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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q10-Q15):
NEW QUESTION # 10
A policy of life insurance may NOT be delivered unless the policy has a:
- A. Premium coupon book
- B. Notary seal
- C. Financial statement of the life insurance company
- D. Legible and brief description of the policy on the first page
Answer: D
Explanation:
Comprehensive and Detailed Step by Step Explanation:Maryland law mandates that life insurance policies include aclear and concise description of the policyon the first page to ensure transparency and understanding for policyholders.
* Legible and brief description (A):Correct. This ensures the buyer can quickly identify key terms and benefits of the policy.
* Notary seal (B):Not required for delivering life insurance policies.
* Premium coupon book (C):Optional, often replaced with digital billing methods.
* Financial statement of the insurer (D):Not required in the policy itself, although insurers must provide financial stability information upon request.
References:Maryland Insurance Article §16-206, COMAR 31.09.04, and Policy Form Filing Standards.
NEW QUESTION # 11
Which of the following is a requirement of an insurable risk?
- A. The chance of loss must be calculable.
- B. There must be a large number of different loss exposures.
- C. The loss must be intentional.
- D. The loss must be catastrophic.
Answer: A
Explanation:
Comprehensive and Detailed Step by Step Explanation:Aninsurable riskmust meet specific criteria to ensure fair and financially viable coverage:
* Chance of loss must be calculable (C):Correct. Insurers need statistical data to assess risk and determine premiums.
* Loss must be intentional (A):Incorrect; intentional losses are not insurable.
* Loss must be catastrophic (B):Incorrect; catastrophic losses (e.g., war or large-scale disasters) are often excluded or managed through reinsurance.
* Large number of different loss exposures (D):A large number of similar, not different, exposures is required for risk pooling.
References:Maryland Insurance Principles, Actuarial Standards, and COMAR 31.09.14.
NEW QUESTION # 12
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. Deny knowledge of the fact
- B. Report the fact to the insurance company
- C. Acknowledge the fact only if asked by the insurance company
- D. Advise the applicant to amend the application
Answer: B
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 # 13
A producer is prohibited from:
- A. Selling insurance to family members
- B. Allowing an applicant to sign a blank or incomplete application
- C. Countersigning a policy sold in Maryland
- D. Splitting commissions with a licensed nonresident producer who has jointly sold a policy
Answer: B
Explanation:
Comprehensive and Detailed Step by Step Explanation:Allowing an applicant to sign a blank or incomplete application (B) violates ethical and legal standards, as it undermines transparency and could lead to disputes about coverage or claims.
* Selling insurance to family members (A):Permitted as long as the transactions areconducted ethically and comply with Maryland laws.
* Countersigning policies (C):Required in certain situations to validate contracts in Maryland.
* Splitting commissions with nonresident producers (D):Permissible under Maryland law, provided both producers are licensed and involved in the transaction.
References:Maryland Insurance Administration Producer Conduct Rules, COMAR 31.03.13, and Ethical Standards for Insurance Producers.
NEW QUESTION # 14
All of the following factors may affect premium determination in individual life insurance EXCEPT:
- A. Race
- B. Health
- C. Occupation
- D. Age
Answer: A
Explanation:
Comprehensive and Detailed Step by Step Explanation:Premium determination in life insurance depends on factors that measure risk, butrace (D)is not and cannot be used due to anti-discrimination laws.
* Age (A):A primary factor; younger applicants are charged lower premiums due to lower mortality risk.
* Health (B):Significant; poor health or pre-existing conditions increase premiums.
* Occupation (C):Risky professions (e.g., construction or aviation) may result in higher premiums.
* Race (D):Prohibited by Maryland law, which ensures fairness and prohibits underwriting based on race, ethnicity, or similar discriminatory criteria.
References:Maryland Insurance Article §27-501, COMAR 31.09.03, and Anti-Discrimination Standards in Insurance.
NEW QUESTION # 15
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