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Easy to Use and Compatible Maryland Insurance Administration Life-Producer Practice Test Formats
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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q82-Q87):
NEW QUESTION # 82
An insurance producer who conducts business under an assumed or fictitious name must:
- A. Apply for an additional license
- B. File the name with the Insurance Administration
- C. Apply for an additional appointment
- D. Post a $10,000 bond
Answer: B
Explanation:
Comprehensive and Detailed Step by Step Explanation:Insurance producers using an assumed or fictitious name for their business must file the name with the Maryland Insurance Administration (MIA).
* File the name with the Insurance Administration (A):This ensures transparency and compliance with regulatory standards.
* Apply for an additional license (B):Not required; the existing license covers the producer.
* Apply for an additional appointment (C):Applies when a producer represents multiple insurers, not for fictitious names.
* Post a $10,000 bond (D):Irrelevant to this context.
References: Maryland Insurance Administration Guidelines on Producer Licensing and Business Names.
NEW QUESTION # 83
Which of the following statements about participating life insurance is true?
- A. The insured must be the policyowner.
- B. The insurer must be a stock company.
- C. Policyowners are assessed monthly for losses.
- D. Policyowners may be entitled to receive dividends.
Answer: D
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 # 84
The amount received for a life insurance policy in a viatical settlement is:
- A. Equal to the sum of all premiums paid
- B. Less than the death benefit
- C. Greater than the death benefit
- D. Equal to the death benefit
Answer: B
Explanation:
Comprehensive and Detailed Step by Step Explanation:A viatical settlement allows a policyowner (often with a terminal illness) to sell their life insurance policy for immediate cash, typically to a third party.
* Less than the death benefit (D):The settlement amount is a fraction of the policy's face value, reflecting the buyer's expected profit after paying premiums and collecting the death benefit.
* Equal to the sum of all premiums paid (A):This is incorrect as premiums paid do not determine the settlement amount.
* Equal to the death benefit (B):The buyer profits from receiving the full death benefit upon the insured' s death, so they pay less upfront.
* Greater than the death benefit (C):This would result in a financial loss for the buyer, which is not the case in viatical settlements.
References: Maryland Viatical Settlement Act, COMAR 31.09.10, and Terminal Illness Policyholder Assistance Guidelines.
NEW QUESTION # 85
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. Cost of doing business
- B. Rebate
- C. Loan
- D. Gift
Answer: B
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 # 86
Who normally receives dividends in a stock insurance company?
- A. Producers
- B. Beneficiaries
- C. Only members of the board of directors
- D. Shareholders
Answer: D
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 # 87
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