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

  • Exam Code: Life-Producer
  • Exam Name: Maryland Life Producer Exam (Series 20-27)
  • Updated: Oct 06, 2026
  • Q & A: 85 Questions and Answers

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Maryland Insurance Administration Life-Producer Exam Syllabus Topics:

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

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

                                          Question #1

                                          A life insurance producer is normally responsible for all of the following EXCEPT:

                                          • A. Notifying the company if a new policy will replace an existing policy
                                          • B. Delivering newly issued policies to applicants
                                          • C. Collecting the initial premium from the applicant
                                          • D. Approving policies for issue on behalf of the insurer
                                          Reveal Solution  Discussion  0

                                          Correct Answer: D  πŸ—³οΈ

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                                          Question #2

                                          A life insurance policy becomes incontestable after it has been in force for:

                                          • A. 3 years
                                          • B. 6 months
                                          • C. 2 years
                                          • D. 30 days
                                          Reveal Solution  Discussion  0

                                          Correct Answer: C  πŸ—³οΈ

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

                                          Question #3

                                          A licensee must report each of the following to the Maryland Insurance Administration EXCEPT:

                                          • A. Change of name
                                          • B. Change of residence address
                                          • C. Change in financial status
                                          • D. Felony convictions
                                          Reveal Solution  Discussion  0

                                          Correct Answer: C  πŸ—³οΈ

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                                          Question #4

                                          The entire contract provision in a life insurance policy states that the policy includes:

                                          • A. Any attending physician's statement
                                          • B. The Medical Information Bureau report
                                          • C. The application attached to the policy
                                          • D. The producer's report to the insurer
                                          Reveal Solution  Discussion  0

                                          Correct Answer: C  πŸ—³οΈ

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

                                          Question #5

                                          A producer is prohibited from:

                                          • A. Splitting commissions with a licensed nonresident producer who has jointly sold a policy
                                          • B. Selling insurance to family members
                                          • C. Countersigning a policy sold in Maryland
                                          • D. Allowing an applicant to sign a blank or incomplete application
                                          Reveal Solution  Discussion  0

                                          Correct Answer: D  πŸ—³οΈ

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