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Life-Producer Reliable Test Objectives - Valid Life-Producer Exam Guide
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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q57-Q62):
NEW QUESTION # 57
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. Subrogation
- B. Adhesion
- C. Waiver
- D. Estoppel
Answer: D
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 # 58
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. A capital gain
- B. Ordinary income plus a 10% surcharge
- C. Ordinary income
- D. A deferred 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 # 59
The life insurance buyer's guide includes information about all of the following EXCEPT how to:
- A. Compare life insurance policy rates
- B. Compare life insurance policy requirements
- C. Decide how much life insurance to buy
- D. Take civil action against an insurer
Answer: D
Explanation:
Comprehensive and Detailed Step by Step Explanation:The buyer's guide helps policyholders understand life insurance by offering:
* Advice on deciding coverage needs (B)to ensure adequate protection.
* Rate comparison tools (C)to evaluate costs effectively.
* Guidance on policy requirements (D)to make informed choices.
The guide does not address legal actions such astaking civil action against an insurer (A), as such matters require legal consultation or regulatory support.
References: Maryland Life Insurance Buyer's Guide Provisions.
NEW QUESTION # 60
Which one of the following statements about participating life insurance is true?
- A. Policyowners may be entitled to receive dividends.
- B. Policyowners are assessed monthly for losses.
- C. The insured must be the policyowner.
- D. The insurer must be a stock company.
Answer: A
Explanation:
Comprehensive and Detailed Step by Step Explanation:
Participating life insurance policies are typically issued by mutual insurers and allow policyholders to:
Receive dividends (A), which are excess profits returned to policyholders.
Policyholders are not assessed for losses (B); insurers absorb losses.
The insured and policyowner can be separate entities, invalidating (C).
Mutual insurers, not stock companies, issue most participating policies, making (D) incorrect.
References: Maryland Mutual Insurance Practices and Participating Policy Guidelines.
NEW QUESTION # 61
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. A capital gain
- B. Ordinary income plus a 10% surcharge
- C. Ordinary income
- D. A deferred capital gain
Answer: C
Explanation:
Comprehensive and Detailed Step by Step Explanation:ASection 1035 exchangeallows a policyholder to replace a life insurance policy, annuity, or endowment without immediate tax consequences. However, when the new policy is surrendered:
* The gain is taxed asordinary income (A), calculated as the difference between the policy's cash surrender value and the cost basis (total premiums paid).
* Capital gain (B):Incorrect. Gains from life insurance policies are classified as ordinary income, not capital gains.
* Ordinary income plus a 10% surcharge (C):The 10% penalty applies only to premature distributions from retirement accounts, not life insurance.
* Deferred capital gain (D):Incorrect, as life insurance gains are not subject to capital gain rules.
References:IRS Code §1035, Maryland Tax Code on Life Insurance, and COMAR 31.09.12.
NEW QUESTION # 62
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