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

A. Notifying the company if a new policy will replace an existing policy

B. Approving policies for issue on behalf of the insurer

C. Collecting the initial premium from the applicant

D. Delivering newly issued policies to applicants

A. It may be written with either a level death benefit or an increasing death benefit

B. The Internal Revenue Code places a minimum limitation on the difference between the cash value and the death benefit

C. Failure to pay the renewal premium automatically causes the policy to lapse

D. Withdrawals of the policy cash value are permitted and sometimes subject to a surrender charge

A. The taxable portion of each benefit payment under a life income settlement option

B. The premium rate for each $1,000 of face amount

C. The total amount payable under the policy as a result of the insured's death

D. The policy value that will be includable in the insured's estate

A. Compare life insurance policy requirements

B. Calculate

C. Take civil action against an insurer

D. Decide how much life insurance to buy

A. The fixed period installment option

B. The accelerated endowment option

C. The fixed amount installment option

D. The interest-only option

A. A capital gain

B. Ordinary income plus a 10% surcharge

C. Ordinary income

D. A deferred capital gain

A. Company's underwriter

B. Physician that furnished medical information to the insurer

C. Beneficiary of the policy

D. Physician of the applicant's choice upon the request of the applicant

A. Allowing an applicant to sign a blank or incomplete application

B. Countersigning a policy sold in Maryland

C. Splitting commissions with a licensed nonresident producer who has jointly sold a policy

D. Selling insurance to family members

A. Report the fact to the insurance company

B. Advise the applicant to amend the application

C. Acknowledge the fact only if asked by the insurance company

D. Deny knowledge of the fact