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Free PDF Quiz Maryland Insurance Administration - Life-Producer - Maryland Life Producer Exam (Series 20-27) Accurate Brain Exam

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q22-Q27):

NEW QUESTION # 22
How long will income benefit payments continue under a life annuity with ten years certain?

A. Until the annuitant dies, or for ten years, whichever is longer
B. Until the annuitant dies, and for an additional ten years
C. Only until the annuitant dies, regardless of when death occurs
D. Only for ten years, regardless of how long the annuitant lives

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:A life annuity with aten years certainprovision guarantees payments for at least ten years. If theannuitant dies before the end of ten years, payments continue to the beneficiary for the remainder of the period.
* Until the annuitant dies, or for ten years, whichever is longer (A):Ensures payments for life with a minimum ten-year guarantee.
* Until the annuitant dies, and for an additional ten years (B):Incorrect; payments cease after the guaranteed period or the annuitant's lifetime.
* Only until the annuitant dies (C):Incorrect; the ten-year guarantee applies.
* Only for ten years (D):Incorrect; payments continue if the annuitant outlives the guaranteed period.
References:Maryland Annuity Payout Options Guidelines, COMAR 31.09.08.

NEW QUESTION # 23
How often must insurance licensees subject to continuing education meet the educational requirements?

A. Each year
B. Every two years
C. Every three years
D. There is no requirement

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Maryland law requires insurance licensees to complete continuing education (CE) everytwo years (B)to maintain their licenses:
* CE ensures that agents remain informed about current laws, practices, and products.
* Each year (A):Too frequent for most state requirements, including Maryland.
* Every three years (C):Exceeds Maryland's regulatory timeframe.
* No requirement (D):Incorrect, as CE is mandatory for license renewal.
References:Maryland Insurance Code §10-116, Continuing Education Guidelines, and COMAR 31.03.02.

NEW QUESTION # 24
The annual addition to an employee's account in a qualified retirement plan:

A. Cannot exceed maximum limits set by the Internal Revenue Service
B. Usually reflects the employee's individual work performance each year
C. Must be the same dollar amount for every full-time employee
D. Can be any amount as determined by the employer from year to year

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Qualified retirement plans are subject to federal rules governing contribution limits:
* Contributionscannot exceed IRS limits (C), which are adjusted annually.
* Employers may adjust amounts annually, invalidating (A).
* Contributions vary by employee and do not require identical dollar amounts, making (B) incorrect.
* Contributions are typically unrelated to work performance, invalidating (D).
References: IRS Qualified Retirement Plan Contribution Limits, Maryland Employee Benefits Guidelines.

NEW QUESTION # 25
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 no insurer appointment in effect for ten days
D. Having been found guilty of rebating

Answer: C

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 # 26
A life insurance policy beneficiary's life expectancy has a direct bearing upon:

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

Answer: C

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 # 27
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