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  • Exam Name: Maryland Life Producer Exam (Series 20-27)
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Maryland Insurance Administration Life-Producer Exam Syllabus Topics:

SectionObjectives
Topic 1: Federal Tax Considerations- Life Insurance Taxation
  • 1. Death Benefits
  • 2. Premiums
  • 3. Cash Values
- Qualified Plans
  • 1. Retirement Planning Concepts
  • 2. IRA
  • 3. 401(k)
Topic 2: Maryland Insurance Laws and Regulations- Licensing Requirements
  • 1. Continuing Education
  • 2. Producer Licensing
  • 3. Renewal Procedures
- Regulatory Practices
  • 1. Unfair Trade Practices
  • 2. Ethics Standards
  • 3. Consumer Protection
Topic 3: Annuities- Annuity Principles
  • 1. Fixed Annuities
  • 2. Variable Annuities
  • 3. Indexed Annuities
- Annuity Benefit Options
  • 1. Life Income
  • 2. Period Certain
  • 3. Joint and Survivor
Topic 4: Life Insurance Policy Riders and Provisions- Policy Riders
  • 1. Waiver of Premium
  • 2. Guaranteed Insurability
  • 3. Accidental Death
- Policy Provisions
  • 1. Beneficiaries
  • 2. Assignments
  • 3. Policy Loans
  • 4. Ownership
Topic 5: Types of Policies- Interest-Sensitive Life Products
  • 1. Universal Life
  • 2. Variable Life
  • 3. Variable Universal Life
- Term Life Insurance
  • 1. Renewable and Convertible Term
  • 2. Level Term
  • 3. Decreasing Term
- Traditional Whole Life Products
  • 1. Ordinary Whole Life
  • 2. Limited-Pay and Single-Premium Life

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

Question 1

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


Question 2

Which advantage does an employer gain by providing a qualified retirement plan, as contrasted to a non- qualified plan?

A. It is useful in rewarding selected employees for good work performance
B. The plan funds are available for general business needs
C. It can be designed for the exclusive benefit of several key employees
D. The employer's contributions to the plan are tax deductible


Question 3

A policyholder uses a Section 1035 exchange to replace an existing life insurance policy. If the new policy is later surrendered, the gain realized on termination is taxed as:

A. Ordinary income plus a 10% surcharge
B. A capital gain
C. A deferred capital gain
D. Ordinary income


Question 4

Which one of the following statements about participating life insurance is true?

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


Question 5

A producer may be guilty of misrepresentation if the producer:

A. Required timely written notice of loss for all claims
B. Issued a full settlement check expressly releasing the insurer
C. Denied a claim for failure of the policyholder to prove damages
D. Failed to disclose exclusions of the policy


Solutions:

Question 1
Answer: B
Question 2
Answer: D
Question 3
Answer: D
Question 4
Answer: A
Question 5
Answer: D

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