DISCOUNT LIFE-PRODUCER CODE & LIFE-PRODUCER LATEST TEST CRAM

Discount Life-Producer Code & Life-Producer Latest Test Cram

Discount Life-Producer Code & Life-Producer Latest Test Cram

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Tags: Discount Life-Producer Code, Life-Producer Latest Test Cram, Pdf Life-Producer Braindumps, Exam Life-Producer Papers, Exam Life-Producer Course

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q78-Q83):

NEW QUESTION # 78
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. Extortion
  • B. Coercion
  • 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 # 79
In order to qualify for a company convention, an insurance producer agrees to pay the first quarterly premium for the applicant for new insurance. This is called a:

  • A. Loan
  • B. Rebate
  • C. Gift
  • D. Cost of doing business

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Paying an applicant's premium is considered a rebate, which is generally prohibited in Maryland unless explicitly permitted by law.
* Rebates (B)involve offering inducements not specified in the policy, which can undermine fairness and market stability.
* Gifts (A)andloans (C)imply separate intentions and are distinct from policy-related payments.
* Cost of doing business (D)does not apply, as paying premiums on behalf of clients violates anti- rebating laws.
References: Maryland Rebating Laws, Unfair Trade Practices Act.


NEW QUESTION # 80
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
  • B. A capital gain
  • C. Ordinary income plus a 10% surcharge
  • D. A deferred capital gain

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:ASection 1035 exchangeallows a policyholder to replace a life insurance policy, annuity, or endowment without immediate tax consequences. However, when the new policy is surrendered:
* The gain is taxed asordinary income (A), calculated as the difference between the policy's cash surrender value and the cost basis (total premiums paid).
* Capital gain (B):Incorrect. Gains from life insurance policies are classified as ordinary income, not capital gains.
* Ordinary income plus a 10% surcharge (C):The 10% penalty applies only to premature distributions from retirement accounts, not life insurance.
* Deferred capital gain (D):Incorrect, as life insurance gains are not subject to capital gain rules.
References:IRS Code §1035, Maryland Tax Code on Life Insurance, and COMAR 31.09.12.


NEW QUESTION # 81
A life insurance policy beneficiary's life expectancy has a direct bearing upon:

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

Answer: B

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 # 82
Which one of the following causes of death typically would be included under an accidental death rider attached to a life insurance policy?

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

Answer: C

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 # 83
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