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Reliable Maryland Insurance Administration Life-Producer Test Sample | Relevant Life-Producer Exam Dumps

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q58-Q63):

NEW QUESTION # 58
An insurance agent's license may be revoked for all of the following reasons EXCEPT:

A. Being convicted of a felony
B. Having been found guilty of rebating
C. Violating any insurance statute or regulation
D. Having no insurer appointment in effect for ten days

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:An agent's license can be revoked for serious infractions that violate Maryland's insurance laws:
* Rebating (B):Prohibited under Maryland's Unfair Trade Practices Act.
* Felony conviction (C):Grounds for revocation as it questions the agent's moral character.
* Violating insurance statutes or regulations (D):Includes infractions such as fraud, misrepresentation, or failure to meet ethical standards.
* Having no insurer appointment for ten days (A):Incorrect. A lack of appointment does not constitute a violation; it only affects the ability to conduct business temporarily.
References:Maryland Insurance Article §10-126, COMAR 31.03.02, and Licensing Enforcement Guidelines.

NEW QUESTION # 59
A policyholder uses a Section 1035 exchange to replace an existing life insurance policy. If the new policy is later surrendered, the gain realized on termination is taxed as:

A. Ordinary income
B. A deferred capital gain
C. Ordinary income plus a 10% surcharge
D. A capital gain

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Under a1035 exchange, policyholders can replace an insurance policy or annuity without immediate tax consequences. However, gains realized later upon surrender of the new policy are taxed as:
* Ordinary income (A):The difference between the cash surrender value and the cost basis (premiums paid) is taxed as income.
* Capital gains (B):Not applicable because gains on life insurance are classified as ordinary income.
* Ordinary income plus a 10% surcharge (C):The 10% penalty applies only to premature withdrawals from retirement accounts, not life insurance.
* Deferred capital gain (D):Does not apply, as life insurance gains are not taxed under capital gain rules.
References:IRS Code Section 1035, Maryland Tax Treatment of Life Insurance Policies, and COMAR
31.09.12.

NEW QUESTION # 60
How does the payment of an accelerated benefit affect a life insurance policy?

A. It decreases the death benefit.
B. It decreases the grace period.
C. It increases the policy premium.
D. It increases the cash value.

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Accelerated benefits allow a policyholder to receive a portion of the death benefit early, often due to terminal illness or specific qualifying conditions:
* Decreases the death benefit (D):The accelerated amount reduces the death benefit available to beneficiaries.
* Increases the cash value (A):Incorrect; accelerated benefits are drawn from the policy, reducing cash value and death benefits.
* Increases the policy premium (B):Premiums generally remain unchanged.
* Decreases the grace period (C):Not affected by accelerated benefits.
References:Maryland Accelerated Benefit Provisions, COMAR 31.09.04, and IRS Tax Treatment of Accelerated Death Benefits.

NEW QUESTION # 61
In surrendering a life insurance contract for its cash value, the total of premiums paid less the total of any dividends received in cash or used to offset premiums is:

A. The cash value
B. The loan value
C. The cost basis
D. The gross proceeds

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Thecost basisis the total of all premiums paid minus dividends received or used to offset premiums. This figure is used to calculate the taxable portion of the cash value upon surrender.
* Cost basis (D):Represents the non-taxable portion of the surrender value; any amount exceeding this is considered taxable income.
* Cash value (A):The policy's accumulated value, which may include taxable gains.
* Loan value (B):Refers to the amount available for borrowing against the policy.
* Gross proceeds (C):The full amount received upon surrender, not accounting for cost basis deductions.
References:IRS Guidance on Life Insurance Taxation, Maryland Life Insurance Surrender Rules, and COMAR 31.09.14.

NEW QUESTION # 62
In general practice, can the Maryland Insurance Administration inspect the business records of an insurance company or agency?

A. No, because of privacy considerations
B. No, because only an officer of the court can inspect these records
C. Yes, because all company and agency records are public domain
D. Yes, because of the powers defined by state laws

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:The Maryland Insurance Administration (MIA) is authorized to inspect the records of insurers and agencies to ensure compliance with laws:
* Yes, because of the powers defined by state laws (B):Correct. The MIA has broad authority under Maryland law to audit, inspect, and investigate insurance business practices.
* No, because of privacy considerations (A):Incorrect. Regulatory inspections are exempt from privacy concerns when conducted lawfully.
* Only an officer of the court (C):Not required; the MIA operates independently within its legal mandate.
* Public domain records (D):Incorrect; insurance records are not publicly accessible unless required by law.
References:Maryland Insurance Article §2-209, COMAR 31.03.01, and Regulatory Oversight Guidelines.

NEW QUESTION # 63
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