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Exam Maryland Insurance Administration Life-Producer Quiz - Test Life-Producer Engine Version

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q26-Q31):

NEW QUESTION # 26
The purpose of the Life and Health Insurance Guaranty Corporation is to guarantee:

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

Answer: A

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 # 27
What does the annuitant usually receive during the liquidation phase of an annuity?

A. Cash withdrawals upon request
B. Benefit payments at regular intervals
C. A lump sum
D. Nothing

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:During theliquidation phase, an annuity pays out benefits to the annuitant based on the terms of the contract.
* Benefit payments at regular intervals (B):Correct. These payments are structured as monthly, quarterly, or yearly installments based on the chosen payout option.
* Cash withdrawals upon request (A):Relates to the accumulation phase, not liquidation.
* A lump sum (C):Applies only if the annuity is structured for a single payout, not typical during the liquidation phase.
* Nothing (D):Incorrect, as this phase is specifically for distributing payments.
References:Maryland Annuity Guidelines, Payout Options, and COMAR 31.09.08.

NEW QUESTION # 28
A refusal to do business with a particular individual or business is known as:

A. A boycott
B. An injunction
C. A binder
D. An estoppel

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Boycottrefers to the refusal to engage in business dealings with a particular party as part of an unfair trade practice, often used to coerce or punish. It is prohibited under Maryland's Unfair Trade Practices Act.
* Boycott (C):Defined as an unfair method of competition when used in the insurance context.
* Estoppel (A):A legal doctrine preventing someone from asserting a claim inconsistent with previous actions, unrelated to business refusal.
* Injunction (B):A court order stopping specific actions, not related to refusal to do business.
* Binder (D):Temporary insurance coverage, unrelated to trade practices.
References:Maryland Unfair Trade Practices Act, COMAR 31.15.03, and Maryland Insurance Code §27-205.

NEW QUESTION # 29
The life insurance buyer's guide includes information about all of the following EXCEPT how to:

A. Compare life insurance policy requirements
B. Calculate
C. Take civil action against an insurer
D. Decide how much life insurance to buy

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:The life insurance buyer's guide is designed to help potential policyholders make informed decisions about life insurance by:
* Explaininghow to decide how much life insurance to buy (C), ensuring individuals purchase adequate coverage for their needs.
* Providing details tocompare life insurance policy requirements (D)to evaluate and choose the best policy.
* Showing how tocompare rates (A)for different policies to find cost-effective options.
However, it doesnot include instructions for taking civil action against an insurer (B). Such legal matters fall outside the scope of the guide and are addressed in regulatory and legal channels.
References: Maryland Insurance Buyer's Guide Guidelines and State Insurance Regulations.

NEW QUESTION # 30
The entire contract provision in a life insurance policy states that the policy includes:

A. Any attending physician's statement
B. The Medical Information Bureau report
C. The application attached to the policy
D. The producer's report to the insurer

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Theentire contract clauseensures transparency by limiting the policy's terms to the policy document and any attached application materials.
* The application attached to the policy (B):Correct. It becomes part of the legal agreement between the insurer and the policyholder.
* The Medical Information Bureau report (A):Used for underwriting but not part of the policy.
* Any attending physician's statement (C):May inform underwriting but is not included in the policy.
* The producer's report to the insurer (D):Internal to the insurer and irrelevant to the contract itself.
References:Maryland Insurance Code §16-203, Entire Contract Provision Standards, and COMAR 31.09.09.

NEW QUESTION # 31
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