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

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

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) Replacement
C) Rollover
D) Reinvestment

2. An insurer may refuse to underwrite a particular insurance applicant for a reason based wholly on:

A) Gender
B) Race
C) Creed
D) Medical condition

3. A universal life insurance policy can be described most accurately as a combination of:

A) A term insurance policy and an annuity
B) A flexible premium deposit fund and a monthly renewable term insurance policy
C) A mutual fund and a whole life insurance policy
D) An endowment policy and an interest-sensitive deposit fund

4. In surrendering a life insurance contract for its cash value, the total of premiums paid less the total of any dividends received in cash or used to offset premiums is:

A) The loan value
B) The gross proceeds
C) The cash value
D) The cost basis

5. A policyholder uses a Section 1035 exchange to replace an existing life insurance policy. If the new policy is later surrendered, the gain realized on termination is taxed as:

A) Ordinary income plus a 10% surcharge
B) A deferred capital gain
C) Ordinary income
D) A capital gain

Solutions: