RELIABLE LIFE-PRODUCER TEST ANSWERS - LIFE-PRODUCER EXAM ASSESSMENT

Reliable Life-Producer Test Answers - Life-Producer Exam Assessment

Reliable Life-Producer Test Answers - Life-Producer Exam Assessment

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Tags: Reliable Life-Producer Test Answers, Life-Producer Exam Assessment, Life-Producer Valid Dump, Life-Producer Reliable Study Guide, Life-Producer Detailed Study Dumps

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Life-Producer Exam Assessment - Life-Producer Valid Dump

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q65-Q70):

NEW QUESTION # 65
A life insurance policy beneficiary's life expectancy has a direct bearing upon:

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

Answer: A

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 # 66
Which life annuity contract feature provides that benefit payments will continue for a minimum number of years regardless of when the annuitant dies?

  • A. Cost recovery
  • B. Period certain
  • C. Cash refund
  • D. Installment refund

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:A "period certain" option ensures benefit payments are made for a set duration even if the annuitant dies before the end of the period.
* Period certain (B)guarantees a minimum payment period to beneficiaries.
* Cost recovery (A)andrefund options (C and D)relate to returning unused premiums or unpaid balances but do not ensure a minimum payout period.
References: Maryland Annuity Regulations and Contract Features.


NEW QUESTION # 67
All of the following statements about the life insurance protection provided by a family life insurance policy are true EXCEPT:

  • A. Coverage for dependents can be converted to whole life insurance without evidence of insurability
  • B. Coverage is available only to heads of households who are 30 years old or younger
  • C. Life insurance coverage is provided automatically to children born during the policy period
  • D. Most of the premium amount purchases whole life insurance for the head of the household

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Family life insurance policies provide comprehensive coverage for families, including automatic coverage for certain dependents.
* Option A:Correct. A significant portion of the premium funds whole life insurance for the primary insured (typically the head of household).
* Option B:Correct. Dependent children born after the policy is issued are automatically covered, often without additional cost or underwriting.
* Option C:Incorrect. Family life insurance policies are not restricted to individuals under 30; this criterion does not exist in standard policy guidelines.
* Option D:Correct. Coverage for dependents can often be converted to whole life insurance at specific ages or policy milestones without medical underwriting.
References:Maryland Family Life Insurance Policy Standards, COMAR 31.09.04, and Maryland Insurance Administration Dependent Coverage Guidelines.


NEW QUESTION # 68
Which of the following statements about cash values in whole life insurance policies is true?

  • A. They cannot be guaranteed.
  • B. They typically increase until age 65 and remain level thereafter.
  • C. They equal the policy face value at age 65.
  • D. They result from the level premium concept.

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Cash values in whole life insurance are a key feature, and they:
* Accumulate as a result of thelevel premium concept (A), where excess premiums in the early years of the policy build the cash value.
* Are guaranteedin whole life policies, contrary to option B.
* Do not equal the face value at age 65 (C) unless specifically structured for that purpose.
* Continue to grow beyond age 65 as long as the policy remains active, invalidating option D.
References: Maryland Insurance Guidelines on Whole Life Policies, Cash Value, and Premium Structures.


NEW QUESTION # 69
Which advantage does an employer gain by providing a qualified retirement plan, as contrasted to a non- qualified plan?

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

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Qualified retirement plans, such as 401(k) and pension plans, offer significant tax advantages for employers:
* Tax-deductible contributions (B):Employer contributions to qualified plans are deductible as business expenses, reducing taxable income.
* Exclusive benefit for key employees (A):Not allowed under IRS rules, as qualified plans must follow non-discrimination requirements.
* Funds available for business needs (C):Incorrect, as plan funds are held in trust and cannot be used for business operations.
* Rewarding selected employees (D):Qualified plans must comply with anti-discrimination rules, so rewards must benefit all eligible employees.
References:IRS Publication 560, Maryland Retirement Plan Standards, and COMAR 31.09.11.


NEW QUESTION # 70
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