LIFE-PRODUCER PASS4SURE PASS GUIDE - LIFE-PRODUCER PDF CRAM EXAM

Life-Producer Pass4sure Pass Guide - Life-Producer PDF Cram Exam

Life-Producer Pass4sure Pass Guide - Life-Producer PDF Cram Exam

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Tags: Life-Producer Pass4sure Pass Guide, Life-Producer PDF Cram Exam, Life-Producer Latest Dumps Pdf, Life-Producer Training Questions, Valid Life-Producer Test Duration

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q75-Q80):

NEW QUESTION # 75
In surrendering a life insurance contract for its cash value, the total of premiums paid less the total of any dividends received in cash or used to offset premiums is:

  • A. The cost basis
  • B. The loan value
  • C. The gross proceeds
  • D. The cash value

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Thecost basisis the total of all premiums paid minus dividends received or used to offset premiums. This figure is used to calculate the taxable portion of the cash value upon surrender.
* Cost basis (D):Represents the non-taxable portion of the surrender value; any amount exceeding this is considered taxable income.
* Cash value (A):The policy's accumulated value, which may include taxable gains.
* Loan value (B):Refers to the amount available for borrowing against the policy.
* Gross proceeds (C):The full amount received upon surrender, not accounting for cost basis deductions.
References:IRS Guidance on Life Insurance Taxation, Maryland Life Insurance Surrender Rules, and COMAR 31.09.14.


NEW QUESTION # 76
Which contract offers flexible deposits, deferred taxation, a guaranteed minimum interest rate, and death proceeds equal to the cash value?

  • A. A universal life insurance policy
  • B. An adjustable whole life insurance policy
  • C. A flexible premium fixed annuity
  • D. An available deferred annuity

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Aflexible premium fixed annuityis designed to allow policyholders flexibility in premium payments while providing guaranteed growth.
* Flexible deposits:Policyholders can make variable contributions based on their financial situation.
* Deferred taxation:Earnings grow tax-deferred until withdrawal.
* Guaranteed minimum interest rate:Fixed annuities offer this feature to protect against market downturns.
* Death proceeds equal to cash value:Upon death, beneficiaries typically receive the accumulated cash value.
Other Options:
* Adjustable whole life policy (A):Features adjustable premiums but lacks deferred taxation and guaranteed rates.
* Deferred annuity (B):Generic and does not specify the features of fixed annuities.
* Universal life (D):Provides more flexibility but differs in guaranteed returns.
References:Maryland Annuity Guidelines, COMAR 31.09.08, and Tax-Deferred Financial Product Regulations.


NEW QUESTION # 77
In order to qualify for a company convention, an insurance producer agrees to pay the first quarterly premium for the applicant for new insurance. This is called a:

  • A. Gift
  • B. Cost of doing business
  • C. Loan
  • D. Rebate

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Paying an applicant's premium is considered a rebate, which is generally prohibited in Maryland unless explicitly permitted by law.
* Rebates (B)involve offering inducements not specified in the policy, which can undermine fairness and market stability.
* Gifts (A)andloans (C)imply separate intentions and are distinct from policy-related payments.
* Cost of doing business (D)does not apply, as paying premiums on behalf of clients violates anti- rebating laws.
References: Maryland Rebating Laws, Unfair Trade Practices Act.


NEW QUESTION # 78
The needs approach to personal life insurance planning includes the creation of an emergency reserve fund.
This fund is designed primarily to:

  • A. Pay off an existing mortgage
  • B. Pay for college tuition and books
  • C. Provide retirement income
  • D. Cover the cost of unexpected expenses

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Theneeds approachassesses financial requirements to determine the appropriate amount of life insurance.
* Covering unexpected expenses (B):Emergency reserve funds help beneficiaries handle unforeseen costs, such as urgent repairs, medical emergencies, or temporary loss of income.
* College tuition and books (A):This falls under education funding needs, not emergency reserves.
* Paying off mortgages (C):This is categorized as debt repayment, separate from the reserve fund.
* Providing retirement income (D):This is a long-term goal that requires separate planning, not immediate financial reserves.
References: Maryland Insurance Needs Analysis Guidelines and Life Insurance Planning Practices.


NEW QUESTION # 79
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 catastrophic.
  • D. The loss must be intentional.

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 # 80
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