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Online Maryland Insurance Administration Life-Producer Bootcamps & Life-Producer Reliable Dumps

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q57-Q62):

NEW QUESTION # 57
The entire contract provision in a life insurance policy states that the policy includes:

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

Answer: C

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 # 58
A licensee must report each of the following to the Maryland Insurance Administration EXCEPT:

A. Change of residence address
B. Change in financial status
C. Change of name
D. Felony convictions

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Insurance licensees in Maryland are required to report certain changes to the Maryland Insurance Administration (MIA):
* Change of name (A):Must be reported promptly to ensure accurate licensure records.
* Change of residence address (B):Also required for communication and compliance purposes.
* Felony convictions (D):Mandatory disclosure to maintain transparency and evaluate fitness for licensure.
* Change in financial status (C):Not required unless it directly affects the licensee's ability to meet financial obligations tied to the license (e.g., bonding requirements).
References:Maryland Insurance Code §10-118, COMAR 31.03.01.

NEW QUESTION # 59
All of the following statements about universal life insurance are true EXCEPT:

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

Answer: A

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 # 60
When an individual replaces a life insurance policy, the form entitled "Important Notice Replacement of Life Insurance or Annuities" is REQUIRED to be signed by:

A. Both the applicant and the insurance producer
B. The insurance producer only
C. An officer of the insurer
D. The applicant only

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:In Maryland, the replacement of life insurance policies requires safeguards to protect policyholders.
* TheImportant Notice Replacement of Life Insurance or Annuitiesform must be signed byboth the applicant and the insurance producer (B)to ensure informed consent and regulatory compliance.
* The applicant only (A)does not suffice, as producer acknowledgment is essential.
* The producer only (C)lacks the policyholder's agreement.
* An officer of the insurer (D)does not participate in this process.
References: Maryland Replacement of Life Insurance Regulations, COMAR 31.09.05.

NEW QUESTION # 61
In general practice, can the Maryland Insurance Administration inspect the business records of an insurance company or agency?

A. No, because of privacy considerations
B. Yes, because of the powers defined by state laws
C. Yes, because all company and agency records are public domain
D. No, because only an officer of the court can inspect these records

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:The Maryland Insurance Administration (MIA) is authorized to inspect the records of insurers and agencies to ensure compliance with laws:
* Yes, because of the powers defined by state laws (B):Correct. The MIA has broad authority under Maryland law to audit, inspect, and investigate insurance business practices.
* No, because of privacy considerations (A):Incorrect. Regulatory inspections are exempt from privacy concerns when conducted lawfully.
* Only an officer of the court (C):Not required; the MIA operates independently within its legal mandate.
* Public domain records (D):Incorrect; insurance records are not publicly accessible unless required by law.
References:Maryland Insurance Article §2-209, COMAR 31.03.01, and Regulatory Oversight Guidelines.

NEW QUESTION # 62
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