LIFE-PRODUCER LATEST BRAINDUMPS FREE & GUIDE LIFE-PRODUCER TORRENT

Life-Producer Latest Braindumps Free & Guide Life-Producer Torrent

Life-Producer Latest Braindumps Free & Guide Life-Producer Torrent

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q58-Q63):

NEW QUESTION # 58
A refusal to do business with a particular individual or business is known as:

  • A. An injunction
  • B. A binder
  • C. A boycott
  • D. An estoppel

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Boycottrefers to the refusal to engage in business dealings with a particular party as part of an unfair trade practice, often used to coerce or punish. It is prohibited under Maryland's Unfair Trade Practices Act.
* Boycott (C):Defined as an unfair method of competition when used in the insurance context.
* Estoppel (A):A legal doctrine preventing someone from asserting a claim inconsistent with previous actions, unrelated to business refusal.
* Injunction (B):A court order stopping specific actions, not related to refusal to do business.
* Binder (D):Temporary insurance coverage, unrelated to trade practices.
References:Maryland Unfair Trade Practices Act, COMAR 31.15.03, and Maryland Insurance Code §27-205.


NEW QUESTION # 59
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 # 60
A universal life insurance policy can be described most accurately as a combination of:

  • A. A term insurance policy and an annuity
  • B. A mutual fund and a whole life insurance policy
  • C. An endowment policy and an interest-sensitive deposit fund
  • D. A flexible premium deposit fund and a monthly renewable term insurance policy

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Universal life insurance is a flexible product that combines features of term insurance and a savings component:
* Flexible premium deposit fund and a monthly renewable term insurance policy (D):Universal life allows policyholders to adjust premiums and coverage amounts. The policy includes a savings element (cash value) and provides renewable term insurance protection.
* Mutual fund and whole life insurance policy (A):Incorrect, as universal life does not involve mutual funds or strict whole life coverage.
* Term insurance and an annuity (B):Universal life lacks the payout structure of an annuity.
* Endowment and interest-sensitive deposit fund (C):While it includes interest-sensitive growth, it is not structured as an endowment policy.
References:Maryland Life Insurance Product Guidelines, Universal Life Policy Features, and COMAR
31.09.13.


NEW QUESTION # 61
The beneficiary of a life insurance policy is the:

  • A. Person or entity who has ownership interest in the policy
  • B. Person or entity designated in the policy to receive the death proceeds
  • C. Insurer that issues the policy
  • D. Owner of the cash value fund

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Thebeneficiaryis the individual or entity named in the life insurance policy to receive the death benefit upon the insured's death.
* Designated recipient of proceeds (B):The policyholder nominates this party in the policy documents.
* Ownership interest in the policy (A):Refers to the policyowner, who controls and funds the policy but may not be the beneficiary.
* Insurer (C):Issues and administers the policy but is not a recipient.
* Owner of the cash value fund (D):This pertains to cash value accumulation, separate from death benefit designation.
References: Maryland Life Insurance Policy Provisions and Beneficiary Designation Rules.


NEW QUESTION # 62
In the event of a death claim under a life insurance policy, what happens to the amount of any existing policy loan?

  • A. The beneficiary has an obligation to pay the amount to the insurance company.
  • B. It is deducted from the face amount of the policy together with any interest due.
  • C. It represents a primary claim against the estate of the insured.
  • D. It is canceled, and the beneficiary receives the face amount of the policy.

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:When a death claim is filed on a life insurance policy with an outstanding loan:
* Deducted from the face amount (A):The death benefit is reduced by the loan balance plus any accrued interest, ensuring the insurer recovers the outstanding debt.
* Beneficiary obligation (B):Incorrect. The beneficiary receives the adjusted benefit without personal liability for the loan.
* Claim against the estate (C):Incorrect. The loan is tied to the policy, not the estate.
* Canceled without adjustment (D):Incorrect, as insurers must recoup the loan amount from the death benefit.
References:Maryland Life Insurance Policy Loan Provisions, COMAR 31.09.03, and Standard Death Claim Settlement Practices.


NEW QUESTION # 63
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