PROFESSIONAL COMPOSITE TEST LIFE-PRODUCER PRICE - WIN YOUR MARYLAND INSURANCE ADMINISTRATION CERTIFICATE WITH TOP SCORE

Professional Composite Test Life-Producer Price - Win Your Maryland Insurance Administration Certificate with Top Score

Professional Composite Test Life-Producer Price - Win Your Maryland Insurance Administration Certificate with Top Score

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Tags: Composite Test Life-Producer Price, Life-Producer New Study Questions, Test Life-Producer Dumps, Reliable Life-Producer Mock Test, Reliable Life-Producer Test Sample

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q35-Q40):

NEW QUESTION # 35
Which of the following reinforces the rule that ambiguities in insurance contracts should be interpreted in favor of the policyholder?

  • A. Retention
  • B. Retrocession
  • C. Reasonable expectations
  • D. Representation

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Thedoctrine of reasonable expectationsensures that ambiguities in insurance policies are resolved in favor of the policyholder:
* Reasonable expectations (B):Protects policyholders by ensuring contracts are interpreted based on how an average person would understand them, especially when ambiguities exist.
* Representation (A):Refers to the accuracy of statements made during application, unrelated to contract interpretation.
* Retention (C):Concerns risk management, not contract ambiguities.
* Retrocession (D):Deals with reinsurance, not policyholder rights.
References:Maryland Contract Law, Insurance Ambiguities Guidelines, and COMAR 31.15.03.


NEW QUESTION # 36
Which activity is an unfair claims settlement practice?

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

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 # 37
The purpose of the Life and Health Insurance Guaranty Corporation is to guarantee:

  • A. That an insurance company will never fail.
  • B. The issuance of life insurance and health insurance policies.
  • C. The issuance of life insurance policies.
  • D. Benefits if the insurer is unable to pay benefits due to impairment or insolvency.

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:
The Life and Health Insurance Guaranty Corporation provides financial protection to policyholders:
Guarantees benefits in case of insurer insolvency (C), ensuring policyholders do not lose coverage.
It does not guarantee the issuance of policies (A and B), as policy issuance depends on underwriting.
It cannot ensure an insurer will never fail (D) but mitigates the impact of failure.
References: Maryland Life and Health Guaranty Corporation Act, Maryland Insurance Code.


NEW QUESTION # 38
In the event of a death claim under a life insurance policy, what happens to the amount of any existing policy loan?

  • A. It represents a primary claim against the estate of the insured.
  • B. It is canceled, and the beneficiary receives the face amount of the policy.
  • C. The beneficiary has an obligation to pay the amount to the insurance company.
  • D. It is deducted from the face amount of the policy together with any interest due.

Answer: D

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 # 39
Who normally receives dividends in a stock insurance company?

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

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:In astock insurance company, dividends are distributed to shareholders, who are the owners of the company.
* Shareholders (B):Receive dividends based on the company's profitability, as determined by the board of directors.
* Members of the board of directors (A):May also be shareholders, but their role as directors does not entitle them to dividends.
* Beneficiaries (C):Receive death benefits, not company dividends.
* Producers (D):Earn commissions or fees, not dividends.
References:Maryland Corporate Insurance Guidelines, Stock vs. Mutual Insurer Framework, and COMAR
31.05.03.


NEW QUESTION # 40
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