Expert Answers to Insurance Licensing Exam Life-Producer Questions

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

Maryland Life Producer Exam (Series 20-27)

Last Update Jan 2, 2026
Total Questions : 90

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Questions 2

A policyholder uses a Section 1035 exchange to replace an existing life insurance policy. If the new policy is later surrendered, the gain realized on termination is taxed as:

Options:

Ordinary income

A capital gain

Ordinary income plus a 10% surcharge

A deferred capital gain

Discussion 0

Questions 3

An employee with $50,000 group life insurance coverage terminates employment and submits an application WITHOUT the initial premium for a $50,000 conversion policy. If the employee dies 15 days later, the insurer would pay:

Options:

$50,000 under the group plan

$50,000 under the new policy

$50,000 under the new policy, less the initial premium amount due

Nothing at all

Discussion 0

Questions 4

Which one of the following statements about participating life insurance is true?

Options:

Policyowners may be entitled to receive dividends.

Policyowners are assessed monthly for losses.

The insured must be the policyowner.

The insurer must be a stock company.

Discussion 0

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Questions 5

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

Options:

They result from the level premium concept.

They cannot be guaranteed.

They equal the policy face value at age 65.