EXAM LIFE-PRODUCER QUESTION | LIFE-PRODUCER LATEST TEST BRAINDUMPS

Exam Life-Producer Question | Life-Producer Latest Test Braindumps

Exam Life-Producer Question | Life-Producer Latest Test Braindumps

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Tags: Exam Life-Producer Question, Life-Producer Latest Test Braindumps, Pass Life-Producer Test, Life-Producer Practice Questions, New Exam Life-Producer Braindumps

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Life-Producer Latest Test Braindumps | Pass Life-Producer Test

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q47-Q52):

NEW QUESTION # 47
A group policy may be issued to a labor union. The members eligible for insurance under the policy shall be:

  • A. Members of any union
  • B. Only members of the union who are under the age of 65
  • C. Healthy members of the union
  • D. All of the members of the union

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:When a group policy is issued to a labor union, Maryland law requires that eligibility criteria ensure fairness and inclusivity:
* All of the members of the union (B):Eligible members must be treated equally under the group policy.
Coverage cannot exclude individuals based on factors like age or health, provided they are active members.
* Members of any union (A):Policies are issued to specific unions, not broadly.
* Only members under age 65 (C):Age discrimination is prohibited unless specifically linked to policy provisions.
* Healthy members (D):Group policies cannot discriminate based on health status.
References:Maryland Group Insurance Regulations, COMAR 31.09.06, and Labor Union Group Policies Guidelines.


NEW QUESTION # 48
The penalty tax incurred for premature distributions from an IRA is:

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

Answer: C

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 # 49
An insurance producer's license may be suspended or revoked by:

  • A. The appointing insurer
  • B. The Attorney General
  • C. The Maryland Insurance Administration
  • D. The continuing education course provider

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:The Maryland Insurance Administration (MIA) has sole authority to regulate, suspend, or revoke an insurance producer's license for violations of state insurance laws:
* Maryland Insurance Administration (C):Correct. The MIA oversees producer licensing, compliance, and disciplinary actions.
* Appointing insurer (A):Can terminate an appointment but cannot revoke a license.
* Continuing education provider (B):Only offers training and has no regulatory authority.
* Attorney General (D):Handles legal actions but does not directly manage licensing.
References:Maryland Insurance Article §10-126, Producer Regulation Guidelines, COMAR 31.03.13.


NEW QUESTION # 50
The income benefits distributed during the liquidation phase of an annuity contract are normally payable to:

  • A. The nominator
  • B. The beneficiary
  • C. The annuitant
  • D. The owner

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:
During the liquidation (or payout) phase of an annuity, the annuitant receives periodic payments:
The annuitant (D) is the individual designated to receive the payments, as they are the insured party in the contract.
The owner (A) is often the annuitant but may differ; the owner controls the contract but does not necessarily receive payments.
The beneficiary (B) receives the death benefit if the annuitant passes away, not the periodic payments.
"Nominator" (C) is not relevant terminology in annuities.
References: Maryland Insurance Guidelines on Annuities, Payment Distribution, and Liquidation.


NEW QUESTION # 51
A producer may be guilty of misrepresentation if the producer:

  • A. Failed to disclose exclusions of the policy
  • B. Issued a full settlement check expressly releasing the insurer
  • C. Denied a claim for failure of the policyholder to prove damages
  • D. Required timely written notice of loss for all claims

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Misrepresentation involves providing false, misleading, or incomplete information about a policy:
* Failed to disclose exclusions of the policy (A):Correct. Not informing the insured about policy exclusions misrepresents the coverage and violates Maryland law.
* Denied a claim for failure to prove damages (B):This relates to claims handling and is not misrepresentation.
* Required written notice of loss (C):This is a legitimate policy requirement, not misrepresentation.
* Issued a full settlement check (D):Standard claims settlement practice when agreed upon; not related to misrepresentation.
References:Maryland Insurance Article §27-303, Misrepresentation and False Advertising Standards, COMAR 31.15.03.


NEW QUESTION # 52
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