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Maryland Insurance Administration Life-Producer Exam Syllabus Topics:
| Section | Objectives |
| Topic 1: 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. Incontestability clause
- 3. Grace period
|
| Topic 2: Life Insurance Products | - Permanent life insurance
- 1. Whole life
- 2. Universal life
- 3. Variable life
- Term life insurance
- 1. Level term, decreasing term
- Annuities
- 1. Immediate and deferred annuities
- 2. Fixed and variable annuities
|
| Topic 3: Insurance Fundamentals | - Risk management principles
- 1. Pure vs speculative risk
- 2. Methods of handling risk (avoidance, retention, transfer)
- Insurance concepts
- 1. Utmost good faith
- 2. Insurable interest
|
| Topic 4: State Regulation (Maryland Insurance Law) | - Producer licensing requirements
- 1. License application process
- 2. Pre-licensing education requirements
- Ethics and conduct
- 1. Unfair trade practices
- 2. Misrepresentation rules
|
Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions:
1. A life insurance producer is normally responsible for all of the following EXCEPT:
A) Approving policies for issue on behalf of the insurer
B) Notifying the company if a new policy will replace an existing policy
C) Delivering newly issued policies to applicants
D) Collecting the initial premium from the applicant
2. An insurable interest in each other's lives may exist in the absence of an economic interest when the individuals are:
A) Competitors
B) Marriage partners
C) Business associates
D) Traveling companions
3. In general practice, can the Maryland Insurance Administration inspect the business records of an insurance company or agency?
A) Yes, because all company and agency records are public domain
B) Yes, because of the powers defined by state laws
C) No, because of privacy considerations
D) No, because only an officer of the court can inspect these records
4. One factor in premium determination is the expenses of the:
A) Policy owner
B) Producer
C) Insurer
D) Policy beneficiary
5. A transaction in which a new life insurance policy is purchased, and an existing life insurance policy is surrendered is called:
A) Reinvestment
B) Rollover
C) Nonforfeiture
D) Replacement
Solutions:
Question # 1 Answer: A | Question # 2 Answer: B | Question # 3 Answer: B | Question # 4 Answer: C | Question # 5 Answer: D |