MARYLAND INSURANCE ADMINISTRATION LIFE-PRODUCER RELIABLE EXAM VOUCHER: MARYLAND LIFE PRODUCER EXAM (SERIES 20-27) - EXAMSTORRENT PROFESSIONAL OFFER

Maryland Insurance Administration Life-Producer Reliable Exam Voucher: Maryland Life Producer Exam (Series 20-27) - ExamsTorrent Professional Offer

Maryland Insurance Administration Life-Producer Reliable Exam Voucher: Maryland Life Producer Exam (Series 20-27) - ExamsTorrent Professional Offer

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q23-Q28):

NEW QUESTION # 23
In the event of a death claim under a life insurance policy, what happens to the amount of any existing policy loan?

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

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 # 24
An individual life insurance policy may include coverage for all of the following EXCEPT:

  • A. Burial
  • B. Long-term care
  • C. Workers' compensation
  • D. Disability

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Individual life insurance policies often allow riders or supplementary coverage options, but they do not cover workers' compensation, which is a separate insurance category.
* Disability (A):Can be included as a rider, such as a waiver of premium or disability income benefit.
* Long-term care (B):Often available as an optional rider to address extended medical care expenses.
* Burial (D):Final expense policies or riders can be added to cover funeral and burial costs.
* Workers' compensation (C):Not covered under life insurance policies; this is a specific insurance product regulated differently.
References:Maryland Life Insurance Rider Guidelines, Workers' Compensation Insurance Regulations, and COMAR 31.09.03.


NEW QUESTION # 25
The amount received for a life insurance policy in a viatical settlement is:

  • A. Equal to the sum of all premiums paid
  • B. Less than the death benefit
  • C. Greater than the death benefit
  • D. Equal to the death benefit

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:A viatical settlement allows a policyowner (often with a terminal illness) to sell their life insurance policy for immediate cash, typically to a third party.
* Less than the death benefit (D):The settlement amount is a fraction of the policy's face value, reflecting the buyer's expected profit after paying premiums and collecting the death benefit.
* Equal to the sum of all premiums paid (A):This is incorrect as premiums paid do not determine the settlement amount.
* Equal to the death benefit (B):The buyer profits from receiving the full death benefit upon the insured' s death, so they pay less upfront.
* Greater than the death benefit (C):This would result in a financial loss for the buyer, which is not the case in viatical settlements.
References: Maryland Viatical Settlement Act, COMAR 31.09.10, and Terminal Illness Policyholder Assistance Guidelines.


NEW QUESTION # 26
A life insurance policy becomes incontestable after it has been in force for:

  • A. 30 days
  • B. 3 years
  • C. 6 months
  • D. 2 years

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Theincontestability clauseprevents insurers from voiding a policy after a specified period, except in cases of fraud or non-payment of premiums:
* 2 years (C):Maryland law mandates a maximum incontestability period of two years. After this period, the insurer cannot deny claims due to misstatements on the application.
* 30 days (A) and 6 months (B):Too short for standard incontestability clauses.
* 3 years (D):Exceeds the Maryland limit.
References:Maryland Insurance Article §16-203, Incontestability Clause Guidelines, and COMAR 31.09.09.


NEW QUESTION # 27
Which of the following reinforces the rule that ambiguities in insurance contracts should be interpreted in favor of the policyholder?

  • A. Retention
  • B. Retrocession
  • C. Representation
  • D. Reasonable expectations

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Thedoctrine of reasonable expectationsensures that ambiguities in insurance policies are resolved in favor of the policyholder:
* Reasonable expectations (B):Protects policyholders by ensuring contracts are interpreted based on how an average person would understand them, especially when ambiguities exist.
* Representation (A):Refers to the accuracy of statements made during application, unrelated to contract interpretation.
* Retention (C):Concerns risk management, not contract ambiguities.
* Retrocession (D):Deals with reinsurance, not policyholder rights.
References:Maryland Contract Law, Insurance Ambiguities Guidelines, and COMAR 31.15.03.


NEW QUESTION # 28
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