MARYLAND INSURANCE ADMINISTRATION LIFE-PRODUCER HOT SPOT QUESTIONS | LIFE-PRODUCER RELIABLE BRAINDUMPS PDF

Maryland Insurance Administration Life-Producer Hot Spot Questions | Life-Producer Reliable Braindumps Pdf

Maryland Insurance Administration Life-Producer Hot Spot Questions | Life-Producer Reliable Braindumps Pdf

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Tags: Life-Producer Hot Spot Questions, Life-Producer Reliable Braindumps Pdf, Life-Producer Exam Pattern, Life-Producer Test Answers, Reliable Life-Producer Exam Sample

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>> Maryland Insurance Administration Life-Producer Hot Spot Questions <<

Maryland Insurance Administration Life-Producer Hot Spot Questions: Maryland Life Producer Exam (Series 20-27) - 2Pass4sure High-effective Company

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q34-Q39):

NEW QUESTION # 34
One factor in premium determination is the expenses of the:

  • A. Policy beneficiary
  • B. Producer
  • C. Insurer
  • D. Policy owner

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Theinsurer's expensesare a critical factor in premium calculations. Insurers must cover operational costs, claims payouts, reserves, and regulatory compliance while ensuring profitability.
* Insurer (B):Correct. Expenses such as underwriting, administrative costs, and agent commissions are incorporated into the premium.
* Producer (A):Costs are included indirectly through commissions but are not a direct factor.
* Policy beneficiary (C):Plays no role in premium determination.
* Policy owner (D):Pays the premium but does not influence expense considerations.
References:Maryland Insurance Premium Guidelines, Rate Filing Requirements, and COMAR 31.05.02.


NEW QUESTION # 35
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: C

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 # 36
How often must insurance licensees subject to continuing education meet the educational requirements?

  • A. There is no requirement
  • B. Every two years
  • C. Every three years
  • D. Each year

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Maryland law requires insurance licensees to complete continuing education (CE) everytwo years (B)to maintain their licenses:
* CE ensures that agents remain informed about current laws, practices, and products.
* Each year (A):Too frequent for most state requirements, including Maryland.
* Every three years (C):Exceeds Maryland's regulatory timeframe.
* No requirement (D):Incorrect, as CE is mandatory for license renewal.
References:Maryland Insurance Code §10-116, Continuing Education Guidelines, and COMAR 31.03.02.


NEW QUESTION # 37
Who normally receives dividends in a stock insurance company?

  • A. Shareholders
  • B. Producers
  • C. Only members of the board of directors
  • D. Beneficiaries

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:In astock insurance company, shareholders are the owners and receive dividends from the company's profits.
* Shareholders (B):They are entitled to dividends when declared by the board of directors, based on profitability.
* Board of directors (A):Oversee corporate governance and do not individually receive dividends as a right.
* Beneficiaries (C):Receive policy death benefits, not dividends.
* Producers (D):Earn commissions or fees, not dividends.
References:Maryland Corporate Insurance Structure Rules, Stock vs. Mutual Insurer Regulations, COMAR
31.05.03.


NEW QUESTION # 38
An insurance agent's license may be revoked for all of the following reasons EXCEPT:

  • A. Having no insurer appointment in effect for ten days
  • B. Being convicted of a felony
  • C. Having been found guilty of rebating
  • D. Violating any insurance statute or regulation

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:An agent's license can be revoked for serious infractions that violate Maryland's insurance laws:
* Rebating (B):Prohibited under Maryland's Unfair Trade Practices Act.
* Felony conviction (C):Grounds for revocation as it questions the agent's moral character.
* Violating insurance statutes or regulations (D):Includes infractions such as fraud, misrepresentation, or failure to meet ethical standards.
* Having no insurer appointment for ten days (A):Incorrect. A lack of appointment does not constitute a violation; it only affects the ability to conduct business temporarily.
References:Maryland Insurance Article §10-126, COMAR 31.03.02, and Licensing Enforcement Guidelines.


NEW QUESTION # 39
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