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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q84-Q89):
NEW QUESTION # 84
A life insurance producer is normally responsible for all of the following EXCEPT:
Answer: B
Explanation:
Comprehensive and Detailed Step by Step Explanation:Producers are integral to facilitating insurance transactions but do not have underwriting authority:
* Approving policies for issue (C)is the responsibility of the insurer's underwriting team.
* Producers are required todeliver policies (A),notify insurers about replacements (B), andcollect initial premiums (D).
References: Maryland Producer Duties and Regulatory Framework.
NEW QUESTION # 85
Which of the following reinforces the rule that ambiguities in insurance contracts should be interpreted in favor of the policyholder?
Answer: A
Explanation:
Comprehensive and Detailed Step by Step Explanation:Thedoctrine of reasonable expectationsensures that ambiguities in insurance policies are resolved in favor of the policyholder:
* Reasonable expectations (B):Protects policyholders by ensuring contracts are interpreted based on how an average person would understand them, especially when ambiguities exist.
* Representation (A):Refers to the accuracy of statements made during application, unrelated to contract interpretation.
* Retention (C):Concerns risk management, not contract ambiguities.
* Retrocession (D):Deals with reinsurance, not policyholder rights.
References:Maryland Contract Law, Insurance Ambiguities Guidelines, and COMAR 31.15.03.
NEW QUESTION # 86
How long will income benefit payments continue under a life annuity with ten years certain?
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 # 87
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 # 88
Which of the following is a requirement of an insurable risk?
Answer: D
Explanation:
Comprehensive and Detailed Step by Step Explanation:Aninsurable riskmust meet specific criteria to ensure fair and financially viable coverage:
* Chance of loss must be calculable (C):Correct. Insurers need statistical data to assess risk and determine premiums.
* Loss must be intentional (A):Incorrect; intentional losses are not insurable.
* Loss must be catastrophic (B):Incorrect; catastrophic losses (e.g., war or large-scale disasters) are often excluded or managed through reinsurance.
* Large number of different loss exposures (D):A large number of similar, not different, exposures is required for risk pooling.
References:Maryland Insurance Principles, Actuarial Standards, and COMAR 31.09.14.
NEW QUESTION # 89
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