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

Life-Producer real exams

Exam Code: Life-Producer

Exam Name: Maryland Life Producer Exam (Series 20-27)

Updated: Oct 21, 2026

Q & A: 85 Questions and Answers

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About Maryland Insurance Administration Life-Producer Exam

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Life-Producer exam dumps

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Maryland Insurance Administration Life-Producer Exam Syllabus Topics:

SectionObjectives
Topic 1: Types of Policies- Term Life Insurance
  • 1. Decreasing Term
  • 2. Renewable and Convertible Term
  • 3. Level Term
- Traditional Whole Life Products
  • 1. Ordinary Whole Life
  • 2. Limited-Pay and Single-Premium Life
- Interest-Sensitive Life Products
  • 1. Universal Life
  • 2. Variable Universal Life
  • 3. Variable Life
Topic 2: Federal Tax Considerations- Life Insurance Taxation
  • 1. Premiums
  • 2. Death Benefits
  • 3. Cash Values
- Qualified Plans
  • 1. 401(k)
  • 2. IRA
  • 3. Retirement Planning Concepts
Topic 3: Annuities- Annuity Principles
  • 1. Fixed Annuities
  • 2. Variable Annuities
  • 3. Indexed Annuities
- Annuity Benefit Options
  • 1. Joint and Survivor
  • 2. Life Income
  • 3. Period Certain
Topic 4: Maryland Insurance Laws and Regulations- Licensing Requirements
  • 1. Renewal Procedures
  • 2. Producer Licensing
  • 3. Continuing Education
- Regulatory Practices
  • 1. Ethics Standards
  • 2. Consumer Protection
  • 3. Unfair Trade Practices
Topic 5: Life Insurance Policy Riders and Provisions- Policy Riders
  • 1. Waiver of Premium
  • 2. Accidental Death
  • 3. Guaranteed Insurability
- Policy Provisions
  • 1. Ownership
  • 2. Beneficiaries
  • 3. Assignments
  • 4. Policy Loans

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

Question #1
Which advantage does an employer gain by providing a qualified retirement plan, as contrasted to a non- qualified plan?

A. The employer's contributions to the plan are tax deductible
B. It is useful in rewarding selected employees for good work performance
C. The plan funds are available for general business needs
D. It can be designed for the exclusive benefit of several key employees


Question #2
To determine whether unfair trade practices have been violated, who has the power to examine an insurer's books and records?

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


Question #3
If, after submitting an application, a producer becomes aware of a material fact that may affect the underwriting decision, the producer's ethical responsibility requires that the producer:

A. Report the fact to the insurance company
B. Advise the applicant to amend the application
C. Deny knowledge of the fact
D. Acknowledge the fact only if asked by the insurance company


Question #4
Who normally receives dividends in a stock insurance company?

A. Shareholders
B. Beneficiaries
C. Producers
D. Only members of the board of directors


Question #5
Which contract offers flexible deposits, deferred taxation, a guaranteed minimum interest rate, and death proceeds equal to the cash value?

A. A universal life insurance policy
B. A flexible premium fixed annuity
C. An adjustable whole life insurance policy
D. Available deferred annuity


Solutions:

Question #1
Correct Answer: A
Question #2
Correct Answer: C
Question #3
Correct Answer: A
Question #4
Correct Answer: A
Question #5
Correct Answer: B

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