LIFE-PRODUCER CERT EXAM | LIFE-PRODUCER LATEST TEST PRACTICE

Life-Producer Cert Exam | Life-Producer Latest Test Practice

Life-Producer Cert Exam | Life-Producer Latest Test Practice

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Tags: Life-Producer Cert Exam, Life-Producer Latest Test Practice, Life-Producer Test Questions Answers, Life-Producer Pass Test Guide, Pass4sure Life-Producer Exam Prep

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Life-Producer Latest Test Practice - Life-Producer Test Questions Answers

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q49-Q54):

NEW QUESTION # 49
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. Advise the applicant to amend the application
  • C. Acknowledge the fact only if asked by the insurance company
  • 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 # 50
The Maryland Insurance Administration is an agency of the:

  • A. Maryland General Assembly
  • B. Federal government
  • C. State government
  • D. National Association of Insurance Commissioners

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:The Maryland Insurance Administration (MIA) is a state governmententity responsible for regulating the insurance industry in Maryland.
* State government (B):MIA enforces insurance laws, reviews policy forms, licenses insurers and producers, and investigates consumer complaints.
* Federal government (A):Oversees broader regulations, like ERISA, but does not directly manage state- level insurance matters.
* National Association of Insurance Commissioners (C):A regulatory support organization, not a governing body.
* Maryland General Assembly (D):Creates state laws, but enforcement falls under the MIA.
References: Maryland Insurance Administration Overview and State Regulatory Framework.


NEW QUESTION # 51
Which activity is an unfair claims settlement practice?

  • A. Negotiating the payment of claims where coverage or liability is in question
  • B. Offering settlements that are less than the fair value to offset insurer expenses
  • C. Denying claims on the basis of specific policy provisions
  • D. Including an arbitration provision in the insurer's policies

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Offering settlements below fair value (D)is prohibited as an unfair claims settlement practice under Maryland law. Insurers must handle claims in good faith and pay fair settlements based on policy terms.
* Negotiating claims (A):Permitted when there are legitimate disputes over coverage or liability.
* Denying claims (B):Allowed if based on valid policy exclusions or conditions.
* Including arbitration provisions (C):Legal, provided they comply with state guidelines and are not coercive.
Unfair claims settlement practices include:
* Misrepresenting policy provisions.
* Failing to promptly investigate or settle claims.
* Attempting to settle for less than reasonable amounts.
References:Maryland Insurance Article §27-303, Unfair Claims Practices Act, and COMAR 31.15.07.


NEW QUESTION # 52
A transaction in which a new life insurance policy is purchased, and an existing life insurance policy is surrendered is called:

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

Answer: B

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 # 53
The free-look period provided in a life insurance policy is usually:

  • A. 60 days
  • B. 31 days
  • C. 10 days
  • D. 45 days

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Thefree-look periodis a consumer protection mechanism allowing policyholders to cancel a policy within a specific period for a full refund.
* 10 days (A):Maryland law requires a minimum free-look period of 10 days for life insurance policies, allowing buyers to review the policy without financial obligation.
* 31 days (B), 45 days (C), and 60 days (D):These exceed Maryland's statutory minimum and are not standard requirements unless specifically offered by the insurer.
References:Maryland Free-Look Provisions, COMAR 31.09.09, and Maryland Consumer Protection Act.


NEW QUESTION # 54
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Maryland Insurance Administration Life-Producer exam dumps are important because they show you where you stand. After learning everything related to the Maryland Life Producer Exam (Series 20-27) (Life-Producer) certification, it is the right time to take a self-test and check whether you can clear the Life-Producer certification exam or not. People who score well on the Life-Producer Practice Questions are ready to give the final Maryland Life Producer Exam (Series 20-27) (Life-Producer) exam. On the other hand, those who do not score well can again try reading all the Life-Producer dumps questions and then give the Life-Producer exam.

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