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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q42-Q47):

NEW QUESTION # 42
How does the payment of an accelerated benefit affect a life insurance policy?

A. It decreases the death benefit.
B. It decreases the grace period.
C. It increases the cash value.
D. It increases the policy premium.

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Accelerated benefits allow a policyholder to receive a portion of the death benefit early, often due to terminal illness or specific qualifying conditions:
* Decreases the death benefit (D):The accelerated amount reduces the death benefit available to beneficiaries.
* Increases the cash value (A):Incorrect; accelerated benefits are drawn from the policy, reducing cash value and death benefits.
* Increases the policy premium (B):Premiums generally remain unchanged.
* Decreases the grace period (C):Not affected by accelerated benefits.
References:Maryland Accelerated Benefit Provisions, COMAR 31.09.04, and IRS Tax Treatment of Accelerated Death Benefits.

NEW QUESTION # 43
The purpose of licensing insurance agents is to:

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

Answer: C

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 # 44
Which of the following statements about cash values in whole life insurance policies is true?

A. They result from the level premium concept.
B. They equal the policy face value at age 65.
C. They cannot be guaranteed.
D. They typically increase until age 65 and remain level thereafter.

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Cash values in whole life insurance are a key feature, and they:
* Accumulate as a result of thelevel premium concept (A), where excess premiums in the early years of the policy build the cash value.
* Are guaranteedin whole life policies, contrary to option B.
* Do not equal the face value at age 65 (C) unless specifically structured for that purpose.
* Continue to grow beyond age 65 as long as the policy remains active, invalidating option D.
References: Maryland Insurance Guidelines on Whole Life Policies, Cash Value, and Premium Structures.

NEW QUESTION # 45
The income benefits distributed during the liquidation phase of an annuity contract are normally payable to:

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

Answer: A

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 # 46
An individual life insurance policy may include coverage for all of the following EXCEPT:

A. Workers' compensation
B. Disability
C. Long-term care
D. Burial

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Individual life insurance policies often allow riders or supplementary coverage options, but they do not cover workers' compensation, which is a separate insurance category.
* Disability (A):Can be included as a rider, such as a waiver of premium or disability income benefit.
* Long-term care (B):Often available as an optional rider to address extended medical care expenses.
* Burial (D):Final expense policies or riders can be added to cover funeral and burial costs.
* Workers' compensation (C):Not covered under life insurance policies; this is a specific insurance product regulated differently.
References:Maryland Life Insurance Rider Guidelines, Workers' Compensation Insurance Regulations, and COMAR 31.09.03.

NEW QUESTION # 47
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