Maryland state exam life insurance license practice questions with verified solutions

Maryland state exam life insurance license practice questions with verified solutions Declarations In what part of an insurance policy or policy benefits found? Twisting The act of using misrepresentation to induce an insured person to terminate an existing policy and purchase a new policy is referred to as Shirley has $500,000 10-year-old son nonrenewable level term life policy. If she dies 15 years after the policy inception date, how will her beneficiary receive? Nothing Which of these factors would and ensure consider when determining whether to except a group life plan Average age Which type of life insurance is normally associated with a paler benefit rider Juvenile insurance Which of the following is not considered advertising? Oh rating from A rating service company such as a.m. best During the accumulation. Who can surrender an annuity Policy owner Fixed period Settlement options are considered to be a form of a Annuity Which of the following is not information found in a life insurance buyers guide How to take legal action against a insurance company All of the following characteristics of a group life insurance plan except Individual underwriting A securities license is required for a life insurance producer to sell Variable life insurance Which of the following is present when an applicant stands to lose value if the insured dies Insurable interest What may be the result of replacing an existing life insurance policy with a new one Surrender charge Signatures for an insurance application must be obtained by the producer from all the following sources except The policy owner Maria the insurance producer completes a sale by collecting the required signatures on the application and obtaining the initial premium afterward she Deposits the check into our personal checking account or he is committed to what crime Fraud Jonas is a whole life insurance policy owner and would like to add coverage for his two children which of the following products would allow him to accomplish this Child term rider Interest on death benefits are not required to be paid by the insurance company as long as proceeds are paid within 30 days after the date of the death of the insured Index whole life insurance Contains a securities component that access as a hedge against inflation James is the insured on a life insurance policy where his age was missed stated on the application which of the following is correct regarding the death benefit amount. The death benefit paid will be what the premium would have purchased at the correct age Insurance represents the process of risk Transference In regard to a life insurance contract which of the following statements is not true regarding the concept of insurable interest Insurable interest can be established sufficiently by sentimental attachment alone A guaranteed issue insurance policy has no medical underwriting The double indemnity provision in a life insurance policy pertains to an insured's death caused by an accident Which of the following is not a requirement for soliciting insurance in Maryland At least 21 years old The two major actions required for a policyholder to comply with the reinstatement clause are Provide evidence of insurability pay past due premiums What makes an insurance policy a unilateral contract Only the insurer is legally bound Eric is 35 years old and owns an IRA at what age can she began to receive distributions without a tax penalty 59 1/2 A spouse and child can be added to the primary insured's coverage as what kind of rider Family term John the insurance producer has an insurance license that expires in six months if you thousand application for renewal before the expiration date his license will remain in effect until a new one is issued Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. If the consumer price index has gone up 4% how much may run increase the face value of the policy $4000 What does the word level and level term describe The face amount A table of ensure that is owed by 12 three owners is called mutual A Maryland insurance producer solicit an insurance policy in the event of a controversy between the insured and the company, the producer is considered to represent the company How soon can the benefit payments begin with a deferred annuity How soon can the benefit payments begin with a deferred annuity? A minimum of 12 months after date of purchase. A producer who sells an individual life insurance policy in Maryland must deliver the policy owner in the policy summery and buyers guide Which type of policy combines the flexibility of a universal life policy with investment choices ? Variable universal life policy A producer who is licensed in Maryland but reside in another state is called a nonresident producer Which of the following protects the policy owner from a misrepresentation caused by a innocent mistake Incontestable clause Failing to properly of provide a reasonable exclamation for that now of a claim is considered to be a Unfair claim settlement practice If the beneficiary died from the same accident as the insured individual the insurer will proceed as if The insured outlived the beneficiary