LIFE-PRODUCER PRACTICAL INFORMATION & LIFE-PRODUCER EXAM CONSULTANT

Life-Producer Practical Information & Life-Producer Exam Consultant

Life-Producer Practical Information & Life-Producer Exam Consultant

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Tags: Life-Producer Practical Information, Life-Producer Exam Consultant, Life-Producer Pass Guide, Life-Producer Valid Exam Braindumps, New Life-Producer Exam Dumps

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q53-Q58):

NEW QUESTION # 53
A group policy may be issued to a labor union. The members eligible for insurance under the policy shall be:

  • A. Only members of the union who are under the age of 65
  • B. Members of any union
  • C. All of the members of the union
  • D. Healthy members of the union

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:When a group policy is issued to a labor union, Maryland law requires that eligibility criteria ensure fairness and inclusivity:
* All of the members of the union (B):Eligible members must be treated equally under the group policy.
Coverage cannot exclude individuals based on factors like age or health, provided they are active members.
* Members of any union (A):Policies are issued to specific unions, not broadly.
* Only members under age 65 (C):Age discrimination is prohibited unless specifically linked to policy provisions.
* Healthy members (D):Group policies cannot discriminate based on health status.
References:Maryland Group Insurance Regulations, COMAR 31.09.06, and Labor Union Group Policies Guidelines.


NEW QUESTION # 54
How often must insurance licensees subject to continuing education meet the educational requirements?

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

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 # 55
The needs approach to personal life insurance planning includes the creation of an emergency reserve fund.
This fund is designed primarily to:

  • A. Pay for college tuition and books
  • B. Cover the cost of unexpected expenses
  • C. Provide retirement income
  • D. Pay off an existing mortgage

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Theneeds approachassesses financial requirements to determine the appropriate amount of life insurance.
* Covering unexpected expenses (B):Emergency reserve funds help beneficiaries handle unforeseen costs, such as urgent repairs, medical emergencies, or temporary loss of income.
* College tuition and books (A):This falls under education funding needs, not emergency reserves.
* Paying off mortgages (C):This is categorized as debt repayment, separate from the reserve fund.
* Providing retirement income (D):This is a long-term goal that requires separate planning, not immediate financial reserves.
References: Maryland Insurance Needs Analysis Guidelines and Life Insurance Planning Practices.


NEW QUESTION # 56
Which one of the following life insurance settlement options pays a predetermined monthly benefit until principal and interest are exhausted?

  • A. The fixed amount installment option
  • B. The interest-only option
  • C. The fixed period installment option
  • D. The accelerated endowment option

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Thefixed amount installment optionprovides for a predetermined monthly benefit to the policy beneficiary. Payments continue until the principal (death benefit) and accumulated interest are fully paid out.
* Fixed amount installment option (A):Ensures consistent payment amounts until the death benefit and interest are exhausted. This option is often used when beneficiaries want a steady income.
* Accelerated endowment option (B):Not relevant as it refers to early payouts for policies reaching maturity.
* Interest-only option (C):Only pays interest earned on the death benefit, leaving the principal untouched.
* Fixed period installment option (D):Guarantees payments for a specific period, regardless of whether the principal or interest is depleted.
References: Maryland Life Insurance Policy Payout Regulations and Settlement Options Guidelines.


NEW QUESTION # 57
Which amount may be deposited into a rollover individual retirement account (IRA) for the purpose of deferring income taxes?

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

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:
A rollover IRA is used to defer taxes on qualifying distributions.
Proceeds from a life insurance policy (A) are generally not eligible for tax-deferred treatment.
Refunds from a refund life annuity (B) are considered taxable income and not eligible for rollover.
Amounts paid to a spouse under a tax-sheltered annuity (C) qualify for rollover treatment because they meet IRS rollover rules for deferred taxation.
IRAs inherited from parents (D) follow different tax rules and cannot be directly rolled over into a new IRA.
References: IRS Publication 590-B and Maryland Retirement Account Regulations.


NEW QUESTION # 58
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