QUIZ THE BEST LIFE-PRODUCER - TRAINING MARYLAND LIFE PRODUCER EXAM (SERIES 20-27) MATERIAL

Quiz The Best Life-Producer - Training Maryland Life Producer Exam (Series 20-27) Material

Quiz The Best Life-Producer - Training Maryland Life Producer Exam (Series 20-27) Material

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Tags: Training Life-Producer Material, Life-Producer Exam Lab Questions, Life-Producer Updated Dumps, New Life-Producer Braindumps, Life-Producer Exam Dumps Provider

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q27-Q32):

NEW QUESTION # 27
A policyholder uses a Section 1035 exchange to replace an existing life insurance policy. If the new policy is later surrendered, the gain realized on termination is taxed as:

  • A. Ordinary income plus a 10% surcharge
  • B. A capital gain
  • C. Ordinary income
  • D. A deferred capital gain

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:ASection 1035 exchangeallows a policyholder to replace a life insurance policy, annuity, or endowment without immediate tax consequences. However, when the new policy is surrendered:
* The gain is taxed asordinary income (A), calculated as the difference between the policy's cash surrender value and the cost basis (total premiums paid).
* Capital gain (B):Incorrect. Gains from life insurance policies are classified as ordinary income, not capital gains.
* Ordinary income plus a 10% surcharge (C):The 10% penalty applies only to premature distributions from retirement accounts, not life insurance.
* Deferred capital gain (D):Incorrect, as life insurance gains are not subject to capital gain rules.
References:IRS Code §1035, Maryland Tax Code on Life Insurance, and COMAR 31.09.12.


NEW QUESTION # 28
The Medical Information Bureau may release information in the proposed insured's file to:

  • A. Any physician
  • B. The insured's employer
  • C. Member insurance companies
  • D. Employment agencies

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:The Medical Information Bureau (MIB) collects and shares medical information among member insurance companies to assess risk:
* Member insurance companies (B)are the only entities authorized to access MIB data, ensuring confidentiality and appropriate use.
* Employment agencies (A)andemployers (C)cannot access MIB data.
* Physicians (D)are also excluded, as MIB serves the insurance underwriting process exclusively.
References: Maryland Insurance Privacy Regulations and MIB Operational Guidelines.


NEW QUESTION # 29
Which one of the following causes of death typically would be included under an accidental death rider attached to a life insurance policy?

  • A. Intentionally self-inflicted injuries
  • B. Automobile accidents resulting from the insured's negligence
  • C. Illness or disease
  • D. War or acts of war

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Accidental death riders provide additional benefits if the insured dies due to an unforeseen accident.
* Automobile accidents resulting from the insured's negligence (D):Covered because negligence in driving does not disqualify the event from being an accident. The death must be directly and solely caused by the accident.
* Intentionally self-inflicted injuries (A):Excluded as they are not accidental but intentional.
* Illness or disease (B):Excluded as accidental death benefits do not apply to natural causes.
* War or acts of war (C):Generally excluded under most policies as a specific clause addresses wartime risks.
References:Maryland Insurance Guidelines for Accidental Death Riders and Policy Exclusions, COMAR
31.09.04.


NEW QUESTION # 30
The amount received for a life insurance policy in a viatical settlement is:

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

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 # 31
The free-look period provided in a life insurance policy is usually:

  • A. 60 days
  • B. 31 days
  • C. 45 days
  • D. 10 days

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Thefree-look periodis a consumer protection mechanism allowing policyholders to cancel a policy within a specific period for a full refund.
* 10 days (A):Maryland law requires a minimum free-look period of 10 days for life insurance policies, allowing buyers to review the policy without financial obligation.
* 31 days (B), 45 days (C), and 60 days (D):These exceed Maryland's statutory minimum and are not standard requirements unless specifically offered by the insurer.
References:Maryland Free-Look Provisions, COMAR 31.09.09, and Maryland Consumer Protection Act.


NEW QUESTION # 32
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