RELIABLE LIFE-PRODUCER SOURCE - LATEST LIFE-PRODUCER EXAM DISCOUNT

Reliable Life-Producer Source - Latest Life-Producer Exam Discount

Reliable Life-Producer Source - Latest Life-Producer Exam Discount

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q22-Q27):

NEW QUESTION # 22
A life insurance producer is normally responsible for all of the following EXCEPT:

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

Answer: C

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 # 23
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. Intimidation
  • B. Coercion
  • C. Defamation
  • D. Extortion

Answer: C

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 # 24
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 of the powers defined by state laws
  • C. No, because of privacy considerations
  • D. Yes, because all company and agency records are public domain

Answer: B

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 # 25
When a wage earner dies, the surviving family members may have all of the following expenses EXCEPT:

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

Answer: A

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 # 26
When an individual replaces a life insurance policy, the form entitled "Important Notice Replacement of Life Insurance or Annuities" is REQUIRED to be signed by:

  • A. Both the applicant and the insurance producer
  • B. An officer of the insurer
  • C. The insurance producer only
  • D. The applicant only

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:In Maryland, the replacement of life insurance policies requires safeguards to protect policyholders.
* TheImportant Notice Replacement of Life Insurance or Annuitiesform must be signed byboth the applicant and the insurance producer (B)to ensure informed consent and regulatory compliance.
* The applicant only (A)does not suffice, as producer acknowledgment is essential.
* The producer only (C)lacks the policyholder's agreement.
* An officer of the insurer (D)does not participate in this process.
References: Maryland Replacement of Life Insurance Regulations, COMAR 31.09.05.


NEW QUESTION # 27
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