or promises).
Written evidence (D)is not required for all contracts, as some verbal agreements are enforceable depending on the type of contract (except for specific cases like real estate).
References: Maryland Contract Law Principles.

NEW QUESTION # 50
In surrendering a life insurance contract for its cash value, the total of premiums paid less the total of any dividends received in cash or used to offset premiums is:

A. The gross proceeds
B. The cost basis
C. The loan value
D. The cash value

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Thecost basisis the total of all premiums paid minus dividends received or used to offset premiums. This figure is used to calculate the taxable portion of the cash value upon surrender.
* Cost basis (D):Represents the non-taxable portion of the surrender value; any amount exceeding this is considered taxable income.
* Cash value (A):The policy's accumulated value, which may include taxable gains.
* Loan value (B):Refers to the amount available for borrowing against the policy.
* Gross proceeds (C):The full amount received upon surrender, not accounting for cost basis deductions.
References:IRS Guidance on Life Insurance Taxation, Maryland Life Insurance Surrender Rules, and COMAR 31.09.14.

NEW QUESTION # 51
A refusal to do business with a particular individual or business is known as:

A. An injunction
B. An estoppel
C. A boycott
D. A binder

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Boycottrefers to the refusal to engage in business dealings with a particular party as part of an unfair trade practice, often used to coerce or punish. It is prohibited under Maryland's Unfair Trade Practices Act.
* Boycott (C):Defined as an unfair method of competition when used in the insurance context.
* Estoppel (A):A legal doctrine preventing someone from asserting a claim inconsistent with previous actions, unrelated to business refusal.
* Injunction (B):A court order stopping specific actions, not related to refusal to do business.
* Binder (D):Temporary insurance coverage, unrelated to trade practices.
References:Maryland Unfair Trade Practices Act, COMAR 31.15.03, and Maryland Insurance Code §27-205.

NEW QUESTION # 52
What does the annuitant usually receive during the liquidation phase of an annuity?

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

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 # 53
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New Life-Producer Test Prep | Pass-Sure Maryland Insurance Administration Life-Producer: Maryland Life Producer Exam (Series 20-27) 100% Pass

Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q48-Q53):

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