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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q13-Q18):

NEW QUESTION # 13
An insurable interest in each other's lives may exist in the absence of an economic interest when the individuals are:

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

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Insurable interest arises when there is a legitimate interest in the continued life of another person.
* Marriage partners (C)inherently have an insurable interest due to emotional and legal bonds.
* Competitors (A)andtraveling companions (D)do not typically meet the threshold for insurable interest.
* Business associates (B)may have insurable interest, but it usually requires contractual agreements (e.g., buy-sell agreements).
References: Maryland Insurance Code and Insurable Interest Guidelines.

NEW QUESTION # 14
A producer is prohibited from:

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

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Allowing an applicant to sign a blank or incomplete application (B) violates ethical and legal standards, as it undermines transparency and could lead to disputes about coverage or claims.
* Selling insurance to family members (A):Permitted as long as the transactions areconducted ethically and comply with Maryland laws.
* Countersigning policies (C):Required in certain situations to validate contracts in Maryland.
* Splitting commissions with nonresident producers (D):Permissible under Maryland law, provided both producers are licensed and involved in the transaction.
References:Maryland Insurance Administration Producer Conduct Rules, COMAR 31.03.13, and Ethical Standards for Insurance Producers.

NEW QUESTION # 15
Which contract offers flexible deposits, deferred taxation, a guaranteed minimum interest rate, and death proceeds equal to the cash value?

A. A flexible premium fixed annuity
B. Available deferred annuity
C. An adjustable whole life insurance policy
D. A universal life insurance policy

Answer: A

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 # 16
A transaction in which a new life insurance policy is purchased, and an existing life insurance policy is surrendered is called:

A. Reinvestment
B. Replacement
C. Rollover
D. Nonforfeiture

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Areplacementoccurs when a new life insurance policy is purchased, and the existing policy is surrendered, terminated, or its benefits reduced to make way for the new policy.
* Replacement (B):This is regulated to ensure the policyholder is not disadvantaged by switching policies, often requiring additional disclosures and forms, like Maryland's "Important Notice Replacement of Life Insurance or Annuities."
* Nonforfeiture (A):Refers to retaining cash value benefits when a policy lapses or is canceled, not applicable here.
* Reinvestment (C):Generally relates to financial or investment accounts, not life insurance.
* Rollover (D):Pertains to tax-advantaged accounts like IRAs, not applicable to insurance.
References: Maryland Replacement Regulations, Disclosure Requirements, and Consumer Protections.

NEW QUESTION # 17
All of the following statements about universal life insurance are true EXCEPT:

A. It may be written with either a level death benefit or an increasing death benefit
B. Failure to pay the renewal premium automatically causes the policy to lapse
C. The Internal Revenue Code places a minimum limitation on the difference between the cash value and the death benefit
D. Withdrawals of the policy cash value are permitted and sometimes subject to a surrender charge

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Universal life insurance policies offer flexibility and adaptability, but they also have specific rules:
* Minimum cash value vs. death benefit (A):Correct. IRS rules require a minimum difference to maintain tax-advantaged status.
* Level or increasing death benefits (B):Correct. Policyholders can choose based on their needs.
* Cash value withdrawals (C):Correct. Withdrawals are allowed but may incur surrender charges.
* Automatic lapse (D):Incorrect. Universal life does not immediately lapse due to missed payments; instead, costs are deducted from the cash value, and the policy remains in force until the cash value is depleted.
References:Maryland Insurance Administration Policy Lapse Guidelines, IRS Tax Code §7702, and COMAR
31.09.13.

NEW QUESTION # 18
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