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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q33-Q38):

NEW QUESTION # 33
Which one of the following life insurance settlement options pays a predetermined monthly benefit until principal and interest are exhausted?

A. The fixed amount installment option
B. The interest-only option
C. The fixed period installment option
D. The accelerated endowment option

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Thefixed amount installment optionprovides for a predetermined monthly benefit to the policy beneficiary. Payments continue until the principal (death benefit) and accumulated interest are fully paid out.
* Fixed amount installment option (A):Ensures consistent payment amounts until the death benefit and interest are exhausted. This option is often used when beneficiaries want a steady income.
* Accelerated endowment option (B):Not relevant as it refers to early payouts for policies reaching maturity.
* Interest-only option (C):Only pays interest earned on the death benefit, leaving the principal untouched.
* Fixed period installment option (D):Guarantees payments for a specific period, regardless of whether the principal or interest is depleted.
References: Maryland Life Insurance Policy Payout Regulations and Settlement Options Guidelines.

NEW QUESTION # 34
A life insurance policy beneficiary's life expectancy has a direct bearing upon:

A. The taxable portion of each benefit payment under a life income settlement option
B. The policy value that will be includable in the insured's estate
C. The premium rate for each $1,000 of face amount
D. The total amount payable under the policy as a result of the insured's death

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Thetaxable portion of benefit payments under a life income settlement optiondepends on the beneficiary's life expectancy:
* Life expectancy impacts (B)how the payments are taxed, as longer payment durations result in more taxable income over time.
* Thepolicy's inclusion in the estate (A)is unrelated to the beneficiary's life expectancy.
* Thetotal death benefit (C)is fixed and not influenced by the beneficiary's lifespan.
* Premium rates (D)are determined during underwriting, not affected by beneficiary life expectancy.
References: Maryland Life Insurance Taxation Guidelines and IRS Settlement Option Rules.

NEW QUESTION # 35
Who normally receives dividends in a stock insurance company?

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

Answer: D

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 # 36
To have "an insurable interest" in the life of another person, an individual must have a reasonable expectation of:

A. Seeing the other person survive to normal life expectancy
B. Gaining economically by the death of the other person
C. Benefiting from the other person's continued life
D. Continuing on good terms with the other person

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Aninsurable interestexists when the policyholder benefits more from the insured's life than their death.
* Benefiting from the other person's continued life (C):Correct. This applies to relationships where there is a legal, financial, or familial dependence.
* Gaining economically by the death of the other person (A):Mischaracterizes insurable interest; financial gain from death without a legitimate relationship is unethical and illegal.
* Continuing on good terms (B) and seeing the person survive (D):Do not constitute insurable interest under Maryland law.
References:Maryland Insurance Article §12-201, Insurable Interest Guidelines, and COMAR 31.09.03.

NEW QUESTION # 37
A refusal to do business with a particular individual or business is known as:

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

Answer: B

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 # 38
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