Updated and User Friendly ExamsLabs Life-Producer Exam PDF Questions File

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q72-Q77):

NEW QUESTION # 72
All of the following statements about the life insurance protection provided by a family life insurance policy are true EXCEPT:

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

Answer: A

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 # 73
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:

A. Waiver
B. Subrogation
C. Estoppel
D. Adhesion

Answer: C

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 # 74
An individual life insurance policy may include coverage for all of the following EXCEPT:

A. Disability
B. Workers' compensation
C. Long-term care
D. Burial

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Individual life insurance policies often allow riders or supplementary coverage options, but they do not cover workers' compensation, which is a separate insurance category.
* Disability (A):Can be included as a rider, such as a waiver of premium or disability income benefit.
* Long-term care (B):Often available as an optional rider to address extended medical care expenses.
* Burial (D):Final expense policies or riders can be added to cover funeral and burial costs.
* Workers' compensation (C):Not covered under life insurance policies; this is a specific insurance product regulated differently.
References:Maryland Life Insurance Rider Guidelines, Workers' Compensation Insurance Regulations, and COMAR 31.09.03.

NEW QUESTION # 75
The penalty tax incurred for premature distributions from an IRA is:

A. 10%
B. 5%
C. 20%
D. 50%

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Premature distributions from an IRA (withdrawals before age 59½) are subject to a10% penalty tax (B)unless certain exceptions apply (e.g., disability, qualified education expenses, or first-time homebuyer withdrawals).
* 5% (A):Does not apply to IRS penalties.
* 10% (B):Correct. This is the standard penalty for early withdrawals.
* 20% (C):Represents mandatory withholding for certain distributions, not the penalty.
* 50% (D):Applies only to Required Minimum Distribution (RMD) failures, not premature distributions.
References:IRS Publication 590-B, Maryland IRA Penalty Exceptions Guidelines, COMAR 31.09.11.

NEW QUESTION # 76
To have "an insurable interest" in the life of another person, an individual must have a reasonable expectation of:

A. Continuing on good terms with the other person
B. Seeing the other person survive to normal life expectancy
C. Benefiting from the other person's continued life
D. Gaining economically by the death of the other person

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Aninsurable interestexists when the policyholder benefits more from the insured's life than their death.
* Benefiting from the other person's continued life (C):Correct. This applies to relationships where there is a legal, financial, or familial dependence.
* Gaining economically by the death of the other person (A):Mischaracterizes insurable interest; financial gain from death without a legitimate relationship is unethical and illegal.
* Continuing on good terms (B) and seeing the person survive (D):Do not constitute insurable interest under Maryland law.
References:Maryland Insurance Article §12-201, Insurable Interest Guidelines, and COMAR 31.09.03.

NEW QUESTION # 77
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Updated and User Friendly ExamsLabs Life-Producer Exam PDF Questions File

Official Life-Producer Study Guide, Intereactive Life-Producer Testing Engine

Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q72-Q77):

2025 Life-Producer Test Question 100% Pass | Trustable Maryland Insurance Administration Official Maryland Life Producer Exam (Series 20-27) Study Guide Pass for sure

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