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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q60-Q65):

NEW QUESTION # 60
Who normally receives dividends in a stock insurance company?

A. Beneficiaries
B. Producers
C. Shareholders
D. Only members of the board of directors

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:In astock insurance company, shareholders are the owners and receive dividends from the company's profits.
* Shareholders (B):They are entitled to dividends when declared by the board of directors, based on profitability.
* Board of directors (A):Oversee corporate governance and do not individually receive dividends as a right.
* Beneficiaries (C):Receive policy death benefits, not dividends.
* Producers (D):Earn commissions or fees, not dividends.
References:Maryland Corporate Insurance Structure Rules, Stock vs. Mutual Insurer Regulations, COMAR
31.05.03.

NEW QUESTION # 61
Who normally receives dividends in a stock insurance company?

A. Beneficiaries
B. Producers
C. Shareholders
D. Only members of the board of directors

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:In astock insurance company, dividends are distributed to shareholders, who are the owners of the company.
* Shareholders (B):Receive dividends based on the company's profitability, as determined by the board of directors.
* Members of the board of directors (A):May also be shareholders, but their role as directors does not entitle them to dividends.
* Beneficiaries (C):Receive death benefits, not company dividends.
* Producers (D):Earn commissions or fees, not dividends.
References:Maryland Corporate Insurance Guidelines, Stock vs. Mutual Insurer Framework, and COMAR
31.05.03.

NEW QUESTION # 62
How long will income benefit payments continue under a life annuity with ten years certain?

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

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:A life annuity with aten years certainprovision guarantees payments for at least ten years. If theannuitant dies before the end of ten years, payments continue to the beneficiary for the remainder of the period.
* Until the annuitant dies, or for ten years, whichever is longer (A):Ensures payments for life with a minimum ten-year guarantee.
* Until the annuitant dies, and for an additional ten years (B):Incorrect; payments cease after the guaranteed period or the annuitant's lifetime.
* Only until the annuitant dies (C):Incorrect; the ten-year guarantee applies.
* Only for ten years (D):Incorrect; payments continue if the annuitant outlives the guaranteed period.
References:Maryland Annuity Payout Options Guidelines, COMAR 31.09.08.

NEW QUESTION # 63
Which life annuity contract feature provides that benefit payments will continue for a minimum number of years regardless of when the annuitant dies?

A. Cost recovery
B. Installment refund
C. Cash refund
D. Period certain

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:
A "period certain" provision ensures payment for a specified period regardless of whether the annuitant survives:
Period certain (B) guarantees payments for a set number of years, protecting beneficiaries.
Cost recovery (A) and refund options (C and D) relate to refunding premiums or unpaid amounts but do not guarantee a payment period.
References: Maryland Annuity Regulations, Payment Options.

NEW QUESTION # 64
The beneficiary of a life insurance policy is the:

A. Insurer that issues the policy
B. Person or entity designated in the policy to receive the death proceeds
C. Owner of the cash value fund
D. Person or entity who has ownership interest in the policy

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:Thebeneficiaryis the individual or entity named in the life insurance policy to receive the death benefit upon the insured's death.
* Designated recipient of proceeds (B):The policyholder nominates this party in the policy documents.
* Ownership interest in the policy (A):Refers to the policyowner, who controls and funds the policy but may not be the beneficiary.
* Insurer (C):Issues and administers the policy but is not a recipient.
* Owner of the cash value fund (D):This pertains to cash value accumulation, separate from death benefit designation.
References: Maryland Life Insurance Policy Provisions and Beneficiary Designation Rules.

NEW QUESTION # 65
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