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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q20-Q25):

NEW QUESTION # 20
A producer may be guilty of misrepresentation if the producer:

A. Failed to disclose exclusions of the policy
B. Denied a claim for failure of the policyholder to prove damages
C. Issued a full settlement check expressly releasing the insurer
D. Required timely written notice of loss for all claims

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Misrepresentation involves providing false, misleading, or incomplete information about a policy:
* Failed to disclose exclusions of the policy (A):Correct. Not informing the insured about policy exclusions misrepresents the coverage and violates Maryland law.
* Denied a claim for failure to prove damages (B):This relates to claims handling and is not misrepresentation.
* Required written notice of loss (C):This is a legitimate policy requirement, not misrepresentation.
* Issued a full settlement check (D):Standard claims settlement practice when agreed upon; not related to misrepresentation.
References:Maryland Insurance Article §27-303, Misrepresentation and False Advertising Standards, COMAR 31.15.03.

NEW QUESTION # 21
Which life annuity contract feature provides that benefit payments will continue for a minimum number of years regardless of when the annuitant dies?

A. Installment refund
B. Cash refund
C. Period certain
D. Cost recovery

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:
A "period certain" provision ensures payment for a specified period regardless of whether the annuitant survives:
Period certain (B) guarantees payments for a set number of years, protecting beneficiaries.
Cost recovery (A) and refund options (C and D) relate to refunding premiums or unpaid amounts but do not guarantee a payment period.
References: Maryland Annuity Regulations, Payment Options.

NEW QUESTION # 22
To determine whether unfair trade practices have been violated, who has the power to examine an insurer's books and records?

A. The Maryland Insurance Administration
B. The Maryland Property & Casualty Insurance Guaranty Corporation (PCIGC)
C. The National Association of Insurance Commissioners
D. The Federal Deposit Insurance Corporation

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:The Maryland Insurance Administration (MIA) is the regulatory body responsible for ensuring compliance with state insurance laws, including identifying unfair trade practices:
* The Maryland Insurance Administration (A):Has statutory authority to examine insurers' books and records to investigate potential violations and protect consumers.
* National Association of Insurance Commissioners (B):Provides guidance but lacks enforcement powers in Maryland.
* Federal Deposit Insurance Corporation (C):Regulates banks, not insurers.
* PCIGC (D):Handles claims for insolvent insurers but does not investigate trade practices.
References:Maryland Insurance Article §2-209, COMAR 31.15.07, and MIA EnforcementGuidelines.

NEW QUESTION # 23
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. Adhesion
B. Subrogation
C. Waiver
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 # 24
The life insurance buyer's guide includes information about all of the following EXCEPT how to:

A. Compare life insurance policy requirements
B. Take civil action against an insurer
C. Calculate
D. Decide how much life insurance to buy

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:The life insurance buyer's guide is designed to help potential policyholders make informed decisions about life insurance by:
* Explaininghow to decide how much life insurance to buy (C), ensuring individuals purchase adequate coverage for their needs.
* Providing details tocompare life insurance policy requirements (D)to evaluate and choose the best policy.
* Showing how tocompare rates (A)for different policies to find cost-effective options.
However, it doesnot include instructions for taking civil action against an insurer (B). Such legal matters fall outside the scope of the guide and are addressed in regulatory and legal channels.
References: Maryland Insurance Buyer's Guide Guidelines and State Insurance Regulations.

NEW QUESTION # 25
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Valid Life-Producer Test Materials & Life-Producer Test Engine Version

Use Life-Producer Exam Questions [2025]-Best Preparation Material

Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q20-Q25):

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