Maryland Insurance Administration Life-Producer Lab Questions: Maryland Life Producer Exam (Series 20-27) - ExamBoosts Ensure You Pass Exam For Sure

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q68-Q73):

NEW QUESTION # 68
Which one of the following causes of death typically would be included under an accidental death rider attached to a life insurance policy?

A. Illness or disease
B. War or acts of war
C. Intentionally self-inflicted injuries
D. Automobile accidents resulting from the insured's negligence

Answer: D

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 # 69
Which of the following statements about participating life insurance is true?

A. The insurer must be a stock company.
B. Policyowners may be entitled to receive dividends.
C. The insured must be the policyowner.
D. Policyowners are assessed monthly for losses.

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Participating life insurance policies, often issued by mutual companies, include the possibility of dividends:
* Dividends (A)represent a share of surplus profits distributed to policyowners.
* Policyowners are not assessed for losses (B); the insurer bears those.
* The insured and policyowner can be different individuals, making (C) incorrect.
* Mutual insurers typically issue participating policies, not stock companies (D).
References: Maryland Insurance Law on Participating Policies.

NEW QUESTION # 70
Which of the following statements about cash values in whole life insurance policies is true?

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

Answer: B

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 # 71
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. Adhesion
D. Estoppel

Answer: D

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 # 72
The Maryland Insurance Administration is an agency of the:

A. Federal government
B. State government
C. Maryland General Assembly
D. National Association of Insurance Commissioners

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:The Maryland Insurance Administration (MIA) is a state governmententity responsible for regulating the insurance industry in Maryland.
* State government (B):MIA enforces insurance laws, reviews policy forms, licenses insurers and producers, and investigates consumer complaints.
* Federal government (A):Oversees broader regulations, like ERISA, but does not directly manage state- level insurance matters.
* National Association of Insurance Commissioners (C):A regulatory support organization, not a governing body.
* Maryland General Assembly (D):Creates state laws, but enforcement falls under the MIA.
References: Maryland Insurance Administration Overview and State Regulatory Framework.

NEW QUESTION # 73
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Maryland Insurance Administration Life-Producer Lab Questions: Maryland Life Producer Exam (Series 20-27) - ExamBoosts Ensure You Pass Exam For Sure

Life-Producer Exam Format & Life-Producer Test Practice

Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q68-Q73):

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