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2025 Realistic Life-Producer Practice Exam Questions - Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Practice Exam Questions 100% Pass Quiz

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q27-Q32):

NEW QUESTION # 27
All of the following factors may affect premium determination in individual life insurance EXCEPT:

A. Occupation
B. Race
C. Age
D. Health

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Premium determination in life insurance depends on factors that measure risk, butrace (D)is not and cannot be used due to anti-discrimination laws.
* Age (A):A primary factor; younger applicants are charged lower premiums due to lower mortality risk.
* Health (B):Significant; poor health or pre-existing conditions increase premiums.
* Occupation (C):Risky professions (e.g., construction or aviation) may result in higher premiums.
* Race (D):Prohibited by Maryland law, which ensures fairness and prohibits underwriting based on race, ethnicity, or similar discriminatory criteria.
References:Maryland Insurance Article §27-501, COMAR 31.09.03, and Anti-Discrimination Standards in Insurance.

NEW QUESTION # 28
Which one of the following causes of death typically would be included under an accidental death rider attached to a life insurance policy?

A. Automobile accidents resulting from the insured's negligence
B. War or acts of war
C. Illness or disease
D. Intentionally self-inflicted injuries

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Accidental death riders provide additional benefits if the insured dies due to an unforeseen accident.
* Automobile accidents resulting from the insured's negligence (D):Covered because negligence in driving does not disqualify the event from being an accident. The death must be directly and solely caused by the accident.
* Intentionally self-inflicted injuries (A):Excluded as they are not accidental but intentional.
* Illness or disease (B):Excluded as accidental death benefits do not apply to natural causes.
* War or acts of war (C):Generally excluded under most policies as a specific clause addresses wartime risks.
References:Maryland Insurance Guidelines for Accidental Death Riders and Policy Exclusions, COMAR
31.09.04.

NEW QUESTION # 29
The purpose of the Life and Health Insurance Guaranty Corporation is to guarantee:

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

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:
The Life and Health Insurance Guaranty Corporation provides financial protection to policyholders:
Guarantees benefits in case of insurer insolvency (C), ensuring policyholders do not lose coverage.
It does not guarantee the issuance of policies (A and B), as policy issuance depends on underwriting.
It cannot ensure an insurer will never fail (D) but mitigates the impact of failure.
References: Maryland Life and Health Guaranty Corporation Act, Maryland Insurance Code.

NEW QUESTION # 30
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

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Underwriting involves evaluating risk factors that could influence the likelihood of claims and ensuring compliance with anti-discrimination laws.
* Ethnic heritage (A):Incorrect. Using ethnic heritage as an underwriting factor violates anti- discrimination laws, including Maryland Insurance Article §27-501.
* Amount of insurance applied for (B):Correct. Insurers consider coverage amounts to assess risk and pricing.
* Driving record (C):Correct. Poor driving history, particularly DUI incidents, increases risk.
* Family health history (D):Correct. Inherited conditions and family medical history help predict potential health risks.
References:Maryland Insurance Anti-Discrimination Laws, Life Insurance Underwriting Standards, and COMAR 31.08.07.

NEW QUESTION # 31
In surrendering a life insurance contract for its cash value, the total of premiums paid less the total of any dividends received in cash or used to offset premiums is:

A. The cash value
B. The loan value
C. The cost basis
D. The gross proceeds

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Thecost basisis the total of all premiums paid minus dividends received or used to offset premiums. This figure is used to calculate the taxable portion of the cash value upon surrender.
* Cost basis (D):Represents the non-taxable portion of the surrender value; any amount exceeding this is considered taxable income.
* Cash value (A):The policy's accumulated value, which may include taxable gains.
* Loan value (B):Refers to the amount available for borrowing against the policy.
* Gross proceeds (C):The full amount received upon surrender, not accounting for cost basis deductions.
References:IRS Guidance on Life Insurance Taxation, Maryland Life Insurance Surrender Rules, and COMAR 31.09.14.

NEW QUESTION # 32
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