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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q41-Q46):

NEW QUESTION # 41
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. Ordinary income
C. A deferred capital gain
D. A capital gain

Answer: B

Explanation:
Comprehensive and Detailed Step by Step Explanation:ASection 1035 exchangeallows a policyholder to replace a life insurance policy, annuity, or endowment without immediate tax consequences. However, when the new policy is surrendered:
* The gain is taxed asordinary income (A), calculated as the difference between the policy's cash surrender value and the cost basis (total premiums paid).
* Capital gain (B):Incorrect. Gains from life insurance policies are classified as ordinary income, not capital gains.
* Ordinary income plus a 10% surcharge (C):The 10% penalty applies only to premature distributions from retirement accounts, not life insurance.
* Deferred capital gain (D):Incorrect, as life insurance gains are not subject to capital gain rules.
References:IRS Code §1035, Maryland Tax Code on Life Insurance, and COMAR 31.09.12.

NEW QUESTION # 42
Which contract offers flexible deposits, deferred taxation, a guaranteed minimum interest rate, and death proceeds equal to the cash value?

A. An available deferred annuity
B. A universal life insurance policy
C. A flexible premium fixed annuity
D. An adjustable whole life insurance policy

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Aflexible premium fixed annuityis designed to allow policyholders flexibility in premium payments while providing guaranteed growth.
* Flexible deposits:Policyholders can make variable contributions based on their financial situation.
* Deferred taxation:Earnings grow tax-deferred until withdrawal.
* Guaranteed minimum interest rate:Fixed annuities offer this feature to protect against market downturns.
* Death proceeds equal to cash value:Upon death, beneficiaries typically receive the accumulated cash value.
Other Options:
* Adjustable whole life policy (A):Features adjustable premiums but lacks deferred taxation and guaranteed rates.
* Deferred annuity (B):Generic and does not specify the features of fixed annuities.
* Universal life (D):Provides more flexibility but differs in guaranteed returns.
References:Maryland Annuity Guidelines, COMAR 31.09.08, and Tax-Deferred Financial Product Regulations.

NEW QUESTION # 43
Which of the following statements about participating life insurance is true?

A. The insurer must be a stock company.
B. The insured must be the policyowner.
C. Policyowners may be entitled to receive dividends.
D. Policyowners are assessed monthly for losses.

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Participating life insurance policies, often issued by mutual companies, include the possibility of dividends:
* Dividends (A)represent a share of surplus profits distributed to policyowners.
* Policyowners are not assessed for losses (B); the insurer bears those.
* The insured and policyowner can be different individuals, making (C) incorrect.
* Mutual insurers typically issue participating policies, not stock companies (D).
References: Maryland Insurance Law on Participating Policies.

NEW QUESTION # 44
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. Only for ten years, regardless of how long the annuitant lives
C. Until the annuitant dies, and for an additional ten years
D. Only until the annuitant dies, regardless of when death occurs

Answer: A

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 # 45
An insurable interest in each other's lives may exist in the absence of an economic interest when the individuals are:

A. Traveling companions
B. Business associates
C. Marriage partners
D. Competitors

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Insurable interest arises when there is a legitimate interest in the continued life of another person.
* Marriage partners (C)inherently have an insurable interest due to emotional and legal bonds.
* Competitors (A)andtraveling companions (D)do not typically meet the threshold for insurable interest.
* Business associates (B)may have insurable interest, but it usually requires contractual agreements (e.g., buy-sell agreements).
References: Maryland Insurance Code and Insurable Interest Guidelines.

NEW QUESTION # 46
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