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

  • Exam Code: Life-Producer
  • Exam Name: Maryland Life Producer Exam (Series 20-27)
  • Updated: Sep 12, 2026     Q & A: 85 Questions and Answers

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Maryland Insurance Administration Life-Producer Exam Syllabus Topics:

SectionWeightObjectives
Topic 1: Federal and State Tax Considerations10%- Tax treatment of policies and benefits
  • 1. Tax-deferred growth
    • 2. Estate tax aspects
      • 3. Income tax implications
        Topic 2: Annuities and Retirement Products15%- Types and features
        • 1. Distribution options
          • 2. Tax-qualified plans
            • 3. Fixed and variable annuities
              Topic 3: Life Insurance Underwriting and Premiums15%- Risk assessment and pricing
              • 1. Premium calculation factors
                • 2. Underwriting process
                  • 3. Classification of risks
                    Topic 4: General Insurance Concepts15%- Fundamental principles
                    • 1. Contract law basics
                      • 2. Risk and hazard
                        • 3. Insurable interest
                          Topic 5: Insurance Regulation15%- State insurance laws and administration
                          • 1. Licensing requirements and authority
                            • 2. Regulation of agents and insurers
                              • 3. Unfair trade practices
                                Topic 6: Life Insurance Policies25%- Policy types and provisions
                                • 1. Beneficiary designations
                                  • 2. Policy clauses and riders
                                    • 3. Term, whole life, universal life

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

                                      Question #1

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

                                      • A. Nonforfeiture
                                      • B. Rollover
                                      • C. Replacement
                                      • D. Reinvestment
                                      Reveal Solution  Discussion  0

                                      Correct Answer: C  🗳️

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                                      Question #2

                                      In the event of a death claim under a life insurance policy, what happens to the amount of any existing policy loan?

                                      • A. The beneficiary has an obligation to pay the amount to the insurance company.
                                      • B. It is deducted from the face amount of the policy together with any interest due.
                                      • C. It is canceled, and the beneficiary receives the face amount of the policy.
                                      • D. It represents a primary claim against the estate of the insured.
                                      Reveal Solution  Discussion  0

                                      Correct Answer: B  🗳️

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                                      Question #3

                                      To determine whether unfair trade practices have been violated, who has the power to examine an insurer's books and records?

                                      • A. The Maryland Insurance Administration
                                      • B. The Maryland Property & Casualty Insurance Guaranty Corporation (PCIGC)
                                      • C. The Federal Deposit Insurance Corporation
                                      • D. The National Association of Insurance Commissioners
                                      Reveal Solution  Discussion  0

                                      Correct Answer: A  🗳️

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                                      Question #4

                                      All of the following are common underwriting factors used by life insurance companies EXCEPT:

                                      • A. Driving record
                                      • B. Ethnic heritage
                                      • C. Family health history
                                      • D. Amount of insurance applied for
                                      Reveal Solution  Discussion  0

                                      Correct Answer: B  🗳️

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                                      Question #5

                                      An insurance agent's license may be revoked for all of the following reasons EXCEPT:

                                      • A. Having been found guilty of rebating
                                      • B. Violating any insurance statute or regulation
                                      • C. Having no insurer appointment in effect for ten days
                                      • D. Being convicted of a felony
                                      Reveal Solution  Discussion  0

                                      Correct Answer: C  🗳️

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