Free PDF Maryland Insurance Administration - Life-Producer - Maryland Life Producer Exam (Series 20-27)–High Pass-Rate Clear Exam

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q68-Q73):

NEW QUESTION # 68
An applicant for life insurance must be informed that testing for Human Immunodeficiency Virus (HIV) infection is used to help determine:

A. The insurability of the proposed insured
B. Whether an insurable interest exists
C. The type of policy that will be issued
D. The effective date and term of coverage

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:HIV testing is used by insurers to evaluate the health risks associated with the applicant anddetermine insurability.
* The insurability of the proposed insured (D):Correct. HIV status can impact underwriting decisions, subject to Maryland's anti-discrimination laws.
* The type of policy issued (A):Irrelevant, as this is determined by the applicant's preferences and eligibility.
* Effective date and term of coverage (B):Determined separately from medical testing.
* Whether an insurable interest exists (C):Based on the relationship between the policyholder and insured, not medical testing.
References:Maryland Insurance Code §27-208, HIV Testing Disclosure Guidelines, and Maryland Human Rights Act.

NEW QUESTION # 69
Who normally receives dividends in a stock insurance company?

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

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:In astock insurance company, dividends are distributed to shareholders, who are the owners of the company.
* Shareholders (B):Receive dividends based on the company's profitability, as determined by the board of directors.
* Members of the board of directors (A):May also be shareholders, but their role as directors does not entitle them to dividends.
* Beneficiaries (C):Receive death benefits, not company dividends.
* Producers (D):Earn commissions or fees, not dividends.
References:Maryland Corporate Insurance Guidelines, Stock vs. Mutual Insurer Framework, and COMAR
31.05.03.

NEW QUESTION # 70
All of the following statements about the life insurance protection provided by a family life insurance policy are true EXCEPT:

A. Life insurance coverage is provided automatically to children born during the policy period
B. Coverage for dependents can be converted to whole life insurance without evidence of insurability
C. Coverage is available only to heads of households who are 30 years old or younger
D. Most of the premium amount purchases whole life insurance for the head of the household

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Family life insurance policies provide comprehensive coverage for families, including automatic coverage for certain dependents.
* Option A:Correct. A significant portion of the premium funds whole life insurance for the primary insured (typically the head of household).
* Option B:Correct. Dependent children born after the policy is issued are automatically covered, often without additional cost or underwriting.
* Option C:Incorrect. Family life insurance policies are not restricted to individuals under 30; this criterion does not exist in standard policy guidelines.
* Option D:Correct. Coverage for dependents can often be converted to whole life insurance at specific ages or policy milestones without medical underwriting.
References:Maryland Family Life Insurance Policy Standards, COMAR 31.09.04, and Maryland Insurance Administration Dependent Coverage Guidelines.

NEW QUESTION # 71
The entire contract provision in a life insurance policy states that the policy includes:

A. The Medical Information Bureau report
B. The application attached to the policy
C. The producer's report to the insurer
D. Any attending physician's statement

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Theentire contract clauseensures transparency by limiting the policy's terms to the policy document and any attached application materials.
* The application attached to the policy (B):Correct. It becomes part of the legal agreement between the insurer and the policyholder.
* The Medical Information Bureau report (A):Used for underwriting but not part of the policy.
* Any attending physician's statement (C):May inform underwriting but is not included in the policy.
* The producer's report to the insurer (D):Internal to the insurer and irrelevant to the contract itself.
References:Maryland Insurance Code §16-203, Entire Contract Provision Standards, and COMAR 31.09.09.

NEW QUESTION # 72
A producer is prohibited from:

A. Allowing an applicant to sign a blank or incomplete application
B. Selling insurance to family members
C. Splitting commissions with a licensed nonresident producer who has jointly sold a policy
D. Countersigning a policy sold in Maryland

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Insurance producers must uphold ethical and legal practices when conducting business.
* Allowing an applicant to sign a blank or incomplete application (B):This is strictly prohibited, as it creates opportunities for fraud, disputes, and incorrect information being submitted to insurers.
* Selling insurance to family members (A):Permissible under Maryland law as long as transactions comply with standard regulations.
* Countersigning a policy (C):Required in some cases for validating contracts sold in Maryland.
* Splitting commissions with a licensed nonresident producer (D):Permissible if both parties are licensed and participate in the sale.
References:Maryland Producer Code of Conduct, COMAR 31.03.13, and Maryland InsuranceEthics Guidelines.

NEW QUESTION # 73
......

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Free PDF Maryland Insurance Administration - Life-Producer - Maryland Life Producer Exam (Series 20-27)–High Pass-Rate Clear Exam

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q68-Q73):

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