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Latest Released Maryland Insurance Administration Exam Life-Producer Sample: Maryland Life Producer Exam (Series 20-27) - Life-Producer Exam Certification

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q61-Q66):

NEW QUESTION # 61
How does the payment of an accelerated benefit affect a life insurance policy?

A. It decreases the grace period.
B. It decreases the death benefit.
C. It increases the cash value.
D. It increases the policy premium.

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Accelerated benefits allow a policyholder to receive a portion of the death benefit early, often due to terminal illness or specific qualifying conditions:
* Decreases the death benefit (D):The accelerated amount reduces the death benefit available to beneficiaries.
* Increases the cash value (A):Incorrect; accelerated benefits are drawn from the policy, reducing cash value and death benefits.
* Increases the policy premium (B):Premiums generally remain unchanged.
* Decreases the grace period (C):Not affected by accelerated benefits.
References:Maryland Accelerated Benefit Provisions, COMAR 31.09.04, and IRS Tax Treatment of Accelerated Death Benefits.

NEW QUESTION # 62
A life insurance producer is normally responsible for all of the following EXCEPT:

A. Collecting the initial premium from the applicant
B. Delivering newly issued policies to applicants
C. Notifying the company if a new policy will replace an existing policy
D. Approving policies for issue on behalf of the insurer

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Producers are integral to facilitating insurance transactions but do not have underwriting authority:
* Approving policies for issue (C)is the responsibility of the insurer's underwriting team.
* Producers are required todeliver policies (A),notify insurers about replacements (B), andcollect initial premiums (D).
References: Maryland Producer Duties and Regulatory Framework.

NEW QUESTION # 63
A policyholder uses a Section 1035 exchange to replace an existing life insurance policy. If the new policy is later surrendered, the gain realized on termination is taxed as:

A. Ordinary income
B. A deferred capital gain
C. A capital gain
D. Ordinary income plus a 10% surcharge

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Under a1035 exchange, policyholders can replace an insurance policy or annuity without immediate tax consequences. However, gains realized later upon surrender of the new policy are taxed as:
* Ordinary income (A):The difference between the cash surrender value and the cost basis (premiums paid) is taxed as income.
* Capital gains (B):Not applicable because gains on life insurance are classified as ordinary income.
* Ordinary income plus a 10% surcharge (C):The 10% penalty applies only to premature withdrawals from retirement accounts, not life insurance.
* Deferred capital gain (D):Does not apply, as life insurance gains are not taxed under capital gain rules.
References:IRS Code Section 1035, Maryland Tax Treatment of Life Insurance Policies, and COMAR
31.09.12.

NEW QUESTION # 64
The Maryland Insurance Administration may suspend an agent's license for all of the following reasons EXCEPT:

A. Mishandling premium payments
B. Violating a regulation or order of the Maryland Insurance Administration
C. Sharing commissions with agents holding the same license type
D. Engaging in fraudulent or dishonest practices

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:
The Maryland Insurance Administration enforces disciplinary measures:
Fraudulent practices (A), mishandling premiums (B), and violating regulations (D) are grounds for suspension or revocation.
Sharing commissions (C) with agents of the same license type is permitted under Maryland law if done legally and transparently.
References: Maryland Insurance Administration Regulatory Code and Enforcement Procedures.

NEW QUESTION # 65
When a wage earner dies, the surviving family members may have all of the following expenses EXCEPT:

A. Final expenses
B. Family living expenses
C. Unemployment tax liabilities
D. Death taxes

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:When a wage earner dies, surviving families face significant financial obligations:
* Final expenses (A):Include funeral costs and related end-of-life expenses.
* Family living expenses (C):Cover ongoing needs like housing, food, and utilities.
* Death taxes (D):May apply based on estate value and Maryland inheritance laws.
Unemployment tax liabilities (B)are irrelevant as they apply only to employers, not surviving family members.
References: Maryland Estate Tax and Death Benefit Regulations.

NEW QUESTION # 66
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