Maryland Insurance Administration Life-Producer Q&A - in .pdf

  • Life-Producer pdf
  • Exam Code: Life-Producer
  • Exam Name: Maryland Life Producer Exam (Series 20-27)
  • Updated: Oct 26, 2026
  • Q & A: 85 Questions and Answers
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  • Exam Code: Life-Producer
  • Exam Name: Maryland Life Producer Exam (Series 20-27)
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  • Q & A: 85 Questions and Answers
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  • Exam Code: Life-Producer
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  • Q & A: 85 Questions and Answers
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Maryland Insurance Administration Life-Producer Exam Syllabus Topics:

SectionObjectives
Life Insurance Policy Riders and Provisions- Policy Riders
  • 1. Waiver of Premium
  • 2. Guaranteed Insurability
  • 3. Accidental Death
- Policy Provisions
  • 1. Policy Loans
  • 2. Assignments
  • 3. Beneficiaries
  • 4. Ownership
Annuities- Annuity Benefit Options
  • 1. Joint and Survivor
  • 2. Life Income
  • 3. Period Certain
- Annuity Principles
  • 1. Indexed Annuities
  • 2. Fixed Annuities
  • 3. Variable Annuities
Types of Policies- Traditional Whole Life Products
  • 1. Limited-Pay and Single-Premium Life
  • 2. Ordinary Whole Life
- Interest-Sensitive Life Products
  • 1. Variable Life
  • 2. Universal Life
  • 3. Variable Universal Life
- Term Life Insurance
  • 1. Level Term
  • 2. Renewable and Convertible Term
  • 3. Decreasing Term
Federal Tax Considerations- Life Insurance Taxation
  • 1. Cash Values
  • 2. Death Benefits
  • 3. Premiums
- Qualified Plans
  • 1. IRA
  • 2. 401(k)
  • 3. Retirement Planning Concepts
Maryland Insurance Laws and Regulations- Licensing Requirements
  • 1. Renewal Procedures
  • 2. Producer Licensing
  • 3. Continuing Education
- Regulatory Practices
  • 1. Consumer Protection
  • 2. Unfair Trade Practices
  • 3. Ethics Standards

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

Question #1

The purpose of the Life and Health Insurance Guaranty Corporation is to guarantee:

  • A. The issuance of life insurance and health insurance policies.
  • B. That an insurance company will never fail.
  • C. The issuance of life insurance policies.
  • D. Benefits if the insurer is unable to pay benefits due to impairment or insolvency.
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

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Question #2

All of the following are common underwriting factors used by life insurance companies EXCEPT:

  • A. Family health history
  • B. Driving record
  • C. Amount of insurance applied for
  • D. Ethnic heritage
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

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Question #3

In order to qualify for a company convention, an insurance producer agrees to pay the first quarterly premium for the applicant for new insurance. This is called a:

  • A. Cost of doing business
  • B. Loan
  • C. Rebate
  • D. Gift
Reveal Solution  Discussion  0

Correct Answer: C  🗳️

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Question #4

Which amount may be deposited into a rollover individual retirement account (IRA) for the purpose of deferring income taxes?

  • A. The amount paid to the spouse of a deceased annuitant under a tax-sheltered annuity
  • B. The refund received by the beneficiary under a refund life annuity
  • C. The value of an IRA established by the beneficiary's deceased parent
  • D. The proceeds of a life insurance policy paid to a beneficiary under age 70-1/2
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

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Question #5

A producer may be guilty of misrepresentation if the producer:

  • A. Required timely written notice of loss for all claims
  • B. Issued a full settlement check expressly releasing the insurer
  • C. Failed to disclose exclusions of the policy
  • D. Denied a claim for failure of the policyholder to prove damages
Reveal Solution  Discussion  0

Correct Answer: C  🗳️

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