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

  • Exam Code: Life-Producer
  • Exam Name: Maryland Life Producer Exam (Series 20-27)
  • Updated: Oct 07, 2026     Q & A: 85 Questions and Answers

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Maryland Insurance Administration Life-Producer Exam Syllabus Topics:

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

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

                                          Question #1

                                          How long will income benefit payments continue under a life annuity with ten years certain?

                                          • A. Until the annuitant dies, or for ten years, whichever is longer
                                          • B. Until the annuitant dies, and for an additional ten years
                                          • C. Only until the annuitant dies, regardless of when death occurs
                                          • D. Only for ten years, regardless of how long the annuitant lives
                                          Reveal Solution  Discussion  0

                                          Correct Answer: A  🗳️

                                          Explanation: Only visible for Prep4sures members. You can sign-up / login (it's free).

                                          Question #2

                                          Which life annuity contract feature provides that benefit payments will continue for a minimum number of years regardless of when the annuitant dies?

                                          • A. Period certain
                                          • B. Cost recovery
                                          • C. Installment refund
                                          • D. Cash refund
                                          Reveal Solution  Discussion  0

                                          Correct Answer: A  🗳️

                                          Explanation: Only visible for Prep4sures 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. Felony convictions
                                          • B. Change in financial status
                                          • C. Change of residence address
                                          • D. Change of name
                                          Reveal Solution  Discussion  0

                                          Correct Answer: B  🗳️

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                                          Question #4

                                          Which contract offers flexible deposits, deferred taxation, a guaranteed minimum interest rate, and death proceeds equal to the cash value?

                                          • A. A flexible premium fixed annuity
                                          • B. An adjustable whole life insurance policy
                                          • C. Available deferred annuity
                                          • D. A universal life insurance policy
                                          Reveal Solution  Discussion  0

                                          Correct Answer: A  🗳️

                                          Explanation: Only visible for Prep4sures 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  🗳️

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