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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q15-Q20):

NEW QUESTION # 15
Who normally receives dividends in a stock insurance company?

A. Only members of the board of directors
B. Producers
C. Beneficiaries
D. Shareholders

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:In astock insurance company, dividends are distributed to shareholders, who are the owners of the company.
* Shareholders (B):Receive dividends based on the company's profitability, as determined by the board of directors.
* Members of the board of directors (A):May also be shareholders, but their role as directors does not entitle them to dividends.
* Beneficiaries (C):Receive death benefits, not company dividends.
* Producers (D):Earn commissions or fees, not dividends.
References:Maryland Corporate Insurance Guidelines, Stock vs. Mutual Insurer Framework, and COMAR
31.05.03.

NEW QUESTION # 16
The Maryland Insurance Administration is an agency of the:

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

Answer: B

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 # 17
Which one of the following life insurance settlement options pays a predetermined monthly benefit until principal and interest are exhausted?

A. The accelerated endowment option
B. The fixed amount installment option
C. The fixed period installment option
D. The interest-only option

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Thefixed amount installment optionprovides for a predetermined monthly benefit to the policy beneficiary. Payments continue until the principal (death benefit) and accumulated interest are fully paid out.
* Fixed amount installment option (A):Ensures consistent payment amounts until the death benefit and interest are exhausted. This option is often used when beneficiaries want a steady income.
* Accelerated endowment option (B):Not relevant as it refers to early payouts for policies reaching maturity.
* Interest-only option (C):Only pays interest earned on the death benefit, leaving the principal untouched.
* Fixed period installment option (D):Guarantees payments for a specific period, regardless of whether the principal or interest is depleted.
References: Maryland Life Insurance Policy Payout Regulations and Settlement Options Guidelines.

NEW QUESTION # 18
The entire contract provision in a life insurance policy states that the policy includes:

A. The Medical Information Bureau report
B. The producer's report to the insurer
C. The application attached to the policy
D. Any attending physician's statement

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Theentire contract clauseensures transparency by limiting the policy's terms to the policy document and any attached application materials.
* The application attached to the policy (B):Correct. It becomes part of the legal agreement between the insurer and the policyholder.
* The Medical Information Bureau report (A):Used for underwriting but not part of the policy.
* Any attending physician's statement (C):May inform underwriting but is not included in the policy.
* The producer's report to the insurer (D):Internal to the insurer and irrelevant to the contract itself.
References:Maryland Insurance Code §16-203, Entire Contract Provision Standards, and COMAR 31.09.09.

NEW QUESTION # 19
Which activity is an unfair claims settlement practice?

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

Answer: A

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 # 20
......

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100% Pass-Rate Life-Producer New Braindumps Sheet & Leader in Certification Exams Materials & Realistic Life-Producer Valid Study Plan

Maryland Insurance Administration Life-Producer Valid Study Plan - Life-Producer Formal Test

Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q15-Q20):

How To Improve Your Professional Skills By Achieving The Maryland Insurance Administration Life-Producer Certification?

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