100% PASS QUIZ 2025 MARYLAND INSURANCE ADMINISTRATION LIFE-PRODUCER: VALID EXAMCOLLECTION MARYLAND LIFE PRODUCER EXAM (SERIES 20-27) VCE

100% Pass Quiz 2025 Maryland Insurance Administration Life-Producer: Valid Examcollection Maryland Life Producer Exam (Series 20-27) Vce

100% Pass Quiz 2025 Maryland Insurance Administration Life-Producer: Valid Examcollection Maryland Life Producer Exam (Series 20-27) Vce

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q33-Q38):

NEW QUESTION # 33
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. Waiver
  • C. Estoppel
  • D. Adhesion

Answer: C

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 # 34
When a wage earner dies, the surviving family members may have all of the following expenses EXCEPT:

  • A. Final expenses
  • B. Unemployment tax liabilities
  • C. Death taxes
  • D. Family living expenses

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:When a wage earner dies, surviving families face significant financial obligations:
* Final expenses (A):Include funeral costs and related end-of-life expenses.
* Family living expenses (C):Cover ongoing needs like housing, food, and utilities.
* Death taxes (D):May apply based on estate value and Maryland inheritance laws.
Unemployment tax liabilities (B)are irrelevant as they apply only to employers, not surviving family members.
References: Maryland Estate Tax and Death Benefit Regulations.


NEW QUESTION # 35
All of the following are common underwriting factors used by life insurance companies EXCEPT:

  • A. Family health history
  • B. Driving record
  • C. Amount of insurance applied for
  • D. Ethnic heritage

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Underwriting involves evaluating risk factors that could influence the likelihood of claims and ensuring compliance with anti-discrimination laws.
* Ethnic heritage (A):Incorrect. Using ethnic heritage as an underwriting factor violates anti- discrimination laws, including Maryland Insurance Article §27-501.
* Amount of insurance applied for (B):Correct. Insurers consider coverage amounts to assess risk and pricing.
* Driving record (C):Correct. Poor driving history, particularly DUI incidents, increases risk.
* Family health history (D):Correct. Inherited conditions and family medical history help predict potential health risks.
References:Maryland Insurance Anti-Discrimination Laws, Life Insurance Underwriting Standards, and COMAR 31.08.07.


NEW QUESTION # 36
Splitting the commission with the buyer on a sale of insurance is an unfair trade practice known as:

  • A. Binding
  • B. Soliciting
  • C. Twisting
  • D. Rebating

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Rebatingoccurs when an insurance producer offers a portion of their commission, premium reductions, or other inducements to buyers that are not explicitly stated in the policy. It is prohibited under Maryland law to ensure fair competition and maintain ethical standards.
* Rebating (D):Involves returning part of the commission or providing benefits not in the policy to incentivize a sale, violating Maryland Insurance Article §27-212.
* Twisting (A):Refers to persuading a policyholder to lapse or replace a policy through misrepresentation, unrelated to commission-sharing.
* Binding (B):Relates to confirming coverage but does not involve commissions.
* Soliciting (C):Refers to seeking potential clients, not the unfair practice of rebating.
References:Maryland Unfair Trade Practices Act, COMAR 31.15.05, and Maryland Insurance Article §27-
209.


NEW QUESTION # 37
An insurance producer who conducts business under an assumed or fictitious name must:

  • A. Apply for an additional appointment
  • B. Apply for an additional license
  • C. Post a $10,000 bond
  • D. File the name with the Insurance Administration

Answer: D

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 # 38
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