2025 LIFE-PRODUCER–100% FREE TEST CRAM PDF | HIGH PASS-RATE MARYLAND LIFE PRODUCER EXAM (SERIES 20-27) EXAM MATERIAL

2025 Life-Producer–100% Free Test Cram Pdf | High Pass-Rate Maryland Life Producer Exam (Series 20-27) Exam Material

2025 Life-Producer–100% Free Test Cram Pdf | High Pass-Rate Maryland Life Producer Exam (Series 20-27) Exam Material

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Tags: Test Life-Producer Cram Pdf, Life-Producer Exam Material, Question Life-Producer Explanations, New Life-Producer Dumps Ppt, Latest Life-Producer Test Vce

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Life-Producer Exam Material & Question Life-Producer Explanations

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q31-Q36):

NEW QUESTION # 31
An existing life insurance policy is sold by the policyowner to help finance the cost of a terminal illness. This is an example of:

  • A. A viatical settlement
  • B. A nonforfeiture option
  • C. A survivorship policy
  • D. An accelerated death benefit

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Aviatical settlementinvolves selling a life insurance policy to a third party for immediate cash, typically to cover expenses associated with terminal illnesses.
* Viatical settlement (C):The policyowner receives a percentage of the death benefit to cover high medical costs or improve their quality of life.
* Nonforfeiture options (A):Relate to preserving cash value if the policy lapses, not a sale.
* Accelerated death benefit (B):Involves accessing a portion of the death benefit directly from the insurer, not through a third party.
* Survivorship policies (D):Cover two insureds and pay the death benefit only after both have passed away, unrelated to this case.
References: Maryland Viatical Settlement Law and Insurance Code.


NEW QUESTION # 32
The needs approach to personal life insurance planning includes the creation of an emergency reserve fund.
This fund is designed primarily to:

  • A. Cover the cost of unexpected expenses
  • B. Provide retirement income
  • C. Pay off an existing mortgage
  • D. Pay for college tuition and books

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Theneeds approachassesses financial requirements to determine the appropriate amount of life insurance.
* Covering unexpected expenses (B):Emergency reserve funds help beneficiaries handle unforeseen costs, such as urgent repairs, medical emergencies, or temporary loss of income.
* College tuition and books (A):This falls under education funding needs, not emergency reserves.
* Paying off mortgages (C):This is categorized as debt repayment, separate from the reserve fund.
* Providing retirement income (D):This is a long-term goal that requires separate planning, not immediate financial reserves.
References: Maryland Insurance Needs Analysis Guidelines and Life Insurance Planning Practices.


NEW QUESTION # 33
The life insurance buyer's guide includes information about all of the following EXCEPT how to:

  • A. Decide how much life insurance to buy
  • B. Compare life insurance policy requirements
  • C. Take civil action against an insurer
  • D. Calculate

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:The life insurance buyer's guide is designed to help potential policyholders make informed decisions about life insurance by:
* Explaininghow to decide how much life insurance to buy (C), ensuring individuals purchase adequate coverage for their needs.
* Providing details tocompare life insurance policy requirements (D)to evaluate and choose the best policy.
* Showing how tocompare rates (A)for different policies to find cost-effective options.
However, it doesnot include instructions for taking civil action against an insurer (B). Such legal matters fall outside the scope of the guide and are addressed in regulatory and legal channels.
References: Maryland Insurance Buyer's Guide Guidelines and State Insurance Regulations.


NEW QUESTION # 34
An insurance producer who conducts business under an assumed or fictitious name must:

  • A. File the name with the Insurance Administration
  • B. Apply for an additional appointment
  • C. Post a $10,000 bond
  • D. Apply for an additional license

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Insurance producers using an assumed or fictitious name for their business must file the name with the Maryland Insurance Administration (MIA).
* File the name with the Insurance Administration (A):This ensures transparency and compliance with regulatory standards.
* Apply for an additional license (B):Not required; the existing license covers the producer.
* Apply for an additional appointment (C):Applies when a producer represents multiple insurers, not for fictitious names.
* Post a $10,000 bond (D):Irrelevant to this context.
References: Maryland Insurance Administration Guidelines on Producer Licensing and Business Names.


NEW QUESTION # 35
An insurable interest in each other's lives may exist in the absence of an economic interest when the individuals are:

  • A. Competitors
  • B. Marriage partners
  • C. Traveling companions
  • D. Business associates

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:
For life insurance, an insurable interest exists when there is a legitimate interest in the continued life of another person:
Marriage partners (C) inherently have insurable interest due to emotional and legal ties.
Competitors (A) and traveling companions (D) do not usually meet the legal threshold.
Business associates (B) may have insurable interest, but only in specific agreements (e.g., buy-sell agreements).
References: Maryland Insurance Code and Insurable Interest Provisions.


NEW QUESTION # 36
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