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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q38-Q43):
NEW QUESTION # 38
Which activity is an unfair claims settlement practice?
Answer: B
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 # 39
How long will income benefit payments continue under a life annuity with ten years certain?
Answer: C
Explanation:
Comprehensive and Detailed Step by Step Explanation:A life annuity with aten years certainprovision guarantees payments for at least ten years. If theannuitant dies before the end of ten years, payments continue to the beneficiary for the remainder of the period.
* Until the annuitant dies, or for ten years, whichever is longer (A):Ensures payments for life with a minimum ten-year guarantee.
* Until the annuitant dies, and for an additional ten years (B):Incorrect; payments cease after the guaranteed period or the annuitant's lifetime.
* Only until the annuitant dies (C):Incorrect; the ten-year guarantee applies.
* Only for ten years (D):Incorrect; payments continue if the annuitant outlives the guaranteed period.
References:Maryland Annuity Payout Options Guidelines, COMAR 31.09.08.
NEW QUESTION # 40
Which one of the following causes of death typically would be included under an accidental death rider attached to a life insurance policy?
Answer: D
Explanation:
Comprehensive and Detailed Step by Step Explanation:An accidental death rider pays an additional benefit if death results solely from an accident.
* Automobile accidents resulting from the insured's negligence (D):Covered, as negligence does not negate the accidental nature of the event. The death must result directly from the accident without other contributing factors like illness.
* Intentionally self-inflicted injuries (A):Excluded, as they are not accidental.
* Illness or disease (B):Excluded, as accidental death benefits only apply to unforeseen events, not natural causes.
* War or acts of war (C):Excluded in most policies due to specific exclusions for wartime risks.
References:Maryland Insurance Administration Policy Rider Guidelines and Accidental Death Coverage Standards, COMAR 31.09.04.
NEW QUESTION # 41
In the event of a death claim under a life insurance policy, what happens to the amount of any existing policy loan?
Answer: C
Explanation:
Comprehensive and Detailed Step by Step Explanation:When a death claim is filed on a life insurance policy with an outstanding loan:
* Deducted from the face amount (A):The death benefit is reduced by the loan balance plus any accrued interest, ensuring the insurer recovers the outstanding debt.
* Beneficiary obligation (B):Incorrect. The beneficiary receives the adjusted benefit without personal liability for the loan.
* Claim against the estate (C):Incorrect. The loan is tied to the policy, not the estate.
* Canceled without adjustment (D):Incorrect, as insurers must recoup the loan amount from the death benefit.
References:Maryland Life Insurance Policy Loan Provisions, COMAR 31.09.03, and Standard Death Claim Settlement Practices.
NEW QUESTION # 42
The beneficiary of a life insurance policy is the:
Answer: B
Explanation:
Comprehensive and Detailed Step by Step Explanation:Thebeneficiaryis the individual or entity named in the life insurance policy to receive the death benefit upon the insured's death.
* Designated recipient of proceeds (B):The policyholder nominates this party in the policy documents.
* Ownership interest in the policy (A):Refers to the policyowner, who controls and funds the policy but may not be the beneficiary.
* Insurer (C):Issues and administers the policy but is not a recipient.
* Owner of the cash value fund (D):This pertains to cash value accumulation, separate from death benefit designation.
References: Maryland Life Insurance Policy Provisions and Beneficiary Designation Rules.
NEW QUESTION # 43
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