EXAM LIFE-PRODUCER TESTKING - LIFE-PRODUCER FREE UPDATES

Exam Life-Producer Testking - Life-Producer Free Updates

Exam Life-Producer Testking - Life-Producer Free Updates

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Tags: Exam Life-Producer Testking, Life-Producer Free Updates, Life-Producer Test Dumps.zip, New Life-Producer Dumps Sheet, Exam Life-Producer Online

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Quiz Maryland Insurance Administration - Life-Producer - Marvelous Exam Maryland Life Producer Exam (Series 20-27) Testking

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

NEW QUESTION # 76
A life insurance policy beneficiary's life expectancy has a direct bearing upon:

  • A. The total amount payable under the policy as a result of the insured's death
  • B. The premium rate for each $1,000 of face amount
  • 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 # 77
What does the annuitant usually receive during the liquidation phase of an annuity?

  • A. Benefit payments at regular intervals
  • B. Nothing
  • C. Cash withdrawals upon request
  • D. A lump sum

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:During theliquidation phase, an annuity pays out benefits to the annuitant based on the terms of the contract.
* Benefit payments at regular intervals (B):Correct. These payments are structured as monthly, quarterly, or yearly installments based on the chosen payout option.
* Cash withdrawals upon request (A):Relates to the accumulation phase, not liquidation.
* A lump sum (C):Applies only if the annuity is structured for a single payout, not typical during the liquidation phase.
* Nothing (D):Incorrect, as this phase is specifically for distributing payments.
References:Maryland Annuity Guidelines, Payout Options, and COMAR 31.09.08.


NEW QUESTION # 78
The annual addition to an employee's account in a qualified retirement plan:

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

Answer: C

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 # 79
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: D

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 # 80
The Medical Information Bureau may release information in the proposed insured's file to:

  • A. Employment agencies
  • B. Any physician
  • C. The insured's employer
  • D. Member insurance companies

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:The Medical Information Bureau (MIB) collects and shares medical information among member insurance companies to assess risk:
* Member insurance companies (B)are the only entities authorized to access MIB data, ensuring confidentiality and appropriate use.
* Employment agencies (A)andemployers (C)cannot access MIB data.
* Physicians (D)are also excluded, as MIB serves the insurance underwriting process exclusively.
References: Maryland Insurance Privacy Regulations and MIB Operational Guidelines.


NEW QUESTION # 81
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