Best High Life-Producer Passing Score Along with Real Questions

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q42-Q47):

NEW QUESTION # 42
The entire contract provision in a life insurance policy states that the policy includes:

A. The Medical Information Bureau report
B. Any attending physician's statement
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 # 43
In surrendering a life insurance contract for its cash value, the total of premiums paid less the total of any dividends received in cash or used to offset premiums is:

A. The cash value
B. The cost basis
C. The loan value
D. The gross proceeds

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Thecost basisis the total of all premiums paid minus dividends received or used to offset premiums. This figure is used to calculate the taxable portion of the cash value upon surrender.
* Cost basis (D):Represents the non-taxable portion of the surrender value; any amount exceeding this is considered taxable income.
* Cash value (A):The policy's accumulated value, which may include taxable gains.
* Loan value (B):Refers to the amount available for borrowing against the policy.
* Gross proceeds (C):The full amount received upon surrender, not accounting for cost basis deductions.
References:IRS Guidance on Life Insurance Taxation, Maryland Life Insurance Surrender Rules, and COMAR 31.09.14.

NEW QUESTION # 44
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 capital gain
C. A deferred capital gain
D. Ordinary income

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:ASection 1035 exchangeallows a policyholder to replace a life insurance policy, annuity, or endowment without immediate tax consequences. However, when the new policy is surrendered:
* The gain is taxed asordinary income (A), calculated as the difference between the policy's cash surrender value and the cost basis (total premiums paid).
* Capital gain (B):Incorrect. Gains from life insurance policies are classified as ordinary income, not capital gains.
* Ordinary income plus a 10% surcharge (C):The 10% penalty applies only to premature distributions from retirement accounts, not life insurance.
* Deferred capital gain (D):Incorrect, as life insurance gains are not subject to capital gain rules.
References:IRS Code §1035, Maryland Tax Code on Life Insurance, and COMAR 31.09.12.

NEW QUESTION # 45
A producer is prohibited from:

A. Countersigning a policy sold in Maryland
B. Selling insurance to family members
C. Splitting commissions with a licensed nonresident producer who has jointly sold a policy
D. Allowing an applicant to sign a blank or incomplete application

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Insurance producers must uphold ethical and legal practices when conducting business.
* Allowing an applicant to sign a blank or incomplete application (B):This is strictly prohibited, as it creates opportunities for fraud, disputes, and incorrect information being submitted to insurers.
* Selling insurance to family members (A):Permissible under Maryland law as long as transactions comply with standard regulations.
* Countersigning a policy (C):Required in some cases for validating contracts sold in Maryland.
* Splitting commissions with a licensed nonresident producer (D):Permissible if both parties are licensed and participate in the sale.
References:Maryland Producer Code of Conduct, COMAR 31.03.13, and Maryland InsuranceEthics Guidelines.

NEW QUESTION # 46
The Medical Information Bureau may release information in the proposed insured's file to:

A. Any physician
B. The insured's employer
C. Member insurance companies
D. Employment agencies

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:The Medical Information Bureau (MIB) collects and shares medical information among member insurance companies to assess risk:
* Member insurance companies (B)are the only entities authorized to access MIB data, ensuring confidentiality and appropriate use.
* Employment agencies (A)andemployers (C)cannot access MIB data.
* Physicians (D)are also excluded, as MIB serves the insurance underwriting process exclusively.
References: Maryland Insurance Privacy Regulations and MIB Operational Guidelines.

NEW QUESTION # 47
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Best High Life-Producer Passing Score Along with Real Questions

Pass Guaranteed 2025 Maryland Insurance Administration Life-Producer: Pass-Sure High Maryland Life Producer Exam (Series 20-27) Passing Score

Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q42-Q47):

How Can You Pass Maryland Insurance Administration Life-Producer Certification Exam With Flying Colors?

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