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Quiz Maryland Insurance Administration - Life-Producer Useful Exam Learning
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Maryland Insurance Administration Life-Producer Reliable Test Test & Life-Producer Test Dumps.zip
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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q62-Q67):
NEW QUESTION # 62
An insurance producer who conducts business under an assumed or fictitious name must:
- A. Apply for an additional appointment
- B. File the name with the Insurance Administration
- C. Post a $10,000 bond
- D. Apply for an additional license
Answer: B
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 # 63
Which one of the following causes of death typically would be included under an accidental death rider attached to a life insurance policy?
- A. Automobile accidents resulting from the insured's negligence
- B. Illness or disease
- C. War or acts of war
- D. Intentionally self-inflicted injuries
Answer: A
Explanation:
Comprehensive and Detailed Step by Step Explanation:An accidental death rider pays an additional benefit if death results solely from an accident.
* Automobile accidents resulting from the insured's negligence (D):Covered, as negligence does not negate the accidental nature of the event. The death must result directly from the accident without other contributing factors like illness.
* Intentionally self-inflicted injuries (A):Excluded, as they are not accidental.
* Illness or disease (B):Excluded, as accidental death benefits only apply to unforeseen events, not natural causes.
* War or acts of war (C):Excluded in most policies due to specific exclusions for wartime risks.
References:Maryland Insurance Administration Policy Rider Guidelines and Accidental Death Coverage Standards, COMAR 31.09.04.
NEW QUESTION # 64
An insurer may refuse to underwrite a particular insurance applicant for a reason based wholly on:
- A. Gender
- B. Race
- C. Creed
- D. Medical condition
Answer: D
Explanation:
Comprehensive and Detailed Step by Step Explanation:Maryland law allows insurers to considermedical conditions (A)as part of the underwriting process, provided it is done fairly and within legal boundaries.
* Race (B), Gender (C), and Creed (D):Discrimination based on these factors is strictly prohibited under Maryland's anti-discrimination laws and the Unfair Trade Practices Act.
Insurers must comply with state and federal regulations, ensuring underwriting decisions are based on actuarially justified factors, such as health and lifestyle, rather than prohibited discriminatory criteria.
References:Maryland Insurance Article §27-501, Anti-Discrimination Guidelines, and COMAR 31.15.03.
NEW QUESTION # 65
Who normally receives dividends in a stock insurance company?
- A. Only members of the board of directors
- B. Shareholders
- C. Producers
- D. Beneficiaries
Answer: B
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 # 66
Publishing a derogatory article about the financial condition of an insurer that is false and calculated to injure the insurer is an example of:
- A. Coercion
- B. Extortion
- C. Defamation
- D. Intimidation
Answer: C
Explanation:
Comprehensive and Detailed Step by Step Explanation:Defamationinvolves publishing or circulating false, malicious statements intended to harm an insurer's reputation. It is prohibited under Maryland law to protect the integrity of insurers.
* Defamation (A):Includes any written or spoken communication that is untrue and harms the insurer's business standing.
* Intimidation (B):Relates to coercing individuals through threats, not publishing falsehoods.
* Extortion (C):Involves demanding something through threats, unrelated to false statements.
* Coercion (D):Involves forcing a party to act under duress, not relevant to publishing false information.
References:Maryland Insurance Article §27-205, Unfair Trade Practices and Consumer Protection Act.
NEW QUESTION # 67
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