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

Life-Producer Exam Simulator
  • Exam Code: Life-Producer
  • Exam Name: Maryland Life Producer Exam (Series 20-27)
  • Updated: Aug 13, 2026
  • Q & A: 85 Questions and Answers
  • Maryland Insurance Administration Life-Producer Q&A - in .pdf

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Maryland Insurance Administration Life-Producer exam simulator

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

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

                                          1. The Medical Information Bureau may release information in the proposed insured's file to:

                                          A) The insured's employer
                                          B) Any physician
                                          C) Employment agencies
                                          D) Member insurance companies


                                          2. The penalty tax incurred for premature distributions from an IRA is:

                                          A) 10%
                                          B) 20%
                                          C) 5%
                                          D) 50%


                                          3. The needs approach to personal life insurance planning includes the creation of an emergency reserve fund.
                                          This fund is designed primarily to:

                                          A) Pay off an existing mortgage
                                          B) Pay for college tuition and books
                                          C) Provide retirement income
                                          D) Cover the cost of unexpected expenses


                                          4. 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) An endowment policy and an interest-sensitive deposit fund
                                          C) A mutual fund and a whole life insurance policy
                                          D) A term insurance policy and an annuity


                                          5. A producer may be guilty of misrepresentation if the producer:

                                          A) Required timely written notice of loss for all claims
                                          B) Failed to disclose exclusions of the policy
                                          C) Issued a full settlement check expressly releasing the insurer
                                          D) Denied a claim for failure of the policyholder to prove damages


                                          Solutions:

                                          Question # 1
                                          Answer: D
                                          Question # 2
                                          Answer: A
                                          Question # 3
                                          Answer: D
                                          Question # 4
                                          Answer: A
                                          Question # 5
                                          Answer: B

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