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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q37-Q42):

NEW QUESTION # 37
The qualified first-time homebuyer distribution available in IRAs has a maximum lifetime limit per participant of:

A. $20,000
B. $2,000
C. $10,000
D. $5,000

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:The IRS allows a penalty-free distribution of up to
$10,000from an IRA for qualified first-time homebuyers, provided the funds are used for eligible home purchase expenses.
* $10,000 (C):Correct. This is the lifetime maximum allowed per participant.
* $2,000 (A) and $5,000 (B):Too low for the current IRS rules.
* $20,000 (D):Exceeds the limit and is incorrect.
References:IRS Publication 590-B, Maryland IRA Distribution Rules, and COMAR 31.09.12.

NEW QUESTION # 38
Which of the following statements about participating life insurance is true?

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

Answer: D

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 # 39
A producer is prohibited from:

A. Splitting commissions with a licensed nonresident producer who has jointly sold a policy
B. Selling insurance to family members
C. Allowing an applicant to sign a blank or incomplete application
D. Countersigning a policy sold in Maryland

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Allowing an applicant to sign a blank or incomplete application (B) violates ethical and legal standards, as it undermines transparency and could lead to disputes about coverage or claims.
* Selling insurance to family members (A):Permitted as long as the transactions areconducted ethically and comply with Maryland laws.
* Countersigning policies (C):Required in certain situations to validate contracts in Maryland.
* Splitting commissions with nonresident producers (D):Permissible under Maryland law, provided both producers are licensed and involved in the transaction.
References:Maryland Insurance Administration Producer Conduct Rules, COMAR 31.03.13, and Ethical Standards for Insurance Producers.

NEW QUESTION # 40
Which life annuity contract feature provides that benefit payments will continue for a minimum number of years regardless of when the annuitant dies?

A. Cash refund
B. Installment 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 # 41
The Maryland Insurance Administration may suspend an agent's license for all of the following reasons EXCEPT:

A. Sharing commissions with agents holding the same license type
B. Engaging in fraudulent or dishonest practices
C. Violating a regulation or order of the Maryland Insurance Administration
D. Mishandling premium payments

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:
The Maryland Insurance Administration enforces disciplinary measures:
Fraudulent practices (A), mishandling premiums (B), and violating regulations (D) are grounds for suspension or revocation.
Sharing commissions (C) with agents of the same license type is permitted under Maryland law if done legally and transparently.
References: Maryland Insurance Administration Regulatory Code and Enforcement Procedures.

NEW QUESTION # 42
......

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Sean Fisher Sean Fisher

Biography

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