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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q19-Q24):

NEW QUESTION # 19
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. Intimidation
C. Defamation
D. Coercion

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 # 20
In the event of a death claim under a life insurance policy, what happens to the amount of any existing policy loan?

A. It is deducted from the face amount of the policy together with any interest due.
B. The beneficiary has an obligation to pay the amount to the insurance company.
C. It is canceled, and the beneficiary receives the face amount of the policy.
D. It represents a primary claim against the estate of the insured.

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:When a death claim is filed on a life insurance policy with an outstanding loan:
* Deducted from the face amount (A):The death benefit is reduced by the loan balance plus any accrued interest, ensuring the insurer recovers the outstanding debt.
* Beneficiary obligation (B):Incorrect. The beneficiary receives the adjusted benefit without personal liability for the loan.
* Claim against the estate (C):Incorrect. The loan is tied to the policy, not the estate.
* Canceled without adjustment (D):Incorrect, as insurers must recoup the loan amount from the death benefit.
References:Maryland Life Insurance Policy Loan Provisions, COMAR 31.09.03, and Standard Death Claim Settlement Practices.

NEW QUESTION # 21
Which activity is an unfair claims settlement practice?

A. Offering settlements that are less than the fair value to offset insurer expenses
B. Denying claims on the basis of specific policy provisions
C. Including an arbitration provision in the insurer's policies
D. Negotiating the payment of claims where coverage or liability is in question

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Offering settlements below fair value (D)is prohibited as an unfair claims settlement practice under Maryland law. Insurers must handle claims in good faith and pay fair settlements based on policy terms.
* Negotiating claims (A):Permitted when there are legitimate disputes over coverage or liability.
* Denying claims (B):Allowed if based on valid policy exclusions or conditions.
* Including arbitration provisions (C):Legal, provided they comply with state guidelines and are not coercive.
Unfair claims settlement practices include:
* Misrepresenting policy provisions.
* Failing to promptly investigate or settle claims.
* Attempting to settle for less than reasonable amounts.
References:Maryland Insurance Article §27-303, Unfair Claims Practices Act, and COMAR 31.15.07.

NEW QUESTION # 22
An insurable interest in each other's lives may exist in the absence of an economic interest when the individuals are:

A. Competitors
B. Marriage partners
C. Traveling companions
D. Business associates

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Insurable interest arises when there is a legitimate interest in the continued life of another person.
* Marriage partners (C)inherently have an insurable interest due to emotional and legal bonds.
* Competitors (A)andtraveling companions (D)do not typically meet the threshold for insurable interest.
* Business associates (B)may have insurable interest, but it usually requires contractual agreements (e.g., buy-sell agreements).
References: Maryland Insurance Code and Insurable Interest Guidelines.

NEW QUESTION # 23
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. An accelerated death benefit
B. A viatical settlement
C. A nonforfeiture option
D. A survivorship policy

Answer: B

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 # 24
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Reliable Life-Producer Exam Guide & Valid Life-Producer Test Blueprint

Valid Maryland Insurance Administration Life-Producer Test Blueprint - Life-Producer Paper

Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q19-Q24):

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