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Life-Producer PDF Practice Q&A's

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Maryland Insurance Administration Life-Producer Exam Syllabus Topics:

SectionObjectives
State Regulation (Maryland Insurance Law)- Ethics and conduct
  • 1. Unfair trade practices
    • 2. Misrepresentation rules
      - Producer licensing requirements
      • 1. Pre-licensing education requirements
        • 2. License application process
          Policy Provisions and Riders- Life insurance policy clauses
          • 1. Incontestability clause
            • 2. Grace period
              • 3. Suicide clause
                - Common riders
                • 1. Living benefits riders
                  • 2. Accidental death benefit
                    • 3. Waiver of premium
                      Life Insurance Products- Annuities
                      • 1. Immediate and deferred annuities
                        • 2. Fixed and variable annuities
                          - Term life insurance
                          • 1. Level term, decreasing term
                            - Permanent life insurance
                            • 1. Whole life
                              • 2. Universal life
                                • 3. Variable life
                                  Insurance Fundamentals- Risk management principles
                                  • 1. Methods of handling risk (avoidance, retention, transfer)
                                    • 2. Pure vs speculative risk
                                      - Insurance concepts
                                      • 1. Insurable interest
                                        • 2. Utmost good faith

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

                                          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: Only visible for ITPassLeader members. You can sign-up / login (it's free).

                                          How long will income benefit payments continue under a life annuity with ten years certain?

                                          • A. Only for ten years, regardless of how long the annuitant lives
                                          • B. Until the annuitant dies, and for an additional ten years
                                          • C. Only until the annuitant dies, regardless of when death occurs
                                          • D. Until the annuitant dies, or for ten years, whichever is longer
                                          Answer: D

                                          Explanation: Only visible for ITPassLeader members. You can sign-up / login (it's free).

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

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

                                          Explanation: Only visible for ITPassLeader members. You can sign-up / login (it's free).

                                          The Maryland Insurance Administration is an agency of the:

                                          • A. National Association of Insurance Commissioners
                                          • B. State government
                                          • C. Maryland General Assembly
                                          • D. Federal government
                                          Answer: B

                                          Explanation: Only visible for ITPassLeader members. You can sign-up / login (it's free).

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

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

                                          Explanation: Only visible for ITPassLeader members. You can sign-up / login (it's free).

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