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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q65-Q70):

NEW QUESTION # 65
Who normally receives dividends in a stock insurance company?

A. Shareholders
B. Only members of the board of directors
C. Producers
D. Beneficiaries

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:In astock insurance company, dividends are distributed to shareholders, who are the owners of the company.
* Shareholders (B):Receive dividends based on the company's profitability, as determined by the board of directors.
* Members of the board of directors (A):May also be shareholders, but their role as directors does not entitle them to dividends.
* Beneficiaries (C):Receive death benefits, not company dividends.
* Producers (D):Earn commissions or fees, not dividends.
References:Maryland Corporate Insurance Guidelines, Stock vs. Mutual Insurer Framework, and COMAR
31.05.03.

NEW QUESTION # 66
An insurer may refuse to underwrite a particular insurance applicant for a reason based wholly on:

A. Medical condition
B. Gender
C. Creed
D. Race

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Maryland law allows insurers to considermedical conditions (A)as part of the underwriting process, provided it is done fairly and within legal boundaries.
* Race (B), Gender (C), and Creed (D):Discrimination based on these factors is strictly prohibited under Maryland's anti-discrimination laws and the Unfair Trade Practices Act.
Insurers must comply with state and federal regulations, ensuring underwriting decisions are based on actuarially justified factors, such as health and lifestyle, rather than prohibited discriminatory criteria.
References:Maryland Insurance Article §27-501, Anti-Discrimination Guidelines, and COMAR 31.15.03.

NEW QUESTION # 67
A policy of life insurance may NOT be delivered unless the policy has a:

A. Legible and brief description of the policy on the first page
B. Premium coupon book
C. Notary seal
D. Financial statement of the life insurance company

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Maryland law mandates that life insurance policies include aclear and concise description of the policyon the first page to ensure transparency and understanding for policyholders.
* Legible and brief description (A):Correct. This ensures the buyer can quickly identify key terms and benefits of the policy.
* Notary seal (B):Not required for delivering life insurance policies.
* Premium coupon book (C):Optional, often replaced with digital billing methods.
* Financial statement of the insurer (D):Not required in the policy itself, although insurers must provide financial stability information upon request.
References:Maryland Insurance Article §16-206, COMAR 31.09.04, and Policy Form Filing Standards.

NEW QUESTION # 68
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. A deferred capital gain
B. A capital gain
C. Ordinary income plus a 10% surcharge
D. Ordinary income

Answer: D

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 # 69
The life insurance buyer's guide includes information about all of the following EXCEPT how to:

A. Compare life insurance policy rates
B. Decide how much life insurance to buy
C. Take civil action against an insurer
D. Compare life insurance policy requirements

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:The buyer's guide helps policyholders understand life insurance by offering:
* Advice on deciding coverage needs (B)to ensure adequate protection.
* Rate comparison tools (C)to evaluate costs effectively.
* Guidance on policy requirements (D)to make informed choices.
The guide does not address legal actions such astaking civil action against an insurer (A), as such matters require legal consultation or regulatory support.
References: Maryland Life Insurance Buyer's Guide Provisions.

NEW QUESTION # 70
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Reliable Life-Producer Test Syllabus - Life-Producer Latest Test Prep

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q65-Q70):

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