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

"Maryland Life Producer Exam (Series 20-27)", also known as Life-Producer exam, is a Maryland Insurance Administration Certification. With the complete collection of questions and answers, ExamcollectionPass has assembled to take you through 85 Q&As to your Life-Producer Exam preparation. In the Life-Producer exam resources, you will cover every field and category in Maryland Insurance Certification helping to ready you for your successful Maryland Insurance Administration Certification.

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  • Exam Code: Life-Producer
  • Exam Name: Maryland Life Producer Exam (Series 20-27)
  • Certification Provider: Maryland Insurance Administration
  • Corresponding Certification: Maryland Insurance
  • Updated: Sep 09, 2026
  • No. of Questions: 85 Questions & Answers with Testing Engine
  • Download Limit: Unlimited

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Maryland Insurance Administration Life-Producer Exam Syllabus Topics:

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

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

An insurance producer who conducts business under an assumed or fictitious name must:

  • A. Apply for an additional license
  • B. Apply for an additional appointment
  • C. File the name with the Insurance Administration
  • D. Post a $10,000 bond
Reveal Solution  Discussion  0

Correct Answer: C  🗳️

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

  • A. $5,000
  • B. $10,000
  • C. $2,000
  • D. $20,000
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

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Which activity is an unfair claims settlement practice?

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

Correct Answer: A  🗳️

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

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

Correct Answer: C  🗳️

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

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

Correct Answer: A  🗳️

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