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Maryland Insurance Administration Life-Producer Exam Syllabus Topics:

SectionObjectives
Annuities- Annuity Benefit Options
  • 1. Joint and Survivor
  • 2. Life Income
  • 3. Period Certain
- Annuity Principles
  • 1. Fixed Annuities
  • 2. Indexed Annuities
  • 3. Variable Annuities
Maryland Insurance Laws and Regulations- Regulatory Practices
  • 1. Ethics Standards
  • 2. Consumer Protection
  • 3. Unfair Trade Practices
- Licensing Requirements
  • 1. Renewal Procedures
  • 2. Producer Licensing
  • 3. Continuing Education
Life Insurance Policy Riders and Provisions- Policy Provisions
  • 1. Ownership
  • 2. Beneficiaries
  • 3. Policy Loans
  • 4. Assignments
- Policy Riders
  • 1. Waiver of Premium
  • 2. Guaranteed Insurability
  • 3. Accidental Death
Federal Tax Considerations- Qualified Plans
  • 1. Retirement Planning Concepts
  • 2. 401(k)
  • 3. IRA
- Life Insurance Taxation
  • 1. Cash Values
  • 2. Death Benefits
  • 3. Premiums
Types of Policies- Term Life Insurance
  • 1. Renewable and Convertible Term
  • 2. Decreasing Term
  • 3. Level Term
- Traditional Whole Life Products
  • 1. Ordinary Whole Life
  • 2. Limited-Pay and Single-Premium Life
- Interest-Sensitive Life Products
  • 1. Universal Life
  • 2. Variable Life
  • 3. Variable Universal Life

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

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. Cost of doing business
  • C. Rebate
  • D. Gift
Answer: C

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The income benefits distributed during the liquidation phase of an annuity contract are normally payable to:

  • A. The beneficiary
  • B. The annuitant
  • C. The nominator
  • D. The owner
Answer: B

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How many days does a former employee have to convert a group term policy to an individual policy after employment is terminated?

  • A. 10
  • B. 31
  • C. 20
  • D. 30
Answer: B

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The penalty tax incurred for premature distributions from an IRA is:

  • A. 50%
  • B. 5%
  • C. 10%
  • D. 20%
Answer: C

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All of the following statements about the life insurance protection provided by a family life insurance policy are true EXCEPT:

  • A. Coverage is available only to heads of households who are 30 years old or younger
  • B. Coverage for dependents can be converted to whole life insurance without evidence of insurability
  • C. Life insurance coverage is provided automatically to children born during the policy period
  • D. Most of the premium amount purchases whole life insurance for the head of the household
Answer: A

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