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Maryland Insurance Administration Life-Producer Exam Syllabus Topics:

SectionObjectives
Policy Provisions and Riders- Common riders
  • 1. Accidental death benefit
    • 2. Living benefits riders
      • 3. Waiver of premium
        - Life insurance policy clauses
        • 1. Grace period
          • 2. Incontestability clause
            • 3. Suicide clause
              State Regulation (Maryland Insurance Law)- Producer licensing requirements
              • 1. Pre-licensing education requirements
                • 2. License application process
                  - Ethics and conduct
                  • 1. Misrepresentation rules
                    • 2. Unfair trade practices
                      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
                              Life Insurance Products- Annuities
                              • 1. Immediate and deferred annuities
                                • 2. Fixed and variable annuities
                                  - Term life insurance
                                  • 1. Level term, decreasing term
                                    - Permanent life insurance
                                    • 1. Variable life
                                      • 2. Universal life
                                        • 3. Whole life

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

                                          The free-look period provided in a life insurance policy is usually:

                                          • A. 31 days
                                          • B. 45 days
                                          • C. 60 days
                                          • D. 10 days
                                          Reveal Solution  Discussion  0

                                          Correct Answer: D  🗳️

                                          Explanation: Only visible for Lead1Pass members. You can sign-up / login (it's free).

                                          A group policy may be issued to a labor union. The members eligible for insurance under the policy shall be:

                                          • A. Members of any union
                                          • B. Only members of the union who are under the age of 65
                                          • C. Healthy members of the union
                                          • D. All of the members of the union
                                          Reveal Solution  Discussion  0

                                          Correct Answer: D  🗳️

                                          Explanation: Only visible for Lead1Pass members. You can sign-up / login (it's free).

                                          A life insurance producer is normally responsible for all of the following EXCEPT:

                                          • A. Notifying the company if a new policy will replace an existing policy
                                          • B. Approving policies for issue on behalf of the insurer
                                          • C. Collecting the initial premium from the applicant
                                          • D. Delivering newly issued policies to applicants
                                          Reveal Solution  Discussion  0

                                          Correct Answer: B  🗳️

                                          Explanation: Only visible for Lead1Pass members. You can sign-up / login (it's free).

                                          All of the following factors may affect premium determination in individual life insurance EXCEPT:

                                          • A. Race
                                          • B. Health
                                          • C. Occupation
                                          • D. Age
                                          Reveal Solution  Discussion  0

                                          Correct Answer: A  🗳️

                                          Explanation: Only visible for Lead1Pass members. You can sign-up / login (it's free).

                                          All of the following statements about the life insurance protection provided by a family life insurance policy are true EXCEPT:

                                          • A. Coverage for dependents can be converted to whole life insurance without evidence of insurability
                                          • B. Life insurance coverage is provided automatically to children born during the policy period
                                          • C. Most of the premium amount purchases whole life insurance for the head of the household
                                          • D. Coverage is available only to heads of households who are 30 years old or younger
                                          Reveal Solution  Discussion  0

                                          Correct Answer: D  🗳️

                                          Explanation: Only visible for Lead1Pass members. You can sign-up / login (it's free).

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