2025 USEFUL LIFE-PRODUCER: MOCK MARYLAND LIFE PRODUCER EXAM (SERIES 20-27) EXAM

2025 Useful Life-Producer: Mock Maryland Life Producer Exam (Series 20-27) Exam

2025 Useful Life-Producer: Mock Maryland Life Producer Exam (Series 20-27) Exam

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Tags: Mock Life-Producer Exam, Life-Producer Exam Questions Pdf, Formal Life-Producer Test, Life-Producer Latest Test Vce, Life-Producer Pass Test Guide

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q21-Q26):

NEW QUESTION # 21
When a wage earner dies, the surviving family members may have all of the following expenses EXCEPT:

  • A. Unemployment tax liabilities
  • B. Death taxes
  • C. Final expenses
  • D. Family living expenses

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:When a wage earner dies, surviving families face significant financial obligations:
* Final expenses (A):Include funeral costs and related end-of-life expenses.
* Family living expenses (C):Cover ongoing needs like housing, food, and utilities.
* Death taxes (D):May apply based on estate value and Maryland inheritance laws.
Unemployment tax liabilities (B)are irrelevant as they apply only to employers, not surviving family members.
References: Maryland Estate Tax and Death Benefit Regulations.


NEW QUESTION # 22
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. An accelerated death benefit
  • B. A viatical settlement
  • C. A nonforfeiture option
  • 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 # 23
A policyholder uses a Section 1035 exchange to replace an existing life insurance policy. If the new policy is later surrendered, the gain realized on termination is taxed as:

  • A. Ordinary income plus a 10% surcharge
  • B. A deferred capital gain
  • C. A capital gain
  • D. Ordinary income

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Under a1035 exchange, policyholders can replace an insurance policy or annuity without immediate tax consequences. However, gains realized later upon surrender of the new policy are taxed as:
* Ordinary income (A):The difference between the cash surrender value and the cost basis (premiums paid) is taxed as income.
* Capital gains (B):Not applicable because gains on life insurance are classified as ordinary income.
* Ordinary income plus a 10% surcharge (C):The 10% penalty applies only to premature withdrawals from retirement accounts, not life insurance.
* Deferred capital gain (D):Does not apply, as life insurance gains are not taxed under capital gain rules.
References:IRS Code Section 1035, Maryland Tax Treatment of Life Insurance Policies, and COMAR
31.09.12.


NEW QUESTION # 24
Which advantage does an employer gain by providing a qualified retirement plan, as contrasted to a non- qualified plan?

  • A. It is useful in rewarding selected employees for good work performance
  • B. The plan funds are available for general business needs
  • C. The employer's contributions to the plan are tax deductible
  • D. It can be designed for the exclusive benefit of several key employees

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Qualified retirement plans, such as 401(k) and pension plans, offer significant tax advantages for employers:
* Tax-deductible contributions (B):Employer contributions to qualified plans are deductible as business expenses, reducing taxable income.
* Exclusive benefit for key employees (A):Not allowed under IRS rules, as qualified plans must follow non-discrimination requirements.
* Funds available for business needs (C):Incorrect, as plan funds are held in trust and cannot be used for business operations.
* Rewarding selected employees (D):Qualified plans must comply with anti-discrimination rules, so rewards must benefit all eligible employees.
References:IRS Publication 560, Maryland Retirement Plan Standards, and COMAR 31.09.11.


NEW QUESTION # 25
Publishing a derogatory article about the financial condition of an insurer that is false and calculated to injure the insurer is an example of:

  • A. Extortion
  • B. Defamation
  • C. Intimidation
  • D. Coercion

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Defamationin the context of insurance involves publishing false or malicious statements intended to harm an insurer's reputation.
* Defamation (A):Includes false claims about an insurer's financial stability, products, or business practices, prohibited under Maryland law.
* Intimidation (B):Refers to coercing individuals into specific actions, unrelated to false publications.
* Extortion (C):Involves obtaining something of value through threats, unrelated to false statements.
* Coercion (D):Focuses on forcing compliance, not publishing falsehoods.
References:Maryland Insurance Administration's Unfair Trade Practices Act, COMAR 31.15.03.


NEW QUESTION # 26
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