CERTIFICATION LIFE-PRODUCER DUMPS, LIFE-PRODUCER LATEST TEST GUIDE

Certification Life-Producer Dumps, Life-Producer Latest Test Guide

Certification Life-Producer Dumps, Life-Producer Latest Test Guide

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Tags: Certification Life-Producer Dumps, Life-Producer Latest Test Guide, Valid Dumps Life-Producer Files, Reliable Life-Producer Braindumps Files, Valid Life-Producer Study Plan

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Hot Certification Life-Producer Dumps Free PDF | Reliable Life-Producer Latest Test Guide: Maryland Life Producer Exam (Series 20-27)

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q76-Q81):

NEW QUESTION # 76
Splitting the commission with the buyer on a sale of insurance is an unfair trade practice known as:

  • A. Soliciting
  • B. Twisting
  • C. Binding
  • D. Rebating

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Rebatingoccurs when an insurance producer offers a portion of their commission, premium reductions, or other inducements to buyers that are not explicitly stated in the policy. It is prohibited under Maryland law to ensure fair competition and maintain ethical standards.
* Rebating (D):Involves returning part of the commission or providing benefits not in the policy to incentivize a sale, violating Maryland Insurance Article §27-212.
* Twisting (A):Refers to persuading a policyholder to lapse or replace a policy through misrepresentation, unrelated to commission-sharing.
* Binding (B):Relates to confirming coverage but does not involve commissions.
* Soliciting (C):Refers to seeking potential clients, not the unfair practice of rebating.
References:Maryland Unfair Trade Practices Act, COMAR 31.15.05, and Maryland Insurance Article §27-
209.


NEW QUESTION # 77
Which advantage does an employer gain by providing a qualified retirement plan, as contrasted to a non- qualified plan?

  • A. The plan funds are available for general business needs
  • B. The employer's contributions to the plan are tax deductible
  • C. It is useful in rewarding selected employees for good work performance
  • D. It can be designed for the exclusive benefit of several key employees

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Qualified retirement plans, such as 401(k) and pension plans, offer significant tax advantages for employers:
* Tax-deductible contributions (B):Employer contributions to qualified plans are deductible as business expenses, reducing taxable income.
* Exclusive benefit for key employees (A):Not allowed under IRS rules, as qualified plans must follow non-discrimination requirements.
* Funds available for business needs (C):Incorrect, as plan funds are held in trust and cannot be used for business operations.
* Rewarding selected employees (D):Qualified plans must comply with anti-discrimination rules, so rewards must benefit all eligible employees.
References:IRS Publication 560, Maryland Retirement Plan Standards, and COMAR 31.09.11.


NEW QUESTION # 78
How many days does a former employee have to convert a group term policy to an individual policy after employment is terminated?

  • A. 0
  • B. 1
  • C. 2
  • D. 3

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Under Maryland insurance law, a terminated employee has31 days (D)to convert a group term life insurance policy into an individual policy without providing evidence of insurability.
* This grace period allows individuals to maintain coverage while securing individual insurance.
* 10 (A), 20 (B), or 30 days (C)are incorrect, as Maryland mandates a specific 31-day window.
References: Maryland Conversion Rights in Group Life Insurance Policies, Section 15-401 of the Insurance Article.


NEW QUESTION # 79
A life insurance policy becomes incontestable after it has been in force for:

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

Answer: C

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 # 80
An individual life insurance policy may include coverage for all of the following EXCEPT:

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

Answer: A

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 # 81
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