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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q18-Q23):

NEW QUESTION # 18
An insurance agent's license may be revoked for all of the following reasons EXCEPT:

A. Being convicted of a felony
B. Having been found guilty of rebating
C. Violating any insurance statute or regulation
D. Having no insurer appointment in effect for ten days

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:An agent's license can be revoked for serious infractions that violate Maryland's insurance laws:
* Rebating (B):Prohibited under Maryland's Unfair Trade Practices Act.
* Felony conviction (C):Grounds for revocation as it questions the agent's moral character.
* Violating insurance statutes or regulations (D):Includes infractions such as fraud, misrepresentation, or failure to meet ethical standards.
* Having no insurer appointment for ten days (A):Incorrect. A lack of appointment does not constitute a violation; it only affects the ability to conduct business temporarily.
References:Maryland Insurance Article §10-126, COMAR 31.03.02, and Licensing Enforcement Guidelines.

NEW QUESTION # 19
A valid contract requires all of the following EXCEPT:

A. Competent parties
B. Consideration
C. Offer and acceptance
D. Written evidence

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:To be legally enforceable, a contract must meet the following requirements:
* Offer and acceptance (A):One party must propose terms, and the other must agree to them.
* Competent parties (B):Individuals must have the legal capacity to enter a contract (e.g., not minors or mentally incapacitated).
* Consideration (C):Each party must provide something of value (e.g., money, services, or promises).
Written evidence (D)is not required for all contracts, as some verbal agreements are enforceable depending on the type of contract (except for specific cases like real estate).
References: Maryland Contract Law Principles.

NEW QUESTION # 20
If, after submitting an application, a producer becomes aware of a material fact that may affect the underwriting decision, the producer's ethical responsibility requires that the producer:

A. Report the fact to the insurance company
B. Acknowledge the fact only if asked by the insurance company
C. Advise the applicant to amend the application
D. Deny knowledge of the fact

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Ethical responsibilities and state laws mandate that insurance producers act in good faith when handling applications.
* Reporting material facts to the insurer (D):Producers must disclose any information that could impact underwriting decisions. Transparency ensures that policies are accurately priced and legally enforceable.
* Denying knowledge (A):Violates ethical and legal obligations.
* Acknowledging facts only if asked (B):Demonstrates bad faith and can lead to legal penalties.
* Advising applicants to amend (C):While this helps, it does not fulfill the producer's duty to inform the insurer.
References: Maryland Insurance Administration Producer Code of Ethics, COMAR 31.03.13.

NEW QUESTION # 21
The life insurance buyer's guide includes information about all of the following EXCEPT how to:

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

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:The buyer's guide helps policyholders understand life insurance by offering:
* Advice on deciding coverage needs (B)to ensure adequate protection.
* Rate comparison tools (C)to evaluate costs effectively.
* Guidance on policy requirements (D)to make informed choices.
The guide does not address legal actions such astaking civil action against an insurer (A), as such matters require legal consultation or regulatory support.
References: Maryland Life Insurance Buyer's Guide Provisions.

NEW QUESTION # 22
A transaction in which a new life insurance policy is purchased, and an existing life insurance policy is surrendered is called:

A. Nonforfeiture
B. Reinvestment
C. Rollover
D. Replacement

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Areplacementoccurs when a new life insurance policy is purchased, and the existing policy is surrendered, terminated, or its benefits reduced to make way for the new policy.
* Replacement (B):This is regulated to ensure the policyholder is not disadvantaged by switching policies, often requiring additional disclosures and forms, like Maryland's "Important Notice Replacement of Life Insurance or Annuities."
* Nonforfeiture (A):Refers to retaining cash value benefits when a policy lapses or is canceled, not applicable here.
* Reinvestment (C):Generally relates to financial or investment accounts, not life insurance.
* Rollover (D):Pertains to tax-advantaged accounts like IRAs, not applicable to insurance.
References: Maryland Replacement Regulations, Disclosure Requirements, and Consumer Protections.

NEW QUESTION # 23
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