NEW MARYLAND INSURANCE ADMINISTRATION LIFE-PRODUCER TEST PDF - RELIABLE LIFE-PRODUCER DUMPS QUESTIONS

New Maryland Insurance Administration Life-Producer Test Pdf - Reliable Life-Producer Dumps Questions

New Maryland Insurance Administration Life-Producer Test Pdf - Reliable Life-Producer Dumps Questions

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Tags: New Life-Producer Test Pdf, Reliable Life-Producer Dumps Questions, Life-Producer Free Sample Questions, Authorized Life-Producer Pdf, Life-Producer Valid Test Sample

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Reliable Life-Producer Dumps Questions & Life-Producer Free Sample Questions

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q55-Q60):

NEW QUESTION # 55
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 # 56
The life insurance buyer's guide includes information about all of the following EXCEPT how to:

  • A. Calculate
  • B. Compare life insurance policy requirements
  • C. Decide how much life insurance to buy
  • D. Take civil action against an insurer

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:The life insurance buyer's guide is designed to help potential policyholders make informed decisions about life insurance by:
* Explaininghow to decide how much life insurance to buy (C), ensuring individuals purchase adequate coverage for their needs.
* Providing details tocompare life insurance policy requirements (D)to evaluate and choose the best policy.
* Showing how tocompare rates (A)for different policies to find cost-effective options.
However, it doesnot include instructions for taking civil action against an insurer (B). Such legal matters fall outside the scope of the guide and are addressed in regulatory and legal channels.
References: Maryland Insurance Buyer's Guide Guidelines and State Insurance Regulations.


NEW QUESTION # 57
To determine whether unfair trade practices have been violated, who has the power to examine an insurer's books and records?

  • A. The Federal Deposit Insurance Corporation
  • B. The Maryland Insurance Administration
  • C. The National Association of Insurance Commissioners
  • D. The Maryland Property & Casualty Insurance Guaranty Corporation (PCIGC)

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:The Maryland Insurance Administration (MIA) is the regulatory body responsible for ensuring compliance with state insurance laws, including identifying unfair trade practices:
* The Maryland Insurance Administration (A):Has statutory authority to examine insurers' books and records to investigate potential violations and protect consumers.
* National Association of Insurance Commissioners (B):Provides guidance but lacks enforcement powers in Maryland.
* Federal Deposit Insurance Corporation (C):Regulates banks, not insurers.
* PCIGC (D):Handles claims for insolvent insurers but does not investigate trade practices.
References:Maryland Insurance Article §2-209, COMAR 31.15.07, and MIA EnforcementGuidelines.


NEW QUESTION # 58
If a life insurer denies a policy of life insurance, the insurer shall disclose the results of any medicalexamination administered to determine insurability to the:

  • A. Beneficiary of the policy
  • B. Company's underwriter
  • C. Physician of the applicant's choice upon the request of the applicant
  • D. Physician that furnished medical information to the insurer

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Maryland law requires that the results of medical examinations used to determine insurability:
* Be disclosed to thephysician of the applicant's choice (B), but only if the applicant requests it.
* This ensures privacy and confidentiality while giving the applicant access to critical information.
* Beneficiaries (A)andunderwriters (C)do not receive this information.
* Physicians furnishing information (D)already have access to their own submissions.
References: Maryland Insurance Code on Privacy and Disclosure of Medical Information.


NEW QUESTION # 59
The amount received for a life insurance policy in a viatical settlement is:

  • A. Less than the death benefit
  • B. Equal to the sum of all premiums paid
  • C. Equal to the death benefit
  • D. Greater than the death benefit

Answer: A

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 # 60
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