TOP FEATURES OF DUMPSTILLVALID MARYLAND INSURANCE ADMINISTRATION LIFE-PRODUCER PRACTICE QUESTIONS FILE

Top Features of DumpStillValid Maryland Insurance Administration Life-Producer Practice Questions File

Top Features of DumpStillValid Maryland Insurance Administration Life-Producer Practice Questions File

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2025 RealisticTraining Life-Producer Pdf - Maryland Insurance Administration Exam Maryland Life Producer Exam (Series 20-27) Duration 100% Pass

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q59-Q64):

NEW QUESTION # 59
If, after submitting an application, a producer becomes aware of a material fact that may affect the underwriting decision, the producer's ethical responsibility requires that the producer:

  • A. Deny knowledge of the fact
  • B. Acknowledge the fact only if asked by the insurance company
  • C. Advise the applicant to amend the application
  • D. Report the fact to the insurance company

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Ethical responsibilities and state laws mandate that insurance producers act in good faith when handling applications.
* Reporting material facts to the insurer (D):Producers must disclose any information that could impact underwriting decisions. Transparency ensures that policies are accurately priced and legally enforceable.
* Denying knowledge (A):Violates ethical and legal obligations.
* Acknowledging facts only if asked (B):Demonstrates bad faith and can lead to legal penalties.
* Advising applicants to amend (C):While this helps, it does not fulfill the producer's duty to inform the insurer.
References: Maryland Insurance Administration Producer Code of Ethics, COMAR 31.03.13.


NEW QUESTION # 60
An insurance agent's license may be revoked for all of the following reasons EXCEPT:

  • A. Being convicted of a felony
  • B. Violating any insurance statute or regulation
  • C. Having been found guilty of rebating
  • D. Having no insurer appointment in effect for ten days

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:An agent's license can be revoked for serious infractions that violate Maryland's insurance laws:
* Rebating (B):Prohibited under Maryland's Unfair Trade Practices Act.
* Felony conviction (C):Grounds for revocation as it questions the agent's moral character.
* Violating insurance statutes or regulations (D):Includes infractions such as fraud, misrepresentation, or failure to meet ethical standards.
* Having no insurer appointment for ten days (A):Incorrect. A lack of appointment does not constitute a violation; it only affects the ability to conduct business temporarily.
References:Maryland Insurance Article §10-126, COMAR 31.03.02, and Licensing Enforcement Guidelines.


NEW QUESTION # 61
In the event of a death claim under a life insurance policy, what happens to the amount of any existing policy loan?

  • A. It represents a primary claim against the estate of the insured.
  • B. It is canceled, and the beneficiary receives the face amount of the policy.
  • C. The beneficiary has an obligation to pay the amount to the insurance company.
  • D. It is deducted from the face amount of the policy together with any interest due.

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:When a death claim is filed on a life insurance policy with an outstanding loan:
* Deducted from the face amount (A):The death benefit is reduced by the loan balance plus any accrued interest, ensuring the insurer recovers the outstanding debt.
* Beneficiary obligation (B):Incorrect. The beneficiary receives the adjusted benefit without personal liability for the loan.
* Claim against the estate (C):Incorrect. The loan is tied to the policy, not the estate.
* Canceled without adjustment (D):Incorrect, as insurers must recoup the loan amount from the death benefit.
References:Maryland Life Insurance Policy Loan Provisions, COMAR 31.09.03, and Standard Death Claim Settlement Practices.


NEW QUESTION # 62
An insurable interest in each other's lives may exist in the absence of an economic interest when the individuals are:

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

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Insurable interest arises when there is a legitimate interest in the continued life of another person.
* Marriage partners (C)inherently have an insurable interest due to emotional and legal bonds.
* Competitors (A)andtraveling companions (D)do not typically meet the threshold for insurable interest.
* Business associates (B)may have insurable interest, but it usually requires contractual agreements (e.g., buy-sell agreements).
References: Maryland Insurance Code and Insurable Interest Guidelines.


NEW QUESTION # 63
Which activity is an unfair claims settlement practice?

  • A. Including an arbitration provision in the insurer's policies
  • B. Negotiating the payment of claims where coverage or liability is in question
  • C. Denying claims on the basis of specific policy provisions
  • D. Offering settlements that are less than the fair value to offset insurer expenses

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Offering settlements below fair value (D)is prohibited as an unfair claims settlement practice under Maryland law. Insurers must handle claims in good faith and pay fair settlements based on policy terms.
* Negotiating claims (A):Permitted when there are legitimate disputes over coverage or liability.
* Denying claims (B):Allowed if based on valid policy exclusions or conditions.
* Including arbitration provisions (C):Legal, provided they comply with state guidelines and are not coercive.
Unfair claims settlement practices include:
* Misrepresenting policy provisions.
* Failing to promptly investigate or settle claims.
* Attempting to settle for less than reasonable amounts.
References:Maryland Insurance Article §27-303, Unfair Claims Practices Act, and COMAR 31.15.07.


NEW QUESTION # 64
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