FREE PDF MARYLAND INSURANCE ADMINISTRATION - ACCURATE LIFE-PRODUCER VALID BRAINDUMPS BOOK

Free PDF Maryland Insurance Administration - Accurate Life-Producer Valid Braindumps Book

Free PDF Maryland Insurance Administration - Accurate Life-Producer Valid Braindumps Book

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q41-Q46):

NEW QUESTION # 41
In the event of a death claim under a life insurance policy, what happens to the amount of any existing policy loan?

  • A. It is deducted from the face amount of the policy together with any interest due.
  • B. It represents a primary claim against the estate of the insured.
  • C. The beneficiary has an obligation to pay the amount to the insurance company.
  • D. It is canceled, and the beneficiary receives the face amount of the policy.

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:When a death claim is filed on a life insurance policy with an outstanding loan:
* Deducted from the face amount (A):The death benefit is reduced by the loan balance plus any accrued interest, ensuring the insurer recovers the outstanding debt.
* Beneficiary obligation (B):Incorrect. The beneficiary receives the adjusted benefit without personal liability for the loan.
* Claim against the estate (C):Incorrect. The loan is tied to the policy, not the estate.
* Canceled without adjustment (D):Incorrect, as insurers must recoup the loan amount from the death benefit.
References:Maryland Life Insurance Policy Loan Provisions, COMAR 31.09.03, and Standard Death Claim Settlement Practices.


NEW QUESTION # 42
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 capital gain
  • 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 # 43
The purpose of licensing insurance agents is to:

  • A. Monitor insurance sales activity in Maryland
  • B. Limit the number of agents who do business within Maryland
  • C. Regulate rates to prevent unfair discrimination among insureds
  • D. Demonstrate that the agent is qualified to act on behalf of insurers in Maryland

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:
Insurance licensing ensures agents meet professional standards:
Licensure demonstrates qualifications (B) to act ethically and competently on behalf of insurers.
It does not limit the number of agents (A).
Sales activity monitoring (C) and rate regulation (D) are separate regulatory functions.
References: Maryland Insurance Administration Licensing Standards.


NEW QUESTION # 44
An insurable interest in each other's lives may exist in the absence of an economic interest when the individuals are:

  • A. Marriage partners
  • B. Competitors
  • C. Traveling companions
  • D. Business associates

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Insurable interest arises when there is a legitimate interest in the continued life of another person.
* Marriage partners (C)inherently have an insurable interest due to emotional and legal bonds.
* Competitors (A)andtraveling companions (D)do not typically meet the threshold for insurable interest.
* Business associates (B)may have insurable interest, but it usually requires contractual agreements (e.g., buy-sell agreements).
References: Maryland Insurance Code and Insurable Interest Guidelines.


NEW QUESTION # 45
An existing life insurance policy is sold by the policyowner to help finance the cost of a terminal illness. This is an example of:

  • A. A nonforfeiture option
  • B. An accelerated death benefit
  • C. A viatical settlement
  • D. A survivorship policy

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Aviatical settlementinvolves selling a life insurance policy to a third party for immediate cash, typically to cover expenses associated with terminal illnesses.
* Viatical settlement (C):The policyowner receives a percentage of the death benefit to cover high medical costs or improve their quality of life.
* Nonforfeiture options (A):Relate to preserving cash value if the policy lapses, not a sale.
* Accelerated death benefit (B):Involves accessing a portion of the death benefit directly from the insurer, not through a third party.
* Survivorship policies (D):Cover two insureds and pay the death benefit only after both have passed away, unrelated to this case.
References: Maryland Viatical Settlement Law and Insurance Code.


NEW QUESTION # 46
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