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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q14-Q19):

NEW QUESTION # 14
Which of the following is a requirement of an insurable risk?

A. The loss must be intentional.
B. The loss must be catastrophic.
C. There must be a large number of different loss exposures.
D. The chance of loss must be calculable.

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 # 15
A licensee must report each of the following to the Maryland Insurance Administration EXCEPT:

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

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 # 16
An existing life insurance policy is sold by the policyowner to help finance the cost of a terminal illness. This is an example of:

A. A nonforfeiture option
B. A viatical settlement
C. An accelerated death benefit
D. A survivorship policy

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Aviatical settlementinvolves selling a life insurance policy to a third party for immediate cash, typically to cover expenses associated with terminal illnesses.
* Viatical settlement (C):The policyowner receives a percentage of the death benefit to cover high medical costs or improve their quality of life.
* Nonforfeiture options (A):Relate to preserving cash value if the policy lapses, not a sale.
* Accelerated death benefit (B):Involves accessing a portion of the death benefit directly from the insurer, not through a third party.
* Survivorship policies (D):Cover two insureds and pay the death benefit only after both have passed away, unrelated to this case.
References: Maryland Viatical Settlement Law and Insurance Code.

NEW QUESTION # 17
How long will income benefit payments continue under a life annuity with ten years certain?

A. Until the annuitant dies, and for an additional ten years
B. Until the annuitant dies, or for ten years, whichever is longer
C. Only until the annuitant dies, regardless of when death occurs
D. Only for ten years, regardless of how long the annuitant lives

Answer: B

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 # 18
The purpose of the Life and Health Insurance Guaranty Corporation is to guarantee:

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

Answer: C

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 # 19
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Pass Your Maryland Insurance Administration Life-Producer: Maryland Life Producer Exam (Series 20-27) Exam with Authorized Life-Producer Pdf Torrent Effectively

Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q14-Q19):

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