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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q15-Q20):

NEW QUESTION # 15
How many days does a former employee have to convert a group term policy to an individual policy after employment is terminated?

A. 0
B. 1
C. 2
D. 3

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Under Maryland insurance law, a terminated employee has31 days (D)to convert a group term life insurance policy into an individual policy without providing evidence of insurability.
* This grace period allows individuals to maintain coverage while securing individual insurance.
* 10 (A), 20 (B), or 30 days (C)are incorrect, as Maryland mandates a specific 31-day window.
References: Maryland Conversion Rights in Group Life Insurance Policies, Section 15-401 of the Insurance Article.

NEW QUESTION # 16
A life insurance policy becomes incontestable after it has been in force for:

A. 30 days
B. 3 years
C. 2 years
D. 6 months

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Theincontestability clauseprevents insurers from voiding a policy after a specified period, except in cases of fraud or non-payment of premiums:
* 2 years (C):Maryland law mandates a maximum incontestability period of two years. After this period, the insurer cannot deny claims due to misstatements on the application.
* 30 days (A) and 6 months (B):Too short for standard incontestability clauses.
* 3 years (D):Exceeds the Maryland limit.
References:Maryland Insurance Article §16-203, Incontestability Clause Guidelines, and COMAR 31.09.09.

NEW QUESTION # 17
Which activity is an unfair claims settlement practice?

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

Answer: C

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 # 18
Who normally receives dividends in a stock insurance company?

A. Producers
B. Only members of the board of directors
C. Beneficiaries
D. Shareholders

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:In astock insurance company, shareholders are the owners and receive dividends from the company's profits.
* Shareholders (B):They are entitled to dividends when declared by the board of directors, based on profitability.
* Board of directors (A):Oversee corporate governance and do not individually receive dividends as a right.
* Beneficiaries (C):Receive policy death benefits, not dividends.
* Producers (D):Earn commissions or fees, not dividends.
References:Maryland Corporate Insurance Structure Rules, Stock vs. Mutual Insurer Regulations, COMAR
31.05.03.

NEW QUESTION # 19
Which of the following statements about cash values in whole life insurance policies is true?

A. They result from the level premium concept.
B. They equal the policy face value at age 65.
C. They cannot be guaranteed.
D. They typically increase until age 65 and remain level thereafter.

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Cash values in whole life insurance are a key feature, and they:
* Accumulate as a result of thelevel premium concept (A), where excess premiums in the early years of the policy build the cash value.
* Are guaranteedin whole life policies, contrary to option B.
* Do not equal the face value at age 65 (C) unless specifically structured for that purpose.
* Continue to grow beyond age 65 as long as the policy remains active, invalidating option D.
References: Maryland Insurance Guidelines on Whole Life Policies, Cash Value, and Premium Structures.

NEW QUESTION # 20
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