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Maryland Insurance Administration Life-Producer Exam Overview:
| Certification Vendor: | Maryland Insurance Administration |
|---|---|
| Exam Name: | Maryland Life Insurance Producer Examination (Life Producer) |
| Exam Number: | Series 20-27 |
| Related Certifications: | Maryland Property & Casualty Producer License Maryland Health Insurance Producer License |
| Available Languages: | English |
| Exam Format: | Multiple-choice |
| Recommended Training: | PSI Exam Candidate Information Bulletin Maryland Insurance Pre-Licensing Education Providers (State-approved list) |
| Exam Registration: | PSI Maryland Insurance Licensing Exam Registration Maryland Insurance Administration Licensing Information |
| Sample Questions: | Maryland Insurance Administration Life-Producer Sample Questions |
| Exam Way: | Computer-based testing at authorized PSI testing centers (and/or approved remote proctoring depending on PSI availability in Maryland). |
| Pre Condition: | Completion of state-approved pre-licensing education course required before exam registration. |
| Official Syllabus URL: | https://insurance.maryland.gov |
Maryland Insurance Administration Life-Producer Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Insurance Fundamentals | - Risk management principles
|
| Topic 2: Policy Provisions and Riders | - Life insurance policy clauses
|
| Topic 3: Life Insurance Products | - Term life insurance
|
| Topic 4: State Regulation (Maryland Insurance Law) | - Ethics and conduct
|
Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions:
Question 1
Which one of the following life insurance settlement options pays a predetermined monthly benefit until principal and interest are exhausted?
A. The interest-only option
B. The accelerated endowment option
C. The fixed amount installment option
D. The fixed period installment option
Question 2
The life insurance buyer's guide includes information about all of the following EXCEPT how to:
A. Decide how much life insurance to buy
B. Calculate
C. Take civil action against an insurer
D. Compare life insurance policy requirements
Question 3
In order to qualify for a company convention, an insurance producer agrees to pay the first quarterly premium for the applicant for new insurance. This is called a:
A. Rebate
B. Loan
C. Cost of doing business
D. Gift
Question 4
In the event of a death claim under a life insurance policy, what happens to the amount of any existing policy loan?
A. It represents a primary claim against the estate of the insured.
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. The beneficiary has an obligation to pay the amount to the insurance company.
Question 5
A producer is prohibited from:
A. Allowing an applicant to sign a blank or incomplete application
B. Selling insurance to family members
C. Splitting commissions with a licensed nonresident producer who has jointly sold a policy
D. Countersigning a policy sold in Maryland
Solutions:
| Question 1 Answer: C | Question 2 Answer: C | Question 3 Answer: A | Question 4 Answer: B | Question 5 Answer: A |
By Marsh
