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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q14-Q19):

NEW QUESTION # 14
In determining the payment of accelerated life insurance benefits, all of the following are considered activities of daily living EXCEPT:

A. Bathing
B. Dressing
C. Speaking
D. Eating

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Accelerated benefits are often triggered by the inability to performactivities of daily living (ADLs), which are standard measures of functional capacity.
* Dressing (A), Eating (B), Bathing (C):Correctly identified as ADLs used to assess eligibility for benefits.
* Speaking (D):Not classified as an ADL under Maryland insurance definitions or long-term care benefit triggers.
References:Maryland Accelerated Benefits Guidelines, Long-Term Care Standards, and COMAR 31.09.04.

NEW QUESTION # 15
All of the following statements about universal life insurance are true EXCEPT:

A. Failure to pay the renewal premium automatically causes the policy to lapse
B. The Internal Revenue Code places a minimum limitation on the difference between the cash value and the death benefit
C. It may be written with either a level death benefit or an increasing death benefit
D. Withdrawals of the policy cash value are permitted and sometimes subject to a surrender charge

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Universal life insurance policies offer flexibility and adaptability, but they also have specific rules:
* Minimum cash value vs. death benefit (A):Correct. IRS rules require a minimum difference to maintain tax-advantaged status.
* Level or increasing death benefits (B):Correct. Policyholders can choose based on their needs.
* Cash value withdrawals (C):Correct. Withdrawals are allowed but may incur surrender charges.
* Automatic lapse (D):Incorrect. Universal life does not immediately lapse due to missed payments; instead, costs are deducted from the cash value, and the policy remains in force until the cash value is depleted.
References:Maryland Insurance Administration Policy Lapse Guidelines, IRS Tax Code §7702, and COMAR
31.09.13.

NEW QUESTION # 16
The free-look period provided in a life insurance policy is usually:

A. 31 days
B. 10 days
C. 45 days
D. 60 days

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Thefree-look periodis a consumer protection mechanism allowing policyholders to cancel a policy within a specific period for a full refund.
* 10 days (A):Maryland law requires a minimum free-look period of 10 days for life insurance policies, allowing buyers to review the policy without financial obligation.
* 31 days (B), 45 days (C), and 60 days (D):These exceed Maryland's statutory minimum and are not standard requirements unless specifically offered by the insurer.
References:Maryland Free-Look Provisions, COMAR 31.09.09, and Maryland Consumer Protection Act.

NEW QUESTION # 17
The free-look period provided in a life insurance policy is usually:

A. 31 days
B. 10 days
C. 45 days
D. 60 days

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Thefree-look periodis a consumer protection feature allowing policyholders to cancel a policy within a specified period for a full refund.
* 10 days (A):Maryland requires a minimum free-look period of 10 days for most individual life insurance policies. This provides enough time for policy review.
* 31 days (B), 45 days (C), and 60 days (D):These periods exceed Maryland's legal minimum and are typically not required unless specified by the insurer.
References:Maryland Free-Look Provisions, COMAR 31.09.09, and Maryland Consumer Protection Insurance Guidelines.

NEW QUESTION # 18
An existing life insurance policy is sold by the policyowner to help finance the cost of a terminal illness. This is an example of:

A. A viatical settlement
B. An accelerated death benefit
C. A nonforfeiture option
D. A survivorship policy

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Aviatical settlementinvolves selling a life insurance policy to a third party for immediate cash, typically to cover expenses associated with terminal illnesses.
* Viatical settlement (C):The policyowner receives a percentage of the death benefit to cover high medical costs or improve their quality of life.
* Nonforfeiture options (A):Relate to preserving cash value if the policy lapses, not a sale.
* Accelerated death benefit (B):Involves accessing a portion of the death benefit directly from the insurer, not through a third party.
* Survivorship policies (D):Cover two insureds and pay the death benefit only after both have passed away, unrelated to this case.
References: Maryland Viatical Settlement Law and Insurance Code.

NEW QUESTION # 19
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Laura Scott Laura Scott

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