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

Pass Life-Producer Exam Cram

Exam Code: Life-Producer

Exam Name: Maryland Life Producer Exam (Series 20-27)

Updated: Aug 22, 2026

Q & A: 85 Questions and Answers

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Maryland Insurance Administration Life-Producer Exam Syllabus Topics:
SectionObjectives
Topic 1: State Regulation (Maryland Insurance Law)- Ethics and conduct
  • 1. Misrepresentation rules
    • 2. Unfair trade practices
      - Producer licensing requirements
      • 1. License application process
        • 2. Pre-licensing education requirements
          Topic 2: 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
                  Topic 3: Policy Provisions and Riders- Common riders
                  • 1. Accidental death benefit
                    • 2. Living benefits riders
                      • 3. Waiver of premium
                        - Life insurance policy clauses
                        • 1. Suicide clause
                          • 2. Grace period
                            • 3. Incontestability clause
                              Topic 4: Life Insurance Products- Permanent life insurance
                              • 1. Variable life
                                • 2. Universal life
                                  • 3. Whole life
                                    - Term life insurance
                                    • 1. Level term, decreasing term
                                      - Annuities
                                      • 1. Immediate and deferred annuities
                                        • 2. Fixed and variable annuities
                                          Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions:

                                          1. An existing life insurance policy is sold by the policyowner to help finance the cost of a terminal illness. This is an example of:

                                          A) A survivorship policy
                                          B) An accelerated death benefit
                                          C) A nonforfeiture option
                                          D) A viatical settlement


                                          2. Which of the following reinforces the rule that ambiguities in insurance contracts should be interpreted in favor of the policyholder?

                                          A) Retention
                                          B) Representation
                                          C) Retrocession
                                          D) Reasonable expectations


                                          3. An applicant for life insurance must be informed that testing for Human Immunodeficiency Virus (HIV) infection is used to help determine:

                                          A) The effective date and term of coverage
                                          B) Whether an insurable interest exists
                                          C) The type of policy that will be issued
                                          D) The insurability of the proposed insured


                                          4. A transaction in which a new life insurance policy is purchased, and an existing life insurance policy is surrendered is called:

                                          A) Nonforfeiture
                                          B) Replacement
                                          C) Reinvestment
                                          D) Rollover


                                          5. Which advantage does an employer gain by providing a qualified retirement plan, as contrasted to a non- qualified plan?

                                          A) The plan funds are available for general business needs
                                          B) It is useful in rewarding selected employees for good work performance
                                          C) The employer's contributions to the plan are tax deductible
                                          D) It can be designed for the exclusive benefit of several key employees


                                          Solutions:

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

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