Life-Producer Study Reference, Test Life-Producer Question

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q83-Q88):

NEW QUESTION # 83
An insurable interest in each other's lives may exist in the absence of an economic interest when the individuals are:

A. Competitors
B. Business associates
C. Traveling companions
D. Marriage partners

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:
For life insurance, an insurable interest exists when there is a legitimate interest in the continued life of another person:
Marriage partners (C) inherently have insurable interest due to emotional and legal ties.
Competitors (A) and traveling companions (D) do not usually meet the legal threshold.
Business associates (B) may have insurable interest, but only in specific agreements (e.g., buy-sell agreements).
References: Maryland Insurance Code and Insurable Interest Provisions.

NEW QUESTION # 84
Publishing a derogatory article about the financial condition of an insurer that is false and calculated to injure the insurer is an example of:

A. Extortion
B. Defamation
C. Coercion
D. Intimidation

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Defamationin the context of insurance involves publishing false or malicious statements intended to harm an insurer's reputation.
* Defamation (A):Includes false claims about an insurer's financial stability, products, or business practices, prohibited under Maryland law.
* Intimidation (B):Refers to coercing individuals into specific actions, unrelated to false publications.
* Extortion (C):Involves obtaining something of value through threats, unrelated to false statements.
* Coercion (D):Focuses on forcing compliance, not publishing falsehoods.
References:Maryland Insurance Administration's Unfair Trade Practices Act, COMAR 31.15.03.

NEW QUESTION # 85
A life insurance producer is normally responsible for all of the following EXCEPT:

A. Approving policies for issue on behalf of the insurer
B. Notifying the company if a new policy will replace an existing policy
C. Delivering newly issued policies to applicants
D. Collecting the initial premium from the applicant

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Producers are integral to facilitating insurance transactions but do not have underwriting authority:
* Approving policies for issue (C)is the responsibility of the insurer's underwriting team.
* Producers are required todeliver policies (A),notify insurers about replacements (B), andcollect initial premiums (D).
References: Maryland Producer Duties and Regulatory Framework.

NEW QUESTION # 86
An insurance producer who conducts business under an assumed or fictitious name must:

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

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 # 87
Which life annuity contract feature provides that benefit payments will continue for a minimum number of years regardless of when the annuitant dies?

A. Installment refund
B. Cost recovery
C. Period certain
D. Cash refund

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:
A "period certain" provision ensures payment for a specified period regardless of whether the annuitant survives:
Period certain (B) guarantees payments for a set number of years, protecting beneficiaries.
Cost recovery (A) and refund options (C and D) relate to refunding premiums or unpaid amounts but do not guarantee a payment period.
References: Maryland Annuity Regulations, Payment Options.

NEW QUESTION # 88
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