MARYLAND INSURANCE ADMINISTRATION LIFE-PRODUCER ALL-IN-ONE EXAM GUIDE PRACTICE FOR LIFE-PRODUCER EXAM SUCCESS

Maryland Insurance Administration Life-Producer All-in-One Exam Guide Practice for Life-Producer exam success

Maryland Insurance Administration Life-Producer All-in-One Exam Guide Practice for Life-Producer exam success

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q83-Q88):

NEW QUESTION # 83
Which activity is an unfair claims settlement practice?

  • A. Denying claims on the basis of specific policy provisions
  • B. Including an arbitration provision in the insurer's policies
  • C. Offering settlements that are less than the fair value to offset insurer expenses
  • D. Negotiating the payment of claims where coverage or liability is in question

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Offering settlements below fair value (D)is prohibited as an unfair claims settlement practice under Maryland law. Insurers must handle claims in good faith and pay fair settlements based on policy terms.
* Negotiating claims (A):Permitted when there are legitimate disputes over coverage or liability.
* Denying claims (B):Allowed if based on valid policy exclusions or conditions.
* Including arbitration provisions (C):Legal, provided they comply with state guidelines and are not coercive.
Unfair claims settlement practices include:
* Misrepresenting policy provisions.
* Failing to promptly investigate or settle claims.
* Attempting to settle for less than reasonable amounts.
References:Maryland Insurance Article §27-303, Unfair Claims Practices Act, and COMAR 31.15.07.


NEW QUESTION # 84
An insurer may refuse to underwrite a particular insurance applicant for a reason based wholly on:

  • A. Gender
  • B. Race
  • C. Medical condition
  • D. Creed

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Maryland law allows insurers to considermedical conditions (A)as part of the underwriting process, provided it is done fairly and within legal boundaries.
* Race (B), Gender (C), and Creed (D):Discrimination based on these factors is strictly prohibited under Maryland's anti-discrimination laws and the Unfair Trade Practices Act.
Insurers must comply with state and federal regulations, ensuring underwriting decisions are based on actuarially justified factors, such as health and lifestyle, rather than prohibited discriminatory criteria.
References:Maryland Insurance Article §27-501, Anti-Discrimination Guidelines, and COMAR 31.15.03.


NEW QUESTION # 85
The free-look period provided in a life insurance policy is usually:

  • A. 60 days
  • B. 31 days
  • C. 10 days
  • D. 45 days

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Thefree-look periodis a consumer protection mechanism allowing policyholders to cancel a policy within a specific period for a full refund.
* 10 days (A):Maryland law requires a minimum free-look period of 10 days for life insurance policies, allowing buyers to review the policy without financial obligation.
* 31 days (B), 45 days (C), and 60 days (D):These exceed Maryland's statutory minimum and are not standard requirements unless specifically offered by the insurer.
References:Maryland Free-Look Provisions, COMAR 31.09.09, and Maryland Consumer Protection Act.


NEW QUESTION # 86
Which of the following statements about cash values in whole life insurance policies is true?

  • A. They typically increase until age 65 and remain level thereafter.
  • B. They result from the level premium concept.
  • C. They cannot be guaranteed.
  • D. They equal the policy face value at age 65.

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Cash values in whole life insurance are a key feature, and they:
* Accumulate as a result of thelevel premium concept (A), where excess premiums in the early years of the policy build the cash value.
* Are guaranteedin whole life policies, contrary to option B.
* Do not equal the face value at age 65 (C) unless specifically structured for that purpose.
* Continue to grow beyond age 65 as long as the policy remains active, invalidating option D.
References: Maryland Insurance Guidelines on Whole Life Policies, Cash Value, and Premium Structures.


NEW QUESTION # 87
The annual addition to an employee's account in a qualified retirement plan:

  • A. Can be any amount as determined by the employer from year to year
  • B. Cannot exceed maximum limits set by the Internal Revenue Service
  • C. Usually reflects the employee's individual work performance each year
  • D. Must be the same dollar amount for every full-time employee

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Qualified retirement plans are subject to federal rules governing contribution limits:
* Contributionscannot exceed IRS limits (C), which are adjusted annually.
* Employers may adjust amounts annually, invalidating (A).
* Contributions vary by employee and do not require identical dollar amounts, making (B) incorrect.
* Contributions are typically unrelated to work performance, invalidating (D).
References: IRS Qualified Retirement Plan Contribution Limits, Maryland Employee Benefits Guidelines.


NEW QUESTION # 88
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