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

NEW QUESTION # 83
One factor in premium determination is the expenses of the:

A. Producer
B. Policy beneficiary
C. Insurer
D. Policy owner

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Theinsurer's expensesare a critical factor in premium calculations. Insurers must cover operational costs, claims payouts, reserves, and regulatory compliance while ensuring profitability.
* Insurer (B):Correct. Expenses such as underwriting, administrative costs, and agent commissions are incorporated into the premium.
* Producer (A):Costs are included indirectly through commissions but are not a direct factor.
* Policy beneficiary (C):Plays no role in premium determination.
* Policy owner (D):Pays the premium but does not influence expense considerations.
References:Maryland Insurance Premium Guidelines, Rate Filing Requirements, and COMAR 31.05.02.

NEW QUESTION # 84
A universal life insurance policy can be described most accurately as a combination of:

A. A mutual fund and a whole life insurance policy
B. A term insurance policy and an annuity
C. A flexible premium deposit fund and a monthly renewable term insurance policy
D. An endowment policy and an interest-sensitive deposit fund

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Universal life insurance is a flexible product that combines features of term insurance and a savings component:
* Flexible premium deposit fund and a monthly renewable term insurance policy (D):Universal life allows policyholders to adjust premiums and coverage amounts. The policy includes a savings element (cash value) and provides renewable term insurance protection.
* Mutual fund and whole life insurance policy (A):Incorrect, as universal life does not involve mutual funds or strict whole life coverage.
* Term insurance and an annuity (B):Universal life lacks the payout structure of an annuity.
* Endowment and interest-sensitive deposit fund (C):While it includes interest-sensitive growth, it is not structured as an endowment policy.
References:Maryland Life Insurance Product Guidelines, Universal Life Policy Features, and COMAR
31.09.13.

NEW QUESTION # 85
The free-look period provided in a life insurance policy is usually:

A. 10 days
B. 31 days
C. 60 days
D. 45 days

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Thefree-look periodis a consumer protection feature allowing policyholders to cancel a policy within a specified period for a full refund.
* 10 days (A):Maryland requires a minimum free-look period of 10 days for most individual life insurance policies. This provides enough time for policy review.
* 31 days (B), 45 days (C), and 60 days (D):These periods exceed Maryland's legal minimum and are typically not required unless specified by the insurer.
References:Maryland Free-Look Provisions, COMAR 31.09.09, and Maryland Consumer Protection Insurance Guidelines.

NEW QUESTION # 86
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. Cash refund
C. Period certain
D. Cost recovery

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:A "period certain" option ensures benefit payments are made for a set duration even if the annuitant dies before the end of the period.
* Period certain (B)guarantees a minimum payment period to beneficiaries.
* Cost recovery (A)andrefund options (C and D)relate to returning unused premiums or unpaid balances but do not ensure a minimum payout period.
References: Maryland Annuity Regulations and Contract Features.

NEW QUESTION # 87
A life insurance policy beneficiary's life expectancy has a direct bearing upon:

A. The taxable portion of each benefit payment under a life income settlement option
B. The total amount payable under the policy as a result of the insured's death
C. The policy value that will be includable in the insured's estate
D. The premium rate for each $1,000 of face amount

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Thetaxable portion of benefit payments under a life income settlement optiondepends on the beneficiary's life expectancy:
* Life expectancy impacts (B)how the payments are taxed, as longer payment durations result in more taxable income over time.
* Thepolicy's inclusion in the estate (A)is unrelated to the beneficiary's life expectancy.
* Thetotal death benefit (C)is fixed and not influenced by the beneficiary's lifespan.
* Premium rates (D)are determined during underwriting, not affected by beneficiary life expectancy.
References: Maryland Life Insurance Taxation Guidelines and IRS Settlement Option Rules.

NEW QUESTION # 88
......

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James Nelson James Nelson

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