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Free PDF High Pass-Rate Maryland Insurance Administration - Life-Producer - Maryland Life Producer Exam (Series 20-27) Latest Exam Dumps
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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q15-Q20):
NEW QUESTION # 15
The penalty tax incurred for premature distributions from an IRA is:
- A. 50%
- B. 20%
- C. 10%
- D. 5%
Answer: C
Explanation:
Comprehensive and Detailed Step by Step Explanation:Premature distributions from an IRA (withdrawals before age 59½) are subject to a10% penalty tax (B)unless certain exceptions apply (e.g., disability, qualified education expenses, or first-time homebuyer withdrawals).
* 5% (A):Does not apply to IRS penalties.
* 10% (B):Correct. This is the standard penalty for early withdrawals.
* 20% (C):Represents mandatory withholding for certain distributions, not the penalty.
* 50% (D):Applies only to Required Minimum Distribution (RMD) failures, not premature distributions.
References:IRS Publication 590-B, Maryland IRA Penalty Exceptions Guidelines, COMAR 31.09.11.
NEW QUESTION # 16
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 plus a 10% surcharge
- B. A deferred capital gain
- C. Ordinary income
- D. A capital gain
Answer: C
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 # 17
An insurance producer who conducts business under an assumed or fictitious name must:
- A. File the name with the Insurance Administration
- B. Apply for an additional license
- C. Post a $10,000 bond
- D. Apply for an additional appointment
Answer: A
Explanation:
Comprehensive and Detailed Step by Step Explanation:Insurance producers using an assumed or fictitious name for their business must file the name with the Maryland Insurance Administration (MIA).
* File the name with the Insurance Administration (A):This ensures transparency and compliance with regulatory standards.
* Apply for an additional license (B):Not required; the existing license covers the producer.
* Apply for an additional appointment (C):Applies when a producer represents multiple insurers, not for fictitious names.
* Post a $10,000 bond (D):Irrelevant to this context.
References: Maryland Insurance Administration Guidelines on Producer Licensing and Business Names.
NEW QUESTION # 18
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. Acknowledge the fact only if asked by the insurance company
- C. Advise the applicant to amend the application
- D. Report the fact to the insurance company
Answer: D
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 # 19
If an insurer knowingly fails to enforce a policy provision on one occasion, the insurer may be prevented from enforcing it on a subsequent occasion by the principle of:
- A. Adhesion
- B. Estoppel
- C. Subrogation
- D. Waiver
Answer: B
Explanation:
Comprehensive and Detailed Step by Step Explanation:The principle ofestoppelprevents a party from asserting rights or enforcing terms if their prior actions contradicted such enforcement.
* Estoppel (C):If the insurer knowingly disregards a policy provision (e.g., a late premium payment), they may be barred from enforcing it later if the policyholder relied on the prior inaction.
* Adhesion (A):Refers to contracts where terms are dictated by one party (e.g., the insurer), not applicable here.
* Waiver (B):Occurs when an insurer voluntarily relinquishes a known right but does not necessarily create future obligations like estoppel does.
* Subrogation (D):Involves transferring the insured's claim rights to the insurer after a loss, unrelated to this scenario.
References: Maryland Legal Doctrines on Insurance Enforcement and Contractual Estoppel.
NEW QUESTION # 20
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