LIFE-PRODUCER EXAM DISCOUNT - ACCURATE LIFE-PRODUCER STUDY MATERIAL

Life-Producer Exam Discount - Accurate Life-Producer Study Material

Life-Producer Exam Discount - Accurate Life-Producer Study Material

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q22-Q27):

NEW QUESTION # 22
Splitting the commission with the buyer on a sale of insurance is an unfair trade practice known as:

  • A. Binding
  • B. Soliciting
  • C. Rebating
  • D. Twisting

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Rebatingoccurs when an insurance producer offers a portion of their commission, premium reductions, or other inducements to buyers that are not explicitly stated in the policy. It is prohibited under Maryland law to ensure fair competition and maintain ethical standards.
* Rebating (D):Involves returning part of the commission or providing benefits not in the policy to incentivize a sale, violating Maryland Insurance Article §27-212.
* Twisting (A):Refers to persuading a policyholder to lapse or replace a policy through misrepresentation, unrelated to commission-sharing.
* Binding (B):Relates to confirming coverage but does not involve commissions.
* Soliciting (C):Refers to seeking potential clients, not the unfair practice of rebating.
References:Maryland Unfair Trade Practices Act, COMAR 31.15.05, and Maryland Insurance Article §27-
209.


NEW QUESTION # 23
An insurance agent's license may be revoked for all of the following reasons EXCEPT:

  • A. Having been found guilty of rebating
  • B. Having no insurer appointment in effect for ten days
  • C. Violating any insurance statute or regulation
  • D. Being convicted of a felony

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:An agent's license can be revoked for serious infractions that violate Maryland's insurance laws:
* Rebating (B):Prohibited under Maryland's Unfair Trade Practices Act.
* Felony conviction (C):Grounds for revocation as it questions the agent's moral character.
* Violating insurance statutes or regulations (D):Includes infractions such as fraud, misrepresentation, or failure to meet ethical standards.
* Having no insurer appointment for ten days (A):Incorrect. A lack of appointment does not constitute a violation; it only affects the ability to conduct business temporarily.
References:Maryland Insurance Article §10-126, COMAR 31.03.02, and Licensing Enforcement Guidelines.


NEW QUESTION # 24
A group policy may be issued to a labor union. The members eligible for insurance under the policy shall be:

  • A. Healthy members of the union
  • B. Only members of the union who are under the age of 65
  • C. Members of any union
  • D. All of the members of the union

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:When a group policy is issued to a labor union, Maryland law requires that eligibility criteria ensure fairness and inclusivity:
* All of the members of the union (B):Eligible members must be treated equally under the group policy.
Coverage cannot exclude individuals based on factors like age or health, provided they are active members.
* Members of any union (A):Policies are issued to specific unions, not broadly.
* Only members under age 65 (C):Age discrimination is prohibited unless specifically linked to policy provisions.
* Healthy members (D):Group policies cannot discriminate based on health status.
References:Maryland Group Insurance Regulations, COMAR 31.09.06, and Labor Union Group Policies Guidelines.


NEW QUESTION # 25
The purpose of the Life and Health Insurance Guaranty Corporation is to guarantee:

  • A. The issuance of life insurance policies.
  • B. The issuance of life insurance and health insurance policies.
  • C. That an insurance company will never fail.
  • D. Benefits if the insurer is unable to pay benefits due to impairment or insolvency.

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:
The Life and Health Insurance Guaranty Corporation provides financial protection to policyholders:
Guarantees benefits in case of insurer insolvency (C), ensuring policyholders do not lose coverage.
It does not guarantee the issuance of policies (A and B), as policy issuance depends on underwriting.
It cannot ensure an insurer will never fail (D) but mitigates the impact of failure.
References: Maryland Life and Health Guaranty Corporation Act, Maryland Insurance Code.


NEW QUESTION # 26
A life insurance policy beneficiary's life expectancy has a direct bearing upon:

  • A. The total amount payable under the policy as a result of the insured's death
  • B. The policy value that will be includable in the insured's estate
  • C. The taxable portion of each benefit payment under a life income settlement option
  • D. The premium rate for each $1,000 of face amount

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Thetaxable portion of benefit payments under a life income settlement optiondepends on the beneficiary's life expectancy:
* Life expectancy impacts (B)how the payments are taxed, as longer payment durations result in more taxable income over time.
* Thepolicy's inclusion in the estate (A)is unrelated to the beneficiary's life expectancy.
* Thetotal death benefit (C)is fixed and not influenced by the beneficiary's lifespan.
* Premium rates (D)are determined during underwriting, not affected by beneficiary life expectancy.
References: Maryland Life Insurance Taxation Guidelines and IRS Settlement Option Rules.


NEW QUESTION # 27
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