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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q79-Q84):

NEW QUESTION # 79
The entire contract provision in a life insurance policy states that the policy includes:

A. The Medical Information Bureau report
B. Any attending physician's statement
C. The producer's report to the insurer
D. The application attached to the policy

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Theentire contract clauseensures transparency by limiting the policy's terms to the policy document and any attached application materials.
* The application attached to the policy (B):Correct. It becomes part of the legal agreement between the insurer and the policyholder.
* The Medical Information Bureau report (A):Used for underwriting but not part of the policy.
* Any attending physician's statement (C):May inform underwriting but is not included in the policy.
* The producer's report to the insurer (D):Internal to the insurer and irrelevant to the contract itself.
References:Maryland Insurance Code §16-203, Entire Contract Provision Standards, and COMAR 31.09.09.

NEW QUESTION # 80
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 gross proceeds
B. The loan value
C. The cost basis
D. The cash value

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 # 81
In general practice, can the Maryland Insurance Administration inspect the business records of an insurance company or agency?

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

Answer: C

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 # 82
An applicant for life insurance must be informed that testing for Human Immunodeficiency Virus (HIV) infection is used to help determine:

A. The effective date and term of coverage
B. Whether an insurable interest exists
C. The insurability of the proposed insured
D. The type of policy that will be issued

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:HIV testing is used by insurers to evaluate the health risks associated with the applicant anddetermine insurability.
* The insurability of the proposed insured (D):Correct. HIV status can impact underwriting decisions, subject to Maryland's anti-discrimination laws.
* The type of policy issued (A):Irrelevant, as this is determined by the applicant's preferences and eligibility.
* Effective date and term of coverage (B):Determined separately from medical testing.
* Whether an insurable interest exists (C):Based on the relationship between the policyholder and insured, not medical testing.
References:Maryland Insurance Code §27-208, HIV Testing Disclosure Guidelines, and Maryland Human Rights Act.

NEW QUESTION # 83
Which activity is an unfair claims settlement practice?

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

Answer: D

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 # 84
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