LIFE-PRODUCER EXCELLECT PASS RATE & TEST LIFE-PRODUCER PREP

Life-Producer Excellect Pass Rate & Test Life-Producer Prep

Life-Producer Excellect Pass Rate & Test Life-Producer Prep

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Tags: Life-Producer Excellect Pass Rate, Test Life-Producer Prep, Download Life-Producer Pdf, Life-Producer Latest Test Camp, Top 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
The purpose of licensing insurance agents is to:

  • A. Monitor insurance sales activity in Maryland
  • B. Demonstrate that the agent is qualified to act on behalf of insurers in Maryland
  • C. Limit the number of agents who do business within Maryland
  • D. Regulate rates to prevent unfair discrimination among insureds

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:
Insurance licensing ensures agents meet professional standards:
Licensure demonstrates qualifications (B) to act ethically and competently on behalf of insurers.
It does not limit the number of agents (A).
Sales activity monitoring (C) and rate regulation (D) are separate regulatory functions.
References: Maryland Insurance Administration Licensing Standards.


NEW QUESTION # 59
Which advantage does an employer gain by providing a qualified retirement plan, as contrasted to a non- qualified plan?

  • A. The employer's contributions to the plan are tax deductible
  • B. It can be designed for the exclusive benefit of several key employees
  • C. It is useful in rewarding selected employees for good work performance
  • D. The plan funds are available for general business needs

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Qualified retirement plans, such as 401(k) and pension plans, offer significant tax advantages for employers:
* Tax-deductible contributions (B):Employer contributions to qualified plans are deductible as business expenses, reducing taxable income.
* Exclusive benefit for key employees (A):Not allowed under IRS rules, as qualified plans must follow non-discrimination requirements.
* Funds available for business needs (C):Incorrect, as plan funds are held in trust and cannot be used for business operations.
* Rewarding selected employees (D):Qualified plans must comply with anti-discrimination rules, so rewards must benefit all eligible employees.
References:IRS Publication 560, Maryland Retirement Plan Standards, and COMAR 31.09.11.


NEW QUESTION # 60
Which life annuity contract feature provides that benefit payments will continue for a minimum number of years regardless of when the annuitant dies?

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

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:A "period certain" option ensures benefit payments are made for a set duration even if the annuitant dies before the end of the period.
* Period certain (B)guarantees a minimum payment period to beneficiaries.
* Cost recovery (A)andrefund options (C and D)relate to returning unused premiums or unpaid balances but do not ensure a minimum payout period.
References: Maryland Annuity Regulations and Contract Features.


NEW QUESTION # 61
When an individual replaces a life insurance policy, the form entitled "Important Notice Replacement of Life Insurance or Annuities" is REQUIRED to be signed by:

  • A. The insurance producer only
  • B. An officer of the insurer
  • C. The applicant only
  • D. Both the applicant and the insurance producer

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:In Maryland, the replacement of life insurance policies requires safeguards to protect policyholders.
* TheImportant Notice Replacement of Life Insurance or Annuitiesform must be signed byboth the applicant and the insurance producer (B)to ensure informed consent and regulatory compliance.
* The applicant only (A)does not suffice, as producer acknowledgment is essential.
* The producer only (C)lacks the policyholder's agreement.
* An officer of the insurer (D)does not participate in this process.
References: Maryland Replacement of Life Insurance Regulations, COMAR 31.09.05.


NEW QUESTION # 62
The qualified first-time homebuyer distribution available in IRAs has a maximum lifetime limit per participant of:

  • A. $10,000
  • B. $2,000
  • C. $20,000
  • D. $5,000

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:The IRS allows a penalty-free distribution of up to
$10,000from an IRA for qualified first-time homebuyers, provided the funds are used for eligible home purchase expenses.
* $10,000 (C):Correct. This is the lifetime maximum allowed per participant.
* $2,000 (A) and $5,000 (B):Too low for the current IRS rules.
* $20,000 (D):Exceeds the limit and is incorrect.
References:IRS Publication 590-B, Maryland IRA Distribution Rules, and COMAR 31.09.12.


NEW QUESTION # 63
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