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100% Pass 2025 Maryland Insurance Administration - Life-Producer - Vce Maryland Life Producer Exam (Series 20-27) Download

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q25-Q30):

NEW QUESTION # 25
An insurance producer who conducts business under an assumed or fictitious name must:

A. Post a $10,000 bond
B. File the name with the Insurance Administration
C. Apply for an additional license
D. Apply for an additional appointment

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Insurance producers using an assumed or fictitious name for their business must file the name with the Maryland Insurance Administration (MIA).
* File the name with the Insurance Administration (A):This ensures transparency and compliance with regulatory standards.
* Apply for an additional license (B):Not required; the existing license covers the producer.
* Apply for an additional appointment (C):Applies when a producer represents multiple insurers, not for fictitious names.
* Post a $10,000 bond (D):Irrelevant to this context.
References: Maryland Insurance Administration Guidelines on Producer Licensing and Business Names.

NEW QUESTION # 26
In the event of a death claim under a life insurance policy, what happens to the amount of any existing policy loan?

A. It is deducted from the face amount of the policy together with any interest due.
B. The beneficiary has an obligation to pay the amount to the insurance company.
C. It is canceled, and the beneficiary receives the face amount of the policy.
D. It represents a primary claim against the estate of the insured.

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:When a death claim is filed on a life insurance policy with an outstanding loan:
* Deducted from the face amount (A):The death benefit is reduced by the loan balance plus any accrued interest, ensuring the insurer recovers the outstanding debt.
* Beneficiary obligation (B):Incorrect. The beneficiary receives the adjusted benefit without personal liability for the loan.
* Claim against the estate (C):Incorrect. The loan is tied to the policy, not the estate.
* Canceled without adjustment (D):Incorrect, as insurers must recoup the loan amount from the death benefit.
References:Maryland Life Insurance Policy Loan Provisions, COMAR 31.09.03, and Standard Death Claim Settlement Practices.

NEW QUESTION # 27
How long will income benefit payments continue under a life annuity with ten years certain?

A. Until the annuitant dies, and for an additional ten years
B. Only for ten years, regardless of how long the annuitant lives
C. Only until the annuitant dies, regardless of when death occurs
D. Until the annuitant dies, or for ten years, whichever is longer

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:A life annuity with aten years certainprovision guarantees payments for at least ten years. If theannuitant dies before the end of ten years, payments continue to the beneficiary for the remainder of the period.
* Until the annuitant dies, or for ten years, whichever is longer (A):Ensures payments for life with a minimum ten-year guarantee.
* Until the annuitant dies, and for an additional ten years (B):Incorrect; payments cease after the guaranteed period or the annuitant's lifetime.
* Only until the annuitant dies (C):Incorrect; the ten-year guarantee applies.
* Only for ten years (D):Incorrect; payments continue if the annuitant outlives the guaranteed period.
References:Maryland Annuity Payout Options Guidelines, COMAR 31.09.08.

NEW QUESTION # 28
Which contract offers flexible deposits, deferred taxation, a guaranteed minimum interest rate, and death proceeds equal to the cash value?

A. An adjustable whole life insurance policy
B. A flexible premium fixed annuity
C. An available deferred annuity
D. A universal life insurance policy

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Aflexible premium fixed annuityis designed to allow policyholders flexibility in premium payments while providing guaranteed growth.
* Flexible deposits:Policyholders can make variable contributions based on their financial situation.
* Deferred taxation:Earnings grow tax-deferred until withdrawal.
* Guaranteed minimum interest rate:Fixed annuities offer this feature to protect against market downturns.
* Death proceeds equal to cash value:Upon death, beneficiaries typically receive the accumulated cash value.
Other Options:
* Adjustable whole life policy (A):Features adjustable premiums but lacks deferred taxation and guaranteed rates.
* Deferred annuity (B):Generic and does not specify the features of fixed annuities.
* Universal life (D):Provides more flexibility but differs in guaranteed returns.
References:Maryland Annuity Guidelines, COMAR 31.09.08, and Tax-Deferred Financial Product Regulations.

NEW QUESTION # 29
Which advantage does an employer gain by providing a qualified retirement plan, as contrasted to a non- qualified plan?

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

Answer: B

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 # 30
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