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Reliable Life-Producer Test Prep - Valid Life-Producer Exam Review

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q47-Q52):

NEW QUESTION # 47
The Maryland Insurance Administration may suspend an agent's license for all of the following reasons EXCEPT:

A. Sharing commissions with agents holding the same license type
B. Engaging in fraudulent or dishonest practices
C. Mishandling premium payments
D. Violating a regulation or order of the Maryland Insurance Administration

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:
The Maryland Insurance Administration enforces disciplinary measures:
Fraudulent practices (A), mishandling premiums (B), and violating regulations (D) are grounds for suspension or revocation.
Sharing commissions (C) with agents of the same license type is permitted under Maryland law if done legally and transparently.
References: Maryland Insurance Administration Regulatory Code and Enforcement Procedures.

NEW QUESTION # 48
In general practice, can the Maryland Insurance Administration inspect the business records of an insurance company or agency?

A. No, because of privacy considerations
B. Yes, because of the powers defined by state laws
C. No, because only an officer of the court can inspect these records
D. Yes, because all company and agency records are public domain

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:The Maryland Insurance Administration (MIA) is authorized to inspect the records of insurers and agencies to ensure compliance with laws:
* Yes, because of the powers defined by state laws (B):Correct. The MIA has broad authority under Maryland law to audit, inspect, and investigate insurance business practices.
* No, because of privacy considerations (A):Incorrect. Regulatory inspections are exempt from privacy concerns when conducted lawfully.
* Only an officer of the court (C):Not required; the MIA operates independently within its legal mandate.
* Public domain records (D):Incorrect; insurance records are not publicly accessible unless required by law.
References:Maryland Insurance Article §2-209, COMAR 31.03.01, and Regulatory Oversight Guidelines.

NEW QUESTION # 49
The purpose of licensing insurance agents is to:

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

Answer: B

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 # 50
An insurable interest in each other's lives may exist in the absence of an economic interest when the individuals are:

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

Answer: D

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 # 51
How long will income benefit payments continue under a life annuity with ten years certain?

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

Answer: D

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 # 52
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