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 11, 2026

Q & A: 85 Questions and Answers

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Maryland Insurance Administration Life-Producer Exam Syllabus Topics:

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

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

                                      Question #1

                                      The free-look period provided in a life insurance policy is usually:

                                      • A. 10 days
                                      • B. 60 days
                                      • C. 31 days
                                      • D. 45 days
                                      Reveal Solution  Discussion  0

                                      Correct Answer: A  🗳️

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                                      Question #2

                                      Which activity is an unfair claims settlement practice?

                                      • A. Including an arbitration provision in the insurer's policies
                                      • B. Denying claims on the basis of specific policy provisions
                                      • C. Negotiating the payment of claims where coverage or liability is in question
                                      • D. Offering settlements that are less than the fair value to offset insurer expenses
                                      Reveal Solution  Discussion  0

                                      Correct Answer: D  🗳️

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                                      Question #3

                                      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 cost basis
                                      • B. The cash value
                                      • C. The gross proceeds
                                      • D. The loan value
                                      Reveal Solution  Discussion  0

                                      Correct Answer: A  🗳️

                                      Explanation: Only visible for BootcampPDF members. You can sign-up / login (it's free).

                                      Question #4

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

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

                                      Correct Answer: A  🗳️

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                                      Question #5

                                      Which of the following reinforces the rule that ambiguities in insurance contracts should be interpreted in favor of the policyholder?

                                      • A. Retention
                                      • B. Representation
                                      • C. Reasonable expectations
                                      • D. Retrocession
                                      Reveal Solution  Discussion  0

                                      Correct Answer: C  🗳️

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