FREE PDF QUIZ 2025 HIGH PASS-RATE MARYLAND INSURANCE ADMINISTRATION LIFE-PRODUCER: EXAM MARYLAND LIFE PRODUCER EXAM (SERIES 20-27) SIMULATIONS

Free PDF Quiz 2025 High Pass-Rate Maryland Insurance Administration Life-Producer: Exam Maryland Life Producer Exam (Series 20-27) Simulations

Free PDF Quiz 2025 High Pass-Rate Maryland Insurance Administration Life-Producer: Exam Maryland Life Producer Exam (Series 20-27) Simulations

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Tags: Exam Life-Producer Simulations, Life-Producer Hot Questions, Pass Life-Producer Guaranteed, Life-Producer Reliable Dumps Pdf, New Life-Producer Dumps

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q38-Q43):

NEW QUESTION # 38
A valid contract requires all of the following EXCEPT:

  • A. Competent parties
  • B. Offer and acceptance
  • C. Consideration
  • D. Written evidence

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:To be legally enforceable, a contract must meet the following requirements:
* Offer and acceptance (A):One party must propose terms, and the other must agree to them.
* Competent parties (B):Individuals must have the legal capacity to enter a contract (e.g., not minors or mentally incapacitated).
* Consideration (C):Each party must provide something of value (e.g., money, services, or promises).
Written evidence (D)is not required for all contracts, as some verbal agreements are enforceable depending on the type of contract (except for specific cases like real estate).
References: Maryland Contract Law Principles.


NEW QUESTION # 39
An insurance producer's license may be suspended or revoked by:

  • A. The Attorney General
  • B. The Maryland Insurance Administration
  • C. The appointing insurer
  • D. The continuing education course provider

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:The Maryland Insurance Administration (MIA) has sole authority to regulate, suspend, or revoke an insurance producer's license for violations of state insurance laws:
* Maryland Insurance Administration (C):Correct. The MIA oversees producer licensing, compliance, and disciplinary actions.
* Appointing insurer (A):Can terminate an appointment but cannot revoke a license.
* Continuing education provider (B):Only offers training and has no regulatory authority.
* Attorney General (D):Handles legal actions but does not directly manage licensing.
References:Maryland Insurance Article §10-126, Producer Regulation Guidelines, COMAR 31.03.13.


NEW QUESTION # 40
The income benefits distributed during the liquidation phase of an annuity contract are normally payable to:

  • A. The owner
  • B. The annuitant
  • C. The beneficiary
  • D. The nominator

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:
During the liquidation (or payout) phase of an annuity, the annuitant receives periodic payments:
The annuitant (D) is the individual designated to receive the payments, as they are the insured party in the contract.
The owner (A) is often the annuitant but may differ; the owner controls the contract but does not necessarily receive payments.
The beneficiary (B) receives the death benefit if the annuitant passes away, not the periodic payments.
"Nominator" (C) is not relevant terminology in annuities.
References: Maryland Insurance Guidelines on Annuities, Payment Distribution, and Liquidation.


NEW QUESTION # 41
An insurance agent's license may be revoked for all of the following reasons EXCEPT:

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

Answer: C

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 # 42
An applicant for life insurance must be informed that testing for Human Immunodeficiency Virus (HIV) infection is used to help determine:

  • A. The insurability of the proposed insured
  • B. The type of policy that will be issued
  • C. The effective date and term of coverage
  • D. Whether an insurable interest exists

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:HIV testing is used by insurers to evaluate the health risks associated with the applicant anddetermine insurability.
* The insurability of the proposed insured (D):Correct. HIV status can impact underwriting decisions, subject to Maryland's anti-discrimination laws.
* The type of policy issued (A):Irrelevant, as this is determined by the applicant's preferences and eligibility.
* Effective date and term of coverage (B):Determined separately from medical testing.
* Whether an insurable interest exists (C):Based on the relationship between the policyholder and insured, not medical testing.
References:Maryland Insurance Code §27-208, HIV Testing Disclosure Guidelines, and Maryland Human Rights Act.


NEW QUESTION # 43
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