100% PASS QUIZ 2025 LIFE-PRODUCER: USEFUL RELIABLE MARYLAND LIFE PRODUCER EXAM (SERIES 20-27) STUDY MATERIALS

100% Pass Quiz 2025 Life-Producer: Useful Reliable Maryland Life Producer Exam (Series 20-27) Study Materials

100% Pass Quiz 2025 Life-Producer: Useful Reliable Maryland Life Producer Exam (Series 20-27) Study Materials

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Tags: Reliable Life-Producer Study Materials, Latest Life-Producer Exam Answers, Latest Life-Producer Examprep, Valid Life-Producer Test Preparation, Detailed Life-Producer Study Plan

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Latest Maryland Insurance Administration Life-Producer Exam Answers & Latest Life-Producer Examprep

The ExamPrepAway is one of the top-rated and renowned platforms that has been offering real and valid Maryland Life Producer Exam (Series 20-27) (Life-Producer) exam practice test questions for many years. During this long time period countless Maryland Life Producer Exam (Series 20-27) (Life-Producer) exam candidates have passed their dream Life-Producer certification and they are now certified Maryland Insurance Administration professionals and pursuing a rewarding career in the market.

Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q73-Q78):

NEW QUESTION # 73
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, shareholders are the owners and receive dividends from the company's profits.
* Shareholders (B):They are entitled to dividends when declared by the board of directors, based on profitability.
* Board of directors (A):Oversee corporate governance and do not individually receive dividends as a right.
* Beneficiaries (C):Receive policy death benefits, not dividends.
* Producers (D):Earn commissions or fees, not dividends.
References:Maryland Corporate Insurance Structure Rules, Stock vs. Mutual Insurer Regulations, COMAR
31.05.03.


NEW QUESTION # 74
A transaction in which a new life insurance policy is purchased, and an existing life insurance policy is surrendered is called:

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

Answer: C

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 # 75
The needs approach to personal life insurance planning includes the creation of an emergency reserve fund.
This fund is designed primarily to:

  • A. Provide retirement income
  • B. Pay off an existing mortgage
  • C. Pay for college tuition and books
  • D. Cover the cost of unexpected expenses

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Theneeds approachassesses financial requirements to determine the appropriate amount of life insurance.
* Covering unexpected expenses (B):Emergency reserve funds help beneficiaries handle unforeseen costs, such as urgent repairs, medical emergencies, or temporary loss of income.
* College tuition and books (A):This falls under education funding needs, not emergency reserves.
* Paying off mortgages (C):This is categorized as debt repayment, separate from the reserve fund.
* Providing retirement income (D):This is a long-term goal that requires separate planning, not immediate financial reserves.
References: Maryland Insurance Needs Analysis Guidelines and Life Insurance Planning Practices.


NEW QUESTION # 76
In order to qualify for a company convention, an insurance producer agrees to pay the first quarterly premium for the applicant for new insurance. This is called a:

  • A. Loan
  • B. Cost of doing business
  • C. Gift
  • D. Rebate

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Paying an applicant's premium is considered a rebate, which is generally prohibited in Maryland unless explicitly permitted by law.
* Rebates (B)involve offering inducements not specified in the policy, which can undermine fairness and market stability.
* Gifts (A)andloans (C)imply separate intentions and are distinct from policy-related payments.
* Cost of doing business (D)does not apply, as paying premiums on behalf of clients violates anti- rebating laws.
References: Maryland Rebating Laws, Unfair Trade Practices Act.


NEW QUESTION # 77
If a life insurer denies a policy of life insurance, the insurer shall disclose the results of any medicalexamination administered to determine insurability to the:

  • A. Beneficiary of the policy
  • B. Physician that furnished medical information to the insurer
  • C. Physician of the applicant's choice upon the request of the applicant
  • D. Company's underwriter

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Maryland law requires that the results of medical examinations used to determine insurability:
* Be disclosed to thephysician of the applicant's choice (B), but only if the applicant requests it.
* This ensures privacy and confidentiality while giving the applicant access to critical information.
* Beneficiaries (A)andunderwriters (C)do not receive this information.
* Physicians furnishing information (D)already have access to their own submissions.
References: Maryland Insurance Code on Privacy and Disclosure of Medical Information.


NEW QUESTION # 78
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