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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q64-Q69):

NEW QUESTION # 64
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. Defamation
B. Extortion
C. Coercion
D. Intimidation

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Defamationinvolves publishing or circulating false, malicious statements intended to harm an insurer's reputation. It is prohibited under Maryland law to protect the integrity of insurers.
* Defamation (A):Includes any written or spoken communication that is untrue and harms the insurer's business standing.
* Intimidation (B):Relates to coercing individuals through threats, not publishing falsehoods.
* Extortion (C):Involves demanding something through threats, unrelated to false statements.
* Coercion (D):Involves forcing a party to act under duress, not relevant to publishing false information.
References:Maryland Insurance Article §27-205, Unfair Trade Practices and Consumer Protection Act.

NEW QUESTION # 65
The purpose of licensing insurance agents is to:

A. Regulate rates to prevent unfair discrimination among insureds
B. Demonstrate that the agent is qualified to act on behalf of insurers in Maryland
C. Monitor insurance sales activity in Maryland
D. Limit the number of agents who do business within Maryland

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:
Insurance licensing ensures agents meet professional standards:
Licensure demonstrates qualifications (B) to act ethically and competently on behalf of insurers.
It does not limit the number of agents (A).
Sales activity monitoring (C) and rate regulation (D) are separate regulatory functions.
References: Maryland Insurance Administration Licensing Standards.

NEW QUESTION # 66
The amount received for a life insurance policy in a viatical settlement is:

A. Equal to the sum of all premiums paid
B. Greater than the death benefit
C. Equal to the death benefit
D. Less than the death benefit

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:A viatical settlement allows a policyowner (often with a terminal illness) to sell their life insurance policy for immediate cash, typically to a third party.
* Less than the death benefit (D):The settlement amount is a fraction of the policy's face value, reflecting the buyer's expected profit after paying premiums and collecting the death benefit.
* Equal to the sum of all premiums paid (A):This is incorrect as premiums paid do not determine the settlement amount.
* Equal to the death benefit (B):The buyer profits from receiving the full death benefit upon the insured' s death, so they pay less upfront.
* Greater than the death benefit (C):This would result in a financial loss for the buyer, which is not the case in viatical settlements.
References: Maryland Viatical Settlement Act, COMAR 31.09.10, and Terminal Illness Policyholder Assistance Guidelines.

NEW QUESTION # 67
When an individual replaces a life insurance policy, the form entitled "Important Notice Replacement of Life Insurance or Annuities" is REQUIRED to be signed by:

A. The insurance producer only
B. Both the applicant and the insurance producer
C. An officer of the insurer
D. The applicant only

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:In Maryland, the replacement of life insurance policies requires safeguards to protect policyholders.
* TheImportant Notice Replacement of Life Insurance or Annuitiesform must be signed byboth the applicant and the insurance producer (B)to ensure informed consent and regulatory compliance.
* The applicant only (A)does not suffice, as producer acknowledgment is essential.
* The producer only (C)lacks the policyholder's agreement.
* An officer of the insurer (D)does not participate in this process.
References: Maryland Replacement of Life Insurance Regulations, COMAR 31.09.05.

NEW QUESTION # 68
Which one of the following causes of death typically would be included under an accidental death rider attached to a life insurance policy?

A. Intentionally self-inflicted injuries
B. Illness or disease
C. War or acts of war
D. Automobile accidents resulting from the insured's negligence

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:An accidental death rider pays an additional benefit if death results solely from an accident.
* Automobile accidents resulting from the insured's negligence (D):Covered, as negligence does not negate the accidental nature of the event. The death must result directly from the accident without other contributing factors like illness.
* Intentionally self-inflicted injuries (A):Excluded, as they are not accidental.
* Illness or disease (B):Excluded, as accidental death benefits only apply to unforeseen events, not natural causes.
* War or acts of war (C):Excluded in most policies due to specific exclusions for wartime risks.
References:Maryland Insurance Administration Policy Rider Guidelines and Accidental Death Coverage Standards, COMAR 31.09.04.

NEW QUESTION # 69
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