2025 Authoritative Maryland Insurance Administration Life-Producer: Test Maryland Life Producer Exam (Series 20-27) Dumps

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q76-Q81):

NEW QUESTION # 76
In general practice, can the Maryland Insurance Administration inspect the business records of an insurance company or agency?

A. No, because only an officer of the court can inspect these records
B. Yes, because all company and agency records are public domain
C. Yes, because of the powers defined by state laws
D. No, because of privacy considerations

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:The Maryland Insurance Administration (MIA) is authorized to inspect the records of insurers and agencies to ensure compliance with laws:
* Yes, because of the powers defined by state laws (B):Correct. The MIA has broad authority under Maryland law to audit, inspect, and investigate insurance business practices.
* No, because of privacy considerations (A):Incorrect. Regulatory inspections are exempt from privacy concerns when conducted lawfully.
* Only an officer of the court (C):Not required; the MIA operates independently within its legal mandate.
* Public domain records (D):Incorrect; insurance records are not publicly accessible unless required by law.
References:Maryland Insurance Article §2-209, COMAR 31.03.01, and Regulatory Oversight Guidelines.

NEW QUESTION # 77
The purpose of licensing insurance agents is to:

A. Demonstrate that the agent is qualified to act on behalf of insurers in Maryland
B. Monitor insurance sales activity in Maryland
C. Regulate rates to prevent unfair discrimination among insureds
D. Limit the number of agents who do business within Maryland

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:
Insurance licensing ensures agents meet professional standards:
Licensure demonstrates qualifications (B) to act ethically and competently on behalf of insurers.
It does not limit the number of agents (A).
Sales activity monitoring (C) and rate regulation (D) are separate regulatory functions.
References: Maryland Insurance Administration Licensing Standards.

NEW QUESTION # 78
Which one of the following life insurance settlement options pays a predetermined monthly benefit until principal and interest are exhausted?

A. The fixed period installment option
B. The accelerated endowment option
C. The interest-only option
D. The fixed amount installment option

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Thefixed amount installment optionprovides for a predetermined monthly benefit to the policy beneficiary. Payments continue until the principal (death benefit) and accumulated interest are fully paid out.
* Fixed amount installment option (A):Ensures consistent payment amounts until the death benefit and interest are exhausted. This option is often used when beneficiaries want a steady income.
* Accelerated endowment option (B):Not relevant as it refers to early payouts for policies reaching maturity.
* Interest-only option (C):Only pays interest earned on the death benefit, leaving the principal untouched.
* Fixed period installment option (D):Guarantees payments for a specific period, regardless of whether the principal or interest is depleted.
References: Maryland Life Insurance Policy Payout Regulations and Settlement Options Guidelines.

NEW QUESTION # 79
Splitting the commission with the buyer on a sale of insurance is an unfair trade practice known as:

A. Binding
B. Rebating
C. Soliciting
D. Twisting

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Rebatingoccurs when an insurance producer offers a portion of their commission, premium reductions, or other inducements to buyers that are not explicitly stated in the policy. It is prohibited under Maryland law to ensure fair competition and maintain ethical standards.
* Rebating (D):Involves returning part of the commission or providing benefits not in the policy to incentivize a sale, violating Maryland Insurance Article §27-212.
* Twisting (A):Refers to persuading a policyholder to lapse or replace a policy through misrepresentation, unrelated to commission-sharing.
* Binding (B):Relates to confirming coverage but does not involve commissions.
* Soliciting (C):Refers to seeking potential clients, not the unfair practice of rebating.
References:Maryland Unfair Trade Practices Act, COMAR 31.15.05, and Maryland Insurance Article §27-
209.

NEW QUESTION # 80
When a wage earner dies, the surviving family members may have all of the following expenses EXCEPT:

A. Death taxes
B. Family living expenses
C. Final expenses
D. Unemployment tax liabilities

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:When a wage earner dies, surviving families face significant financial obligations:
* Final expenses (A):Include funeral costs and related end-of-life expenses.
* Family living expenses (C):Cover ongoing needs like housing, food, and utilities.
* Death taxes (D):May apply based on estate value and Maryland inheritance laws.
Unemployment tax liabilities (B)are irrelevant as they apply only to employers, not surviving family members.
References: Maryland Estate Tax and Death Benefit Regulations.

NEW QUESTION # 81
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2025 Authoritative Maryland Insurance Administration Life-Producer: Test Maryland Life Producer Exam (Series 20-27) Dumps

Exam Sample Maryland Insurance Administration Life-Producer Questions | Life-Producer Reliable Test Materials

Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q76-Q81):

Free PDF Quiz Maryland Insurance Administration - Life-Producer - Accurate Test Maryland Life Producer Exam (Series 20-27) Dumps

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