NEW STUDY LIFE-PRODUCER QUESTIONS & LIFE-PRODUCER RELIABLE TEST PATTERN

New Study Life-Producer Questions & Life-Producer Reliable Test Pattern

New Study Life-Producer Questions & Life-Producer Reliable Test Pattern

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Tags: New Study Life-Producer Questions, Life-Producer Reliable Test Pattern, Life-Producer Premium Files, Life-Producer Test Practice, Reliable Life-Producer Dumps Files

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High-quality New Study Life-Producer Questions Offer You The Best Reliable Test Pattern | Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27)

A team of experts works hard for the Maryland Insurance Administration Certification Exam. To assist you in the objective of cracking the Maryland Insurance Administration Life-Producer Exam, Maryland Insurance Administration Life-Producer Dumps is offering a study material which comes in three versions and meets all needs of your exam preparation. Our product is available in Maryland Insurance Administration Life-Producer Dumps PDF, a desktop Maryland Insurance Administration Life-Producer dumps practice test, and a web-based Maryland Insurance Administration Life-Producer dumps practice test.

Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q40-Q45):

NEW QUESTION # 40
A universal life insurance policy can be described most accurately as a combination of:

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

Answer: A

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 # 41
An applicant for life insurance must be informed that testing for Human Immunodeficiency Virus (HIV) infection is used to help determine:

  • A. The effective date and term of coverage
  • B. Whether an insurable interest exists
  • C. The type of policy that will be issued
  • D. The insurability of the proposed insured

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:HIV testing is used by insurers to evaluate the health risks associated with the applicant anddetermine insurability.
* The insurability of the proposed insured (D):Correct. HIV status can impact underwriting decisions, subject to Maryland's anti-discrimination laws.
* The type of policy issued (A):Irrelevant, as this is determined by the applicant's preferences and eligibility.
* Effective date and term of coverage (B):Determined separately from medical testing.
* Whether an insurable interest exists (C):Based on the relationship between the policyholder and insured, not medical testing.
References:Maryland Insurance Code §27-208, HIV Testing Disclosure Guidelines, and Maryland Human Rights Act.


NEW QUESTION # 42
A life insurance policy beneficiary's life expectancy has a direct bearing upon:

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

Answer: D

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 # 43
The beneficiary of a life insurance policy is the:

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

Answer: C

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 # 44
The annual addition to an employee's account in a qualified retirement plan:

  • A. Cannot exceed maximum limits set by the Internal Revenue Service
  • B. Usually reflects the employee's individual work performance each year
  • C. Must be the same dollar amount for every full-time employee
  • D. Can be any amount as determined by the employer from year to year

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Qualified retirement plans are subject to federal rules governing contribution limits:
* Contributionscannot exceed IRS limits (C), which are adjusted annually.
* Employers may adjust amounts annually, invalidating (A).
* Contributions vary by employee and do not require identical dollar amounts, making (B) incorrect.
* Contributions are typically unrelated to work performance, invalidating (D).
References: IRS Qualified Retirement Plan Contribution Limits, Maryland Employee Benefits Guidelines.


NEW QUESTION # 45
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