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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q29-Q34):
NEW QUESTION # 29
Who normally receives dividends in a stock insurance company?
Answer: C
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 # 30
A licensee must report each of the following to the Maryland Insurance Administration EXCEPT:
Answer: B
Explanation:
Comprehensive and Detailed Step by Step Explanation:Insurance licensees in Maryland are required to report certain changes to the Maryland Insurance Administration (MIA):
* Change of name (A):Must be reported promptly to ensure accurate licensure records.
* Change of residence address (B):Also required for communication and compliance purposes.
* Felony convictions (D):Mandatory disclosure to maintain transparency and evaluate fitness for licensure.
* Change in financial status (C):Not required unless it directly affects the licensee's ability to meet financial obligations tied to the license (e.g., bonding requirements).
References:Maryland Insurance Code §10-118, COMAR 31.03.01.
NEW QUESTION # 31
The life insurance buyer's guide includes information about all of the following EXCEPT how to:
Answer: C
Explanation:
Comprehensive and Detailed Step by Step Explanation:The buyer's guide helps policyholders understand life insurance by offering:
* Advice on deciding coverage needs (B)to ensure adequate protection.
* Rate comparison tools (C)to evaluate costs effectively.
* Guidance on policy requirements (D)to make informed choices.
The guide does not address legal actions such astaking civil action against an insurer (A), as such matters require legal consultation or regulatory support.
References: Maryland Life Insurance Buyer's Guide Provisions.
NEW QUESTION # 32
If an insurer knowingly fails to enforce a policy provision on one occasion, the insurer may be prevented from enforcing it on a subsequent occasion by the principle of:
Answer: D
Explanation:
Comprehensive and Detailed Step by Step Explanation:The principle ofestoppelprevents a party from asserting rights or enforcing terms if their prior actions contradicted such enforcement.
* Estoppel (C):If the insurer knowingly disregards a policy provision (e.g., a late premium payment), they may be barred from enforcing it later if the policyholder relied on the prior inaction.
* Adhesion (A):Refers to contracts where terms are dictated by one party (e.g., the insurer), not applicable here.
* Waiver (B):Occurs when an insurer voluntarily relinquishes a known right but does not necessarily create future obligations like estoppel does.
* Subrogation (D):Involves transferring the insured's claim rights to the insurer after a loss, unrelated to this scenario.
References: Maryland Legal Doctrines on Insurance Enforcement and Contractual Estoppel.
NEW QUESTION # 33
Who normally receives dividends in a stock insurance company?
Answer: C
Explanation:
Comprehensive and Detailed Step by Step Explanation:In astock insurance company, shareholders are the owners and receive dividends from the company's profits.
* Shareholders (B):They are entitled to dividends when declared by the board of directors, based on profitability.
* Board of directors (A):Oversee corporate governance and do not individually receive dividends as a right.
* Beneficiaries (C):Receive policy death benefits, not dividends.
* Producers (D):Earn commissions or fees, not dividends.
References:Maryland Corporate Insurance Structure Rules, Stock vs. Mutual Insurer Regulations, COMAR
31.05.03.
NEW QUESTION # 34
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