Insurance Licensing Certification Exams Pack
Everything from Basic, plus:
- Exam Name: Maryland Life Producer Exam (Series 20-27)
- 90 Questions Answers with Explanation Detail
- Total Questions: 90 Q&A's
- Single Choice Questions: 90 Q&A's
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Insurance Licensing Life-Producer - Maryland Life Producer Exam (Series 20-27)
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Total Questions: 90
Free Practice Questions: 180
Which one of the following life insurance settlement options pays a predetermined monthly benefit until principal and interest are exhausted?
Answer
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A
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Explanation
The fixed amount installment option provides for a predetermined monthly benefit to the policy beneficiary. Payments continue until the principal (death benefit) and accumulated interest are fully paid out. Fixed amount installment option (A): Ensures consistent payment amounts until the death benefit and interest are exhausted. This option is often used when beneficiaries want a steady income. Accelerated endowment option (B): Not relevant as it refers to early payouts for policies reaching maturity. Interest-only option (C): Only pays interest earned on the death benefit, leaving the principal untouched. Fixed period installment option (D): Guarantees payments for a specific period, regardless of whether the principal or interest is depleted. [References: Maryland Life Insurance Policy Payout Regulations and Settlement Options Guidelines., , , ]
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An employee with $50,000 group life insurance coverage terminates employment and submits an application WITHOUT the initial premium for a $50,000 conversion policy. If the employee dies 15 days later, the insurer would pay:
Answer
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A
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Explanation
Group life insurance policies in Maryland typically include a conversion privilege allowing former employees to convert group coverage to an individual policy within a 31-day period after termination, regardless of premium payment status. $50,000 under the group plan (A): Correct. During the 31-day conversion period, the original group coverage remains in effect. If the insured dies during this time, the death benefit is paid under the group plan. $50,000 under the new policy (B and C): Incorrect, as the conversion policy does not become effective until the first premium is paid. Nothing at all (D): Incorrect, as coverage is still active during the conversion period. [References: Maryland Insurance Article §15-403, Group Life Insurance Conversion Privileges, and COMAR 31.09.05., , , ]
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Under federal law, an insurance producer may be sentenced to prison for:
Answer
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B
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Explanation
Criminal vs. administrative violations. Not all insurance violations are crimes. Criminal penalties apply when conduct involves fraud, theft, or embezzlement. Define embezzlement. Embezzlement involves misappropriating funds entrusted to the producer, such as: Premium payments Trust account funds Evaluate each option. A. Selling with a nonresident license Typically an administrative violation, not a felony. B. Embezzling money Correct. This is a federal and state crime punishable by imprisonment. C. Inducing a client to sign an application Lawful solicitation activity. D. Suing an insurer A legal right, not a crime. Maryland enforcement context. Embezzlement may result in: License revocation Criminal prosecution Restitution orders Conclusion. Embezzlement can result in prison sentencing. |
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Insurance Licensing Life-Producer FAQ'S
Find answers to the most common questions about the Insurance Licensing Life-Producer exam, including what it is, how to prepare, and how it can boost your career.
The Insurance Licensing Life-Producer certification is a globally-acknowledged credential that is awarded to candidates who pass this certification exam by obtaining the required passing score. This credential attests and validates the candidates' knowledge and hands-on skills in domains covered in the Insurance Licensing Life-Producer certification syllabus. The Insurance Licensing Life-Producer certified professionals with their verified proficiency and expertise are trusted and welcomed by hiring managers all over the world to perform leading roles in organizations. The success in Insurance Licensing Life-Producer certification exam can be ensured only with a combination of clear knowledge on all exam domains and securing the required practical training. Like any other credential, Insurance Licensing Life-Producer certification may require periodic renewal to stay current with new innovations in the concerned domains.
The Insurance Licensing Life-Producer is a valuable career booster that levels up your profile with the distinction of validated competency awarded by a renowned organization. Often rated as a dream cert by several ambitious professionals, the Insurance Licensing Life-Producer certification ensures you an immensely rewarding career trajectory. With this cert, you fulfill the eligibility criterion for advance level certifications and build an outstanding career pyramid. With the tangible proof of your expertise, the Insurance Licensing Life-Producer certification provide you with new job opportunities or promotions and enhance your regular income.
Passing the Maryland Life Producer Exam (Series 20-27) (Life-Producer) requires a comprehensive study plan that includes understanding the exam objectives and finding a study resource that can provide you verified and up-to-date information on all the domains covered in your syllabus. The next step should be practicing the exam format, know the types of questions and learning time management for the successful completion of your test within the given time. Download practice exams and solve them to strengthen your grasp on actual exam format. Rely only on resources that are recommended by others for their credible and updated information. Dumpstech's extensive clientele network is the mark of credibility and authenticity of its products that promise a guaranteed exam success.
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