MARYLAND STATE EXAM LIFE INSURANCE LICENSE

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MARYLAND STATE EXAM LIFE INSURANCE LICENSE

PRACTICE EXAM QUESTIONS

Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -35 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: Jonas is a whole life insurance policy owner and would like to add coverage for his two children which of the following products would allow him to accomplish this

Answer:

Child term rider

Question 2: During the accumulation. Who can surrender an annuity

Answer:

Policy owner

Question 3: Declarations

Answer:

In what part of an insurance policy or policy benefits found?Question 4: A securities license is required for a life insurance producer to sell

Answer:

Variable life insurance

Question 5: Transference

Answer:

In regard to a life insurance contract which of the following statements is not true regarding the concept of insurable interest

Question 6: What does the word level and level term describe

Answer:

The face amount

Question 7: At least 21 years old

Answer:

The two major actions required for a policyholder to comply with the reinstatement clause are

Question 8: Which of the following is not considered advertising?

Answer:

Oh rating from A rating service company such as a.m. best Question 9: Which of these factors would and ensure consider when determining whether to except a group life plan

Answer:

Average age Question 10: Interest on death benefits are not required to be paid by the insurance company as long as proceeds are paid within 30 days after the date of the death of the insured

Answer:

Index whole life insurance Contains a securities component that access as a hedge against inflation

Question 11: 59 1/2

Answer:

A spouse and child can be added to the primary insured's coverage as what kind of rider Question 12: Maria the insurance producer completes a sale by collecting the required signatures on the application and obtaining the initial premium afterward she Deposits the check into our personal checking account or he is committed to what crime

Answer:

Fraud

Question 13: Which of the following is present when an applicant stands to lose value if the insured dies

Answer:

Insurable interest

Question 14: Fixed period Settlement options are considered to be a form of a

Answer:

Annuity

Question 15: Only the insurer is legally bound

Answer:

Eric is 35 years old and owns an IRA at what age can she began to receive distributions without a tax penalty

Question 16: A table of ensure that is owed by 12 three owners is called mutual

Answer:

A Maryland insurance producer solicit an insurance policy in the event of a controversy between the insured and the company, the producer is considered to represent the company Question 17: Shirley has $500,000 10-year-old son nonrenewable level term life policy. If she dies 15 years after the policy inception date, how will her beneficiary receive?

Answer:

Nothing Question 18: A producer who sells an individual life insurance policy in Maryland must deliver the policy owner in the policy summery and buyers guide

Answer:

Which type of policy combines the flexibility of a universal life policy with investment choices ?Question 19: What may be the result of replacing an existing life insurance policy with a new one

Answer:

Surrender charge

Question 20: Provide evidence of insurability pay past due premiums

Answer:

What makes an insurance policy a unilateral contract

Question 21: Variable universal life policy

Answer:

A producer who is licensed in Maryland but reside in another state is called a nonresident producer Question 22: The double indemnity provision in a life insurance policy pertains to an insured's death caused by an accident

Answer:

Which of the following is not a requirement for soliciting insurance in Maryland Question 23: Which of the following is not information found in a life insurance buyers guide

Answer:

How to take legal action against a insurance company

Question 24: Family term

Answer:

John the insurance producer has an insurance license that expires in six months if you thousand application for renewal before the expiration date his license will remain in effect until a new one is issued Question 25: Failing to properly of provide a reasonable exclamation for that now of a claim is considered to be a

Answer:

Unfair claim settlement practice Question 26: If the beneficiary died from the same accident as the insured individual the insurer will proceed as if

Answer:

The insured outlived the beneficiary