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Reliable Life-Producer Test Tips, Latest Life-Producer Exam Cost

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100% Pass 2025 Maryland Insurance Administration Life-Producer: Reliable Reliable Maryland Life Producer Exam (Series 20-27) Test Tips

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q72-Q77):

NEW QUESTION # 72
The Medical Information Bureau may release information in the proposed insured's file to:

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

Answer: A

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 # 73
How many days does a former employee have to convert a group term policy to an individual policy after employment is terminated?

A. 0
B. 1
C. 2
D. 3

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Under Maryland insurance law, a terminated employee has31 days (D)to convert a group term life insurance policy into an individual policy without providing evidence of insurability.
* This grace period allows individuals to maintain coverage while securing individual insurance.
* 10 (A), 20 (B), or 30 days (C)are incorrect, as Maryland mandates a specific 31-day window.
References: Maryland Conversion Rights in Group Life Insurance Policies, Section 15-401 of the Insurance Article.

NEW QUESTION # 74
If, after submitting an application, a producer becomes aware of a material fact that may affect the underwriting decision, the producer's ethical responsibility requires that the producer:

A. Acknowledge the fact only if asked by the insurance company
B. Report the fact to the insurance company
C. Advise the applicant to amend the application
D. Deny knowledge of the fact

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Ethical responsibilities and state laws mandate that insurance producers act in good faith when handling applications.
* Reporting material facts to the insurer (D):Producers must disclose any information that could impact underwriting decisions. Transparency ensures that policies are accurately priced and legally enforceable.
* Denying knowledge (A):Violates ethical and legal obligations.
* Acknowledging facts only if asked (B):Demonstrates bad faith and can lead to legal penalties.
* Advising applicants to amend (C):While this helps, it does not fulfill the producer's duty to inform the insurer.
References: Maryland Insurance Administration Producer Code of Ethics, COMAR 31.03.13.

NEW QUESTION # 75
To determine whether unfair trade practices have been violated, who has the power to examine an insurer's books and records?

A. The Federal Deposit Insurance Corporation
B. The Maryland Insurance Administration
C. The Maryland Property & Casualty Insurance Guaranty Corporation (PCIGC)
D. The National Association of Insurance Commissioners

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:The Maryland Insurance Administration (MIA) is the regulatory body responsible for ensuring compliance with state insurance laws, including identifying unfair trade practices:
* The Maryland Insurance Administration (A):Has statutory authority to examine insurers' books and records to investigate potential violations and protect consumers.
* National Association of Insurance Commissioners (B):Provides guidance but lacks enforcement powers in Maryland.
* Federal Deposit Insurance Corporation (C):Regulates banks, not insurers.
* PCIGC (D):Handles claims for insolvent insurers but does not investigate trade practices.
References:Maryland Insurance Article §2-209, COMAR 31.15.07, and MIA EnforcementGuidelines.

NEW QUESTION # 76
What does the annuitant usually receive during the liquidation phase of an annuity?

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

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 # 77
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