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Overall, we can say that with the Maryland Life Producer Exam (Series 20-27) (Life-Producer) exam you can gain a competitive edge in your job search and advance your career in the tech industry. However, to pass the Maryland Insurance Administration Life-Producer Exam you have to prepare well. For the quick Maryland Insurance Administration Life-Producer exam preparation the Life-Producer Questions is the right choice.

Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q10-Q15):

NEW QUESTION # 10
An insurance agent's license may be revoked for all of the following reasons EXCEPT:

A. Violating any insurance statute or regulation
B. Having been found guilty of rebating
C. Being convicted of a felony
D. Having no insurer appointment in effect for ten days

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:An agent's license can be revoked for serious infractions that violate Maryland's insurance laws:
* Rebating (B):Prohibited under Maryland's Unfair Trade Practices Act.
* Felony conviction (C):Grounds for revocation as it questions the agent's moral character.
* Violating insurance statutes or regulations (D):Includes infractions such as fraud, misrepresentation, or failure to meet ethical standards.
* Having no insurer appointment for ten days (A):Incorrect. A lack of appointment does not constitute a violation; it only affects the ability to conduct business temporarily.
References:Maryland Insurance Article §10-126, COMAR 31.03.02, and Licensing Enforcement Guidelines.

NEW QUESTION # 11
A licensee must report each of the following to the Maryland Insurance Administration EXCEPT:

A. Change of residence address
B. Felony convictions
C. Change in financial status
D. Change of name

Answer: C

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 # 12
If, after submitting an application, a producer becomes aware of a material fact that may affect the underwriting decision, the producer's ethical responsibility requires that the producer:

A. Report the fact to the insurance company
B. Acknowledge the fact only if asked by the insurance company
C. Deny knowledge of the fact
D. Advise the applicant to amend the application

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Ethical responsibilities and state laws mandate that insurance producers act in good faith when handling applications.
* Reporting material facts to the insurer (D):Producers must disclose any information that could impact underwriting decisions. Transparency ensures that policies are accurately priced and legally enforceable.
* Denying knowledge (A):Violates ethical and legal obligations.
* Acknowledging facts only if asked (B):Demonstrates bad faith and can lead to legal penalties.
* Advising applicants to amend (C):While this helps, it does not fulfill the producer's duty to inform the insurer.
References: Maryland Insurance Administration Producer Code of Ethics, COMAR 31.03.13.

NEW QUESTION # 13
The free-look period provided in a life insurance policy is usually:

A. 31 days
B. 60 days
C. 45 days
D. 10 days

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Thefree-look periodis a consumer protection mechanism allowing policyholders to cancel a policy within a specific period for a full refund.
* 10 days (A):Maryland law requires a minimum free-look period of 10 days for life insurance policies, allowing buyers to review the policy without financial obligation.
* 31 days (B), 45 days (C), and 60 days (D):These exceed Maryland's statutory minimum and are not standard requirements unless specifically offered by the insurer.
References:Maryland Free-Look Provisions, COMAR 31.09.09, and Maryland Consumer Protection Act.

NEW QUESTION # 14
In determining the payment of accelerated life insurance benefits, all of the following are considered activities of daily living EXCEPT:

A. Eating
B. Dressing
C. Speaking
D. Bathing

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Accelerated benefits are often triggered by the inability to performactivities of daily living (ADLs), which are standard measures of functional capacity.
* Dressing (A), Eating (B), Bathing (C):Correctly identified as ADLs used to assess eligibility for benefits.
* Speaking (D):Not classified as an ADL under Maryland insurance definitions or long-term care benefit triggers.
References:Maryland Accelerated Benefits Guidelines, Long-Term Care Standards, and COMAR 31.09.04.

NEW QUESTION # 15
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