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Life-Producer Maryland Life Producer Exam (Series 20-27) is now Stable and With Pass Result | Test Your Knowledge for Free

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Life-Producer Practice Questions

Maryland Life Producer Exam (Series 20-27)

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Total Questions : 90

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Question # 1

A transaction in which a new life insurance policy is purchased, and an existing life insurance policy is surrendered is called:

Options:

A.  

Nonforfeiture

B.  

Replacement

C.  

Reinvestment

D.  

Rollover

Discussion 0
Question # 2

Splitting the commission with the buyer on a sale of insurance is an unfair trade practice known as:

Options:

A.  

Twisting

B.  

Binding

C.  

Soliciting

D.  

Rebating

Discussion 0
Question # 3

A life insurance producer is normally responsible for all of the following EXCEPT:

Options:

A.  

Delivering newly issued policies to applicants

B.  

Notifying the company if a new policy will replace an existing policy

C.  

Approving policies for issue on behalf of the insurer

D.  

Collecting the initial premium from the applicant

Discussion 0
Question # 4

The Medical Information Bureau may release information in the proposed insured's file to:

Options:

A.  

Employment agencies

B.  

Member insurance companies

C.  

The insured's employer

D.  

Any physician

Discussion 0
Question # 5

How often must insurance licensees subject to continuing education meet the educational requirements?

Options:

A.  

Each year

B.  

Every two years

C.  

Every three years

D.  

There is no requirement

Discussion 0
Question # 6

Which life annuity contract feature provides that benefit payments will continue for a minimum number of years regardless of when the annuitant dies?

Options:

A.  

Cost recovery

B.  

Period certain

C.  

Cash refund

D.  

Installment refund

Discussion 0
Question # 7

How does the payment of an accelerated benefit affect a life insurance policy?

Options:

A.  

It increases the cash value.

B.  

It increases the policy premium.

C.  

It decreases the grace period.

D.  

It decreases the death benefit.

Discussion 0
Question # 8

The qualified first-time homebuyer distribution available in IRAs has a maximum lifetime limit per participant of:

Options:

A.  

$2,000

B.  

$5,000

C.  

$10,000

D.  

$20,000

Discussion 0
Question # 9

Which one of the following statements about participating life insurance is true?

Options:

A.  

Policyowners may be entitled to receive dividends.

B.  

Policyowners are assessed monthly for losses.

C.  

The insured must be the policyowner.

D.  

The insurer must be a stock company.

Discussion 0
Question # 10

In order to qualify for a company convention, an insurance producer agrees to pay the first quarterly premium for the applicant for new insurance. This is called a:

Options:

A.  

Gift

B.  

Rebate

C.  

Loan

D.  

Cost of doing business

Discussion 0
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