FREE PDF QUIZ MARYLAND INSURANCE ADMINISTRATION - LIFE-PRODUCER–VALID RELIABLE EXAM GUIDE

Free PDF Quiz Maryland Insurance Administration - Life-Producer–Valid Reliable Exam Guide

Free PDF Quiz Maryland Insurance Administration - Life-Producer–Valid Reliable Exam Guide

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Tags: Life-Producer Reliable Exam Guide, Real Life-Producer Exam Answers, Reliable Life-Producer Braindumps Files, Real Life-Producer Questions, Life-Producer Valid Test Tips

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q56-Q61):

NEW QUESTION # 56
Which life annuity contract feature provides that benefit payments will continue for a minimum number of years regardless of when the annuitant dies?

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

Answer: A

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 # 57
An insurable interest in each other's lives may exist in the absence of an economic interest when the individuals are:

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

Answer: A

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 # 58
The income benefits distributed during the liquidation phase of an annuity contract are normally payable to:

  • A. The beneficiary
  • B. The nominator
  • C. The annuitant
  • D. The owner

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:
During the liquidation (or payout) phase of an annuity, the annuitant receives periodic payments:
The annuitant (D) is the individual designated to receive the payments, as they are the insured party in the contract.
The owner (A) is often the annuitant but may differ; the owner controls the contract but does not necessarily receive payments.
The beneficiary (B) receives the death benefit if the annuitant passes away, not the periodic payments.
"Nominator" (C) is not relevant terminology in annuities.
References: Maryland Insurance Guidelines on Annuities, Payment Distribution, and Liquidation.


NEW QUESTION # 59
To determine whether unfair trade practices have been violated, who has the power to examine an insurer's books and records?

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

Answer: C

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 # 60
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
  • B. A capital gain
  • C. A deferred capital gain
  • D. Ordinary income plus a 10% surcharge

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Under a1035 exchange, policyholders can replace an insurance policy or annuity without immediate tax consequences. However, gains realized later upon surrender of the new policy are taxed as:
* Ordinary income (A):The difference between the cash surrender value and the cost basis (premiums paid) is taxed as income.
* Capital gains (B):Not applicable because gains on life insurance are classified as ordinary income.
* Ordinary income plus a 10% surcharge (C):The 10% penalty applies only to premature withdrawals from retirement accounts, not life insurance.
* Deferred capital gain (D):Does not apply, as life insurance gains are not taxed under capital gain rules.
References:IRS Code Section 1035, Maryland Tax Treatment of Life Insurance Policies, and COMAR
31.09.12.


NEW QUESTION # 61
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