Exam Code: Life-Producer
Exam Name: Maryland Life Producer Exam (Series 20-27)
Certification Provider: Maryland Insurance Administration
Corresponding Certification: Maryland Insurance
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Maryland Insurance Administration Life-Producer Exam Syllabus Topics:

SectionObjectives
Insurance Fundamentals- Risk management principles
  • 1. Pure vs speculative risk
    • 2. Methods of handling risk (avoidance, retention, transfer)
      - Insurance concepts
      • 1. Utmost good faith
        • 2. Insurable interest
          Policy Provisions and Riders- Common riders
          • 1. Accidental death benefit
            • 2. Waiver of premium
              • 3. Living benefits riders
                - Life insurance policy clauses
                • 1. Grace period
                  • 2. Incontestability clause
                    • 3. Suicide clause
                      State Regulation (Maryland Insurance Law)- Ethics and conduct
                      • 1. Unfair trade practices
                        • 2. Misrepresentation rules
                          - Producer licensing requirements
                          • 1. Pre-licensing education requirements
                            • 2. License application process
                              Life Insurance Products- Term life insurance
                              • 1. Level term, decreasing term
                                - Annuities
                                • 1. Fixed and variable annuities
                                  • 2. Immediate and deferred annuities
                                    - Permanent life insurance
                                    • 1. Whole life
                                      • 2. Universal life
                                        • 3. Variable life

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

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

                                          • A. Having been found guilty of rebating
                                          • B. Having no insurer appointment in effect for ten days
                                          • C. Violating any insurance statute or regulation
                                          • D. Being convicted of a felony
                                          Reveal Solution  Discussion  0

                                          Correct Answer: B  🗳️

                                          Explanation: Only visible for VCE4Plus members. You can sign-up / login (it's free).

                                          How many days does a former employee have to convert a group term policy to an individual policy after employment is terminated?

                                          • A. 10
                                          • B. 30
                                          • C. 20
                                          • D. 31
                                          Reveal Solution  Discussion  0

                                          Correct Answer: D  🗳️

                                          Explanation: Only visible for VCE4Plus members. You can sign-up / login (it's free).

                                          A universal life insurance policy can be described most accurately as a combination of:

                                          • A. A flexible premium deposit fund and a monthly renewable term insurance policy
                                          • B. A mutual fund and a whole life insurance policy
                                          • C. An endowment policy and an interest-sensitive deposit fund
                                          • D. A term insurance policy and an annuity
                                          Reveal Solution  Discussion  0

                                          Correct Answer: A  🗳️

                                          Explanation: Only visible for VCE4Plus members. You can sign-up / login (it's free).

                                          An insurance producer who conducts business under an assumed or fictitious name must:

                                          • A. Apply for an additional appointment
                                          • B. Post a $10,000 bond
                                          • C. File the name with the Insurance Administration
                                          • D. Apply for an additional license
                                          Reveal Solution  Discussion  0

                                          Correct Answer: C  🗳️

                                          Explanation: Only visible for VCE4Plus members. You can sign-up / login (it's free).

                                          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. Adhesion
                                          • B. Estoppel
                                          • C. Subrogation
                                          • D. Waiver
                                          Reveal Solution  Discussion  0

                                          Correct Answer: B  🗳️

                                          Explanation: Only visible for VCE4Plus members. You can sign-up / login (it's free).

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