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 28, 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.

They typically increase until age 65 and remain level thereafter.

Discussion 0