Useful Popular Life-Producer Exams & Leading Offer in Qualification Exams & Unparalleled Life-Producer: Maryland Life Producer Exam (Series 20-27)

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q73-Q78):

NEW QUESTION # 73
The needs approach to personal life insurance planning includes the creation of an emergency reserve fund.
This fund is designed primarily to:

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

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:Theneeds approachassesses financial requirements to determine the appropriate amount of life insurance.
* Covering unexpected expenses (B):Emergency reserve funds help beneficiaries handle unforeseen costs, such as urgent repairs, medical emergencies, or temporary loss of income.
* College tuition and books (A):This falls under education funding needs, not emergency reserves.
* Paying off mortgages (C):This is categorized as debt repayment, separate from the reserve fund.
* Providing retirement income (D):This is a long-term goal that requires separate planning, not immediate financial reserves.
References: Maryland Insurance Needs Analysis Guidelines and Life Insurance Planning Practices.

NEW QUESTION # 74
Which one of the following statements about participating life insurance is true?

A. Policyowners may be entitled to receive dividends.
B. Policyowners are assessed monthly for losses.
C. The insurer must be a stock company.
D. The insured must be the policyowner.

Answer: A

Explanation:
Comprehensive and Detailed Step by Step Explanation:
Participating life insurance policies are typically issued by mutual insurers and allow policyholders to:
Receive dividends (A), which are excess profits returned to policyholders.
Policyholders are not assessed for losses (B); insurers absorb losses.
The insured and policyowner can be separate entities, invalidating (C).
Mutual insurers, not stock companies, issue most participating policies, making (D) incorrect.
References: Maryland Mutual Insurance Practices and Participating Policy Guidelines.

NEW QUESTION # 75
A valid contract requires all of the following EXCEPT:

A. Competent parties
B. Written evidence
C. Offer and acceptance
D. Consideration

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:To be legally enforceable, a contract must meet the following requirements:
* Offer and acceptance (A):One party must propose terms, and the other must agree to them.
* Competent parties (B):Individuals must have the legal capacity to enter a contract (e.g., not minors or mentally incapacitated).
* Consideration (C):Each party must provide something of value (e.g., money, services, or promises).
Written evidence (D)is not required for all contracts, as some verbal agreements are enforceable depending on the type of contract (except for specific cases like real estate).
References: Maryland Contract Law Principles.

NEW QUESTION # 76
When a wage earner dies, the surviving family members may have all of the following expenses EXCEPT:

A. Final expenses
B. Unemployment tax liabilities
C. Death taxes
D. Family living expenses

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:When a wage earner dies, surviving families face significant financial obligations:
* Final expenses (A):Include funeral costs and related end-of-life expenses.
* Family living expenses (C):Cover ongoing needs like housing, food, and utilities.
* Death taxes (D):May apply based on estate value and Maryland inheritance laws.
Unemployment tax liabilities (B)are irrelevant as they apply only to employers, not surviving family members.
References: Maryland Estate Tax and Death Benefit Regulations.

NEW QUESTION # 77
All of the following statements about the life insurance protection provided by a family life insurance policy are true EXCEPT:

A. Coverage for dependents can be converted to whole life insurance without evidence of insurability
B. Coverage is available only to heads of households who are 30 years old or younger
C. Life insurance coverage is provided automatically to children born during the policy period
D. Most of the premium amount purchases whole life insurance for the head of the household

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Family life insurance policies provide comprehensive coverage for families, including automatic coverage for certain dependents.
* Option A:Correct. A significant portion of the premium funds whole life insurance for the primary insured (typically the head of household).
* Option B:Correct. Dependent children born after the policy is issued are automatically covered, often without additional cost or underwriting.
* Option C:Incorrect. Family life insurance policies are not restricted to individuals under 30; this criterion does not exist in standard policy guidelines.
* Option D:Correct. Coverage for dependents can often be converted to whole life insurance at specific ages or policy milestones without medical underwriting.
References:Maryland Family Life Insurance Policy Standards, COMAR 31.09.04, and Maryland Insurance Administration Dependent Coverage Guidelines.

NEW QUESTION # 78
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Useful Popular Life-Producer Exams & Leading Offer in Qualification Exams & Unparalleled Life-Producer: Maryland Life Producer Exam (Series 20-27)

Popular Life-Producer Exams - Download Latest Exam Objectives for Maryland Insurance Administration Life-Producer Exam – Pass Life-Producer Fast

Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q73-Q78):

100% Pass Life-Producer - Maryland Life Producer Exam (Series 20-27) Perfect Popular Exams

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