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

Life-Producer real exams

Exam Code: Life-Producer

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

Updated: Oct 03, 2026

Q & A: 85 Questions and Answers

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Maryland Insurance Administration Life-Producer Exam Syllabus Topics:

SectionWeightObjectives
Topic 1: Life Insurance Policies25%- Policy types and provisions
  • 1. Policy clauses and riders
    • 2. Beneficiary designations
      • 3. Term, whole life, universal life
        Topic 2: Insurance Regulation15%- State insurance laws and administration
        • 1. Licensing requirements and authority
          • 2. Regulation of agents and insurers
            • 3. Unfair trade practices
              Topic 3: Life Insurance Underwriting and Premiums15%- Risk assessment and pricing
              • 1. Premium calculation factors
                • 2. Underwriting process
                  • 3. Classification of risks
                    Topic 4: General Insurance Concepts15%- Fundamental principles
                    • 1. Insurable interest
                      • 2. Risk and hazard
                        • 3. Contract law basics
                          Topic 5: Annuities and Retirement Products15%- Types and features
                          • 1. Tax-qualified plans
                            • 2. Fixed and variable annuities
                              • 3. Distribution options
                                Topic 6: Federal and State Tax Considerations10%- Tax treatment of policies and benefits
                                • 1. Estate tax aspects
                                  • 2. Tax-deferred growth
                                    • 3. Income tax implications

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

                                      Question #1

                                      The life insurance buyer's guide includes information about all of the following EXCEPT how to:

                                      • A. Calculate
                                      • B. Compare life insurance policy requirements
                                      • C. Take civil action against an insurer
                                      • D. Decide how much life insurance to buy
                                      Reveal Solution  Discussion  0

                                      Correct Answer: C  🗳️

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

                                      Question #2

                                      The penalty tax incurred for premature distributions from an IRA is:

                                      • A. 20%
                                      • B. 10%
                                      • C. 5%
                                      • D. 50%
                                      Reveal Solution  Discussion  0

                                      Correct Answer: B  🗳️

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

                                      Question #3

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

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

                                      Correct Answer: A  🗳️

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

                                      Question #4

                                      When an individual replaces a life insurance policy, the form entitled "Important Notice Replacement of Life Insurance or Annuities" is REQUIRED to be signed by:

                                      • A. An officer of the insurer
                                      • B. The applicant only
                                      • C. Both the applicant and the insurance producer
                                      • D. The insurance producer only
                                      Reveal Solution  Discussion  0

                                      Correct Answer: C  🗳️

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

                                      Question #5

                                      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:

                                      • A. Ordinary income plus a 10% surcharge
                                      • B. A deferred capital gain
                                      • C. Ordinary income
                                      • D. A capital gain
                                      Reveal Solution  Discussion  0

                                      Correct Answer: C  🗳️

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