RELIABLE LIFE-PRODUCER EXAM ENGINE AND LIFE-PRODUCER TRAINING MATERIALS - EXAMSREVIEWS

Reliable Life-Producer Exam Engine and Life-Producer Training Materials - ExamsReviews

Reliable Life-Producer Exam Engine and Life-Producer Training Materials - ExamsReviews

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

NEW QUESTION # 41
Which of the following statements about cash values in whole life insurance policies is true?

  • A. They cannot be guaranteed.
  • B. They typically increase until age 65 and remain level thereafter.
  • C. They equal the policy face value at age 65.
  • D. They result from the level premium concept.

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Cash values in whole life insurance are a key feature, and they:
* Accumulate as a result of thelevel premium concept (A), where excess premiums in the early years of the policy build the cash value.
* Are guaranteedin whole life policies, contrary to option B.
* Do not equal the face value at age 65 (C) unless specifically structured for that purpose.
* Continue to grow beyond age 65 as long as the policy remains active, invalidating option D.
References: Maryland Insurance Guidelines on Whole Life Policies, Cash Value, and Premium Structures.


NEW QUESTION # 42
How often must insurance licensees subject to continuing education meet the educational requirements?

  • A. Every three years
  • B. Every two years
  • C. Each year
  • D. There is no requirement

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Maryland law requires insurance licensees to complete continuing education (CE) everytwo years (B)to maintain their licenses:
* CE ensures that agents remain informed about current laws, practices, and products.
* Each year (A):Too frequent for most state requirements, including Maryland.
* Every three years (C):Exceeds Maryland's regulatory timeframe.
* No requirement (D):Incorrect, as CE is mandatory for license renewal.
References:Maryland Insurance Code §10-116, Continuing Education Guidelines, and COMAR 31.03.02.


NEW QUESTION # 43
A life insurance policy beneficiary's life expectancy has a direct bearing upon:

  • A. The total amount payable under the policy as a result of the insured's death
  • B. The premium rate for each $1,000 of face amount
  • C. The policy value that will be includable in the insured's estate
  • D. The taxable portion of each benefit payment under a life income settlement option

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Thetaxable portion of benefit payments under a life income settlement optiondepends on the beneficiary's life expectancy:
* Life expectancy impacts (B)how the payments are taxed, as longer payment durations result in more taxable income over time.
* Thepolicy's inclusion in the estate (A)is unrelated to the beneficiary's life expectancy.
* Thetotal death benefit (C)is fixed and not influenced by the beneficiary's lifespan.
* Premium rates (D)are determined during underwriting, not affected by beneficiary life expectancy.
References: Maryland Life Insurance Taxation Guidelines and IRS Settlement Option Rules.


NEW QUESTION # 44
The penalty tax incurred for premature distributions from an IRA is:

  • A. 5%
  • B. 50%
  • C. 20%
  • D. 10%

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Premature distributions from an IRA (withdrawals before age 59½) are subject to a10% penalty tax (B)unless certain exceptions apply (e.g., disability, qualified education expenses, or first-time homebuyer withdrawals).
* 5% (A):Does not apply to IRS penalties.
* 10% (B):Correct. This is the standard penalty for early withdrawals.
* 20% (C):Represents mandatory withholding for certain distributions, not the penalty.
* 50% (D):Applies only to Required Minimum Distribution (RMD) failures, not premature distributions.
References:IRS Publication 590-B, Maryland IRA Penalty Exceptions Guidelines, COMAR 31.09.11.


NEW QUESTION # 45
Which one of the following life insurance settlement options pays a predetermined monthly benefit until principal and interest are exhausted?

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

Answer: C

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 # 46
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