Life-Producer Dumps Guide: Maryland Life Producer Exam (Series 20-27) & Life-Producer Actual Test & Life-Producer Exam Torrent

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q60-Q65):

NEW QUESTION # 60
An existing life insurance policy is sold by the policyowner to help finance the cost of a terminal illness. This is an example of:

A. An accelerated death benefit
B. A survivorship policy
C. A nonforfeiture option
D. A viatical settlement

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Aviatical settlementinvolves selling a life insurance policy to a third party for immediate cash, typically to cover expenses associated with terminal illnesses.
* Viatical settlement (C):The policyowner receives a percentage of the death benefit to cover high medical costs or improve their quality of life.
* Nonforfeiture options (A):Relate to preserving cash value if the policy lapses, not a sale.
* Accelerated death benefit (B):Involves accessing a portion of the death benefit directly from the insurer, not through a third party.
* Survivorship policies (D):Cover two insureds and pay the death benefit only after both have passed away, unrelated to this case.
References: Maryland Viatical Settlement Law and Insurance Code.

NEW QUESTION # 61
Which of the following statements about participating life insurance is true?

A. The insured must be the policyowner.
B. Policyowners are assessed monthly for losses.
C. Policyowners may be entitled to receive dividends.
D. The insurer must be a stock company.

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Participating life insurance policies, often issued by mutual companies, include the possibility of dividends:
* Dividends (A)represent a share of surplus profits distributed to policyowners.
* Policyowners are not assessed for losses (B); the insurer bears those.
* The insured and policyowner can be different individuals, making (C) incorrect.
* Mutual insurers typically issue participating policies, not stock companies (D).
References: Maryland Insurance Law on Participating Policies.

NEW QUESTION # 62
Which of the following statements about cash values in whole life insurance policies is true?

A. They typically increase until age 65 and remain level thereafter.
B. They result from the level premium concept.
C. They cannot be guaranteed.
D. They equal the policy face value at age 65.

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Cash values in whole life insurance are a key feature, and they:
* Accumulate as a result of thelevel premium concept (A), where excess premiums in the early years of the policy build the cash value.
* Are guaranteedin whole life policies, contrary to option B.
* Do not equal the face value at age 65 (C) unless specifically structured for that purpose.
* Continue to grow beyond age 65 as long as the policy remains active, invalidating option D.
References: Maryland Insurance Guidelines on Whole Life Policies, Cash Value, and Premium Structures.

NEW QUESTION # 63
An individual life insurance policy may include coverage for all of the following EXCEPT:

A. Workers' compensation
B. Disability
C. Long-term care
D. Burial

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Individual life insurance policies often allow riders or supplementary coverage options, but they do not cover workers' compensation, which is a separate insurance category.
* Disability (A):Can be included as a rider, such as a waiver of premium or disability income benefit.
* Long-term care (B):Often available as an optional rider to address extended medical care expenses.
* Burial (D):Final expense policies or riders can be added to cover funeral and burial costs.
* Workers' compensation (C):Not covered under life insurance policies; this is a specific insurance product regulated differently.
References:Maryland Life Insurance Rider Guidelines, Workers' Compensation Insurance Regulations, and COMAR 31.09.03.

NEW QUESTION # 64
How often must insurance licensees subject to continuing education meet the educational requirements?

A. Each year
B. Every three years
C. There is no requirement
D. Every two years

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Maryland law requires insurance licensees to complete continuing education (CE) everytwo years (B)to maintain their licenses:
* CE ensures that agents remain informed about current laws, practices, and products.
* Each year (A):Too frequent for most state requirements, including Maryland.
* Every three years (C):Exceeds Maryland's regulatory timeframe.
* No requirement (D):Incorrect, as CE is mandatory for license renewal.
References:Maryland Insurance Code §10-116, Continuing Education Guidelines, and COMAR 31.03.02.

NEW QUESTION # 65
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Life-Producer Dumps Guide: Maryland Life Producer Exam (Series 20-27) & Life-Producer Actual Test & Life-Producer Exam Torrent

Latest Life-Producer Study Plan - Life-Producer Test Simulator Online

Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q60-Q65):

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