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

  • 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:

SectionObjectives
Maryland Insurance Laws and Regulations- Regulatory Practices
  • 1. Unfair Trade Practices
  • 2. Consumer Protection
  • 3. Ethics Standards
- Licensing Requirements
  • 1. Renewal Procedures
  • 2. Producer Licensing
  • 3. Continuing Education
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. Variable Universal Life
  • 2. Universal Life
  • 3. Variable Life
Life Insurance Policy Riders and Provisions- Policy Riders
  • 1. Accidental Death
  • 2. Waiver of Premium
  • 3. Guaranteed Insurability
- Policy Provisions
  • 1. Assignments
  • 2. Policy Loans
  • 3. Ownership
  • 4. Beneficiaries
Federal Tax Considerations- Qualified Plans
  • 1. Retirement Planning Concepts
  • 2. IRA
  • 3. 401(k)
- Life Insurance Taxation
  • 1. Cash Values
  • 2. Death Benefits
  • 3. Premiums
Annuities- Annuity Principles
  • 1. Fixed Annuities
  • 2. Indexed Annuities
  • 3. Variable Annuities
- Annuity Benefit Options
  • 1. Joint and Survivor
  • 2. Life Income
  • 3. Period Certain

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

Question #1

One factor in premium determination is the expenses of the:

  • A. Policy owner
  • B. Policy beneficiary
  • C. Insurer
  • D. Producer
Reveal Solution  Discussion  0

Correct Answer: C  🗳️

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Question #2

The needs approach to personal life insurance planning includes the creation of an emergency reserve fund.
This fund is designed primarily to:

  • A. Provide retirement income
  • B. Pay for college tuition and books
  • C. Pay off an existing mortgage
  • D. Cover the cost of unexpected expenses
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

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Question #3

Which of the following statements about cash values in whole life insurance policies is true?

  • A. They equal the policy face value at age 65.
  • B. They result from the level premium concept.
  • C. They typically increase until age 65 and remain level thereafter.
  • D. They cannot be guaranteed.
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

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Question #4

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

  • A. The plan funds are available for general business needs
  • B. It can be designed for the exclusive benefit of several key employees
  • C. The employer's contributions to the plan are tax deductible
  • D. It is useful in rewarding selected employees for good work performance
Reveal Solution  Discussion  0

Correct Answer: C  🗳️

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Question #5

The Medical Information Bureau may release information in the proposed insured's file to:

  • A. Any physician
  • B. Employment agencies
  • C. The insured's employer
  • D. Member insurance companies
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

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