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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q49-Q54):

NEW QUESTION # 49
How long will income benefit payments continue under a life annuity with ten years certain?

A. Only for ten years, regardless of how long the annuitant lives
B. Until the annuitant dies, and for an additional ten years
C. Until the annuitant dies, or for ten years, whichever is longer
D. Only until the annuitant dies, regardless of when death occurs

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:A life annuity with aten years certainprovision guarantees payments for at least ten years. If theannuitant dies before the end of ten years, payments continue to the beneficiary for the remainder of the period.
* Until the annuitant dies, or for ten years, whichever is longer (A):Ensures payments for life with a minimum ten-year guarantee.
* Until the annuitant dies, and for an additional ten years (B):Incorrect; payments cease after the guaranteed period or the annuitant's lifetime.
* Only until the annuitant dies (C):Incorrect; the ten-year guarantee applies.
* Only for ten years (D):Incorrect; payments continue if the annuitant outlives the guaranteed period.
References:Maryland Annuity Payout Options Guidelines, COMAR 31.09.08.

NEW QUESTION # 50
The amount received for a life insurance policy in a viatical settlement is:

A. Greater than the death benefit
B. Equal to the sum of all premiums paid
C. Less than the death benefit
D. Equal to the death benefit

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:A viatical settlement allows a policyowner (often with a terminal illness) to sell their life insurance policy for immediate cash, typically to a third party.
* Less than the death benefit (D):The settlement amount is a fraction of the policy's face value, reflecting the buyer's expected profit after paying premiums and collecting the death benefit.
* Equal to the sum of all premiums paid (A):This is incorrect as premiums paid do not determine the settlement amount.
* Equal to the death benefit (B):The buyer profits from receiving the full death benefit upon the insured' s death, so they pay less upfront.
* Greater than the death benefit (C):This would result in a financial loss for the buyer, which is not the case in viatical settlements.
References: Maryland Viatical Settlement Act, COMAR 31.09.10, and Terminal Illness Policyholder Assistance Guidelines.

NEW QUESTION # 51
Which life annuity contract feature provides that benefit payments will continue for a minimum number of years regardless of when the annuitant dies?

A. Cost recovery
B. Cash refund
C. Installment refund
D. Period certain

Answer: D

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 # 52
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 nonforfeiture option
B. An accelerated death benefit
C. A survivorship policy
D. A viatical settlement

Answer: D

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 # 53
If an insurer knowingly fails to enforce a policy provision on one occasion, the insurer may be prevented from enforcing it on a subsequent occasion by the principle of:

A. Waiver
B. Adhesion
C. Subrogation
D. Estoppel

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:The principle ofestoppelprevents a party from asserting rights or enforcing terms if their prior actions contradicted such enforcement.
* Estoppel (C):If the insurer knowingly disregards a policy provision (e.g., a late premium payment), they may be barred from enforcing it later if the policyholder relied on the prior inaction.
* Adhesion (A):Refers to contracts where terms are dictated by one party (e.g., the insurer), not applicable here.
* Waiver (B):Occurs when an insurer voluntarily relinquishes a known right but does not necessarily create future obligations like estoppel does.
* Subrogation (D):Involves transferring the insured's claim rights to the insurer after a loss, unrelated to this scenario.
References: Maryland Legal Doctrines on Insurance Enforcement and Contractual Estoppel.

NEW QUESTION # 54
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Examcollection Life-Producer Dumps Imparts You the Best Knowledge of Life-Producer Exam

Online Maryland Insurance Administration Life-Producer Training, Study Life-Producer Tool

Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q49-Q54):

100% Pass Quiz 2025 Fantastic Life-Producer: Examcollection Maryland Life Producer Exam (Series 20-27) Dumps