2025 Realistic Practice Life-Producer Test Engine - Test Maryland Life Producer Exam (Series 20-27) Assessment Free PDF

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q38-Q43):

NEW QUESTION # 38
All of the following statements about the life insurance protection provided by a family life insurance policy are true EXCEPT:

A. Life insurance coverage is provided automatically to children born during the policy period
B. Coverage is available only to heads of households who are 30 years old or younger
C. Most of the premium amount purchases whole life insurance for the head of the household
D. Coverage for dependents can be converted to whole life insurance without evidence of insurability

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Family life insurance policies provide comprehensive coverage for families, including automatic coverage for certain dependents.
* Option A:Correct. A significant portion of the premium funds whole life insurance for the primary insured (typically the head of household).
* Option B:Correct. Dependent children born after the policy is issued are automatically covered, often without additional cost or underwriting.
* Option C:Incorrect. Family life insurance policies are not restricted to individuals under 30; this criterion does not exist in standard policy guidelines.
* Option D:Correct. Coverage for dependents can often be converted to whole life insurance at specific ages or policy milestones without medical underwriting.
References:Maryland Family Life Insurance Policy Standards, COMAR 31.09.04, and Maryland Insurance Administration Dependent Coverage Guidelines.

NEW QUESTION # 39
In the event of a death claim under a life insurance policy, what happens to the amount of any existing policy loan?

A. The beneficiary has an obligation to pay the amount to the insurance company.
B. It represents a primary claim against the estate of the insured.
C. It is canceled, and the beneficiary receives the face amount of the policy.
D. It is deducted from the face amount of the policy together with any interest due.

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:When a death claim is filed on a life insurance policy with an outstanding loan:
* Deducted from the face amount (A):The death benefit is reduced by the loan balance plus any accrued interest, ensuring the insurer recovers the outstanding debt.
* Beneficiary obligation (B):Incorrect. The beneficiary receives the adjusted benefit without personal liability for the loan.
* Claim against the estate (C):Incorrect. The loan is tied to the policy, not the estate.
* Canceled without adjustment (D):Incorrect, as insurers must recoup the loan amount from the death benefit.
References:Maryland Life Insurance Policy Loan Provisions, COMAR 31.09.03, and Standard Death Claim Settlement Practices.

NEW QUESTION # 40
The purpose of the Life and Health Insurance Guaranty Corporation is to guarantee:

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

Answer: B

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 # 41
Who normally receives dividends in a stock insurance company?

A. Shareholders
B. Beneficiaries
C. Producers
D. Only members of the board of directors

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:In astock insurance company, dividends are distributed to shareholders, who are the owners of the company.
* Shareholders (B):Receive dividends based on the company's profitability, as determined by the board of directors.
* Members of the board of directors (A):May also be shareholders, but their role as directors does not entitle them to dividends.
* Beneficiaries (C):Receive death benefits, not company dividends.
* Producers (D):Earn commissions or fees, not dividends.
References:Maryland Corporate Insurance Guidelines, Stock vs. Mutual Insurer Framework, and COMAR
31.05.03.

NEW QUESTION # 42
How many days does a former employee have to convert a group term policy to an individual policy after employment is terminated?

A. 0
B. 1
C. 2
D. 3

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Under Maryland insurance law, a terminated employee has31 days (D)to convert a group term life insurance policy into an individual policy without providing evidence of insurability.
* This grace period allows individuals to maintain coverage while securing individual insurance.
* 10 (A), 20 (B), or 30 days (C)are incorrect, as Maryland mandates a specific 31-day window.
References: Maryland Conversion Rights in Group Life Insurance Policies, Section 15-401 of the Insurance Article.

NEW QUESTION # 43
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