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

NEW QUESTION # 70
An insurable interest in each other's lives may exist in the absence of an economic interest when the individuals are:

A. Competitors
B. Traveling companions
C. Business associates
D. Marriage partners

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:
For life insurance, an insurable interest exists when there is a legitimate interest in the continued life of another person:
Marriage partners (C) inherently have insurable interest due to emotional and legal ties.
Competitors (A) and traveling companions (D) do not usually meet the legal threshold.
Business associates (B) may have insurable interest, but only in specific agreements (e.g., buy-sell agreements).
References: Maryland Insurance Code and Insurable Interest Provisions.

NEW QUESTION # 71
A life insurance policy becomes incontestable after it has been in force for:

A. 6 months
B. 2 years
C. 3 years
D. 30 days

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Theincontestability clauseprevents insurers from voiding a policy after a specified period, except in cases of fraud or non-payment of premiums:
* 2 years (C):Maryland law mandates a maximum incontestability period of two years. After this period, the insurer cannot deny claims due to misstatements on the application.
* 30 days (A) and 6 months (B):Too short for standard incontestability clauses.
* 3 years (D):Exceeds the Maryland limit.
References:Maryland Insurance Article §16-203, Incontestability Clause Guidelines, and COMAR 31.09.09.

NEW QUESTION # 72
An insurance producer's license may be suspended or revoked by:

A. The Attorney General
B. The continuing education course provider
C. The Maryland Insurance Administration
D. The appointing insurer

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:The Maryland Insurance Administration (MIA) has sole authority to regulate, suspend, or revoke an insurance producer's license for violations of state insurance laws:
* Maryland Insurance Administration (C):Correct. The MIA oversees producer licensing, compliance, and disciplinary actions.
* Appointing insurer (A):Can terminate an appointment but cannot revoke a license.
* Continuing education provider (B):Only offers training and has no regulatory authority.
* Attorney General (D):Handles legal actions but does not directly manage licensing.
References:Maryland Insurance Article §10-126, Producer Regulation Guidelines, COMAR 31.03.13.

NEW QUESTION # 73
Advertisements in general shall be:

A. Truthful
B. Clear only by implication
C. Clear only by familiarity with insurance terminology
D. Approved by the Insurance Commissioner

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Maryland law requires that insurance advertisements be honest, transparent, and not misleading.
* Truthful (D):Correct. Ads must provide accurate information about insurance products and benefits without omitting material facts.
* Approved by the Insurance Commissioner (A):Some materials may require regulatory review, but general ads do not need pre-approval.
* Clear only by implication (B):Misleading and prohibited.
* Clear only by familiarity with insurance terminology (C):Ads must be understandable to the general public, not just industry professionals.
References:Maryland Advertising Regulations, COMAR 31.15.01, and Unfair Trade Practices Act.

NEW QUESTION # 74
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. Available deferred annuity
C. A flexible premium fixed annuity
D. A universal life insurance policy

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Aflexible premium fixed annuityallows policyholders to make varying contributions while offering tax-deferred growth and a guaranteed minimum interest rate.
* Flexible premium fixed annuity (C):Correct. Combines flexible payments with guaranteed returns and death proceeds equal to cash value.
* Adjustable whole life (A):Involves fixed payments and lacks tax-deferred features.
* Available deferred annuity (B):Vague and not specifically tied to these features.
* Universal life (D):Provides death benefits but lacks guaranteed minimum interest rates.
References:Maryland Annuity Regulations, COMAR 31.09.08, and Fixed Annuity Product Guidelines.

NEW QUESTION # 75
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Test Life-Producer Engine Version - Life-Producer Practice Online

Life-Producer Practice Online & Life-Producer Exam Training

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

Top Test Life-Producer Engine Version Free PDF | Efficient Life-Producer Practice Online: Maryland Life Producer Exam (Series 20-27)

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