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Maryland Insurance Administration Life-Producer Exam Syllabus Topics:

SectionObjectives
Topic 1: Life Insurance Products- Term life insurance
  • 1. Level term, decreasing term
    - Permanent life insurance
    • 1. Whole life
      • 2. Universal life
        • 3. Variable life
          - Annuities
          • 1. Fixed and variable annuities
            • 2. Immediate and deferred annuities
              Topic 2: State Regulation (Maryland Insurance Law)- Producer licensing requirements
              • 1. License application process
                • 2. Pre-licensing education requirements
                  - Ethics and conduct
                  • 1. Unfair trade practices
                    • 2. Misrepresentation rules
                      Topic 3: Insurance Fundamentals- Risk management principles
                      • 1. Pure vs speculative risk
                        • 2. Methods of handling risk (avoidance, retention, transfer)
                          - Insurance concepts
                          • 1. Utmost good faith
                            • 2. Insurable interest
                              Topic 4: Policy Provisions and Riders- Common riders
                              • 1. Accidental death benefit
                                • 2. Living benefits riders
                                  • 3. Waiver of premium
                                    - Life insurance policy clauses
                                    • 1. Incontestability clause
                                      • 2. Grace period
                                        • 3. Suicide clause

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

                                          1. Which one of the following causes of death typically would be included under an accidental death rider attached to a life insurance policy?

                                          A) Automobile accidents resulting from the insured's negligence
                                          B) War or acts of war
                                          C) Illness or disease
                                          D) Intentionally self-inflicted injuries


                                          2. An insurable interest in each other's lives may exist in the absence of an economic interest when the individuals are:

                                          A) Marriage partners
                                          B) Competitors
                                          C) Traveling companions
                                          D) Business associates


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

                                          A) The insured's employer
                                          B) Employment agencies
                                          C) Member insurance companies
                                          D) Any physician


                                          4. The qualified first-time homebuyer distribution available in IRAs has a maximum lifetime limit per participant of:

                                          A) $20,000
                                          B) $5,000
                                          C) $10,000
                                          D) $2,000


                                          5. Publishing a derogatory article about the financial condition of an insurer that is false and calculated to injure the insurer is an example of:

                                          A) Intimidation
                                          B) Defamation
                                          C) Coercion
                                          D) Extortion


                                          Solutions:

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

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