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

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.

Comprehensive and Detailed Step by Step Explanation:Theentire contract clauseensures transparency by limiting the policy's terms to the policy document and any attached application materials.

The application attached to the policy (B):Correct. It becomes part of the legal agreement between the insurer and the policyholder.

The Medical Information Bureau report (A):Used for underwriting but not part of the policy.

Any attending physician's statement (C):May inform underwriting but is not included in the policy.

The producer’s report to the insurer (D):Internal to the insurer and irrelevant to the contract itself.

References:Maryland Insurance Code §16-203, Entire Contract Provision Standards, and COMAR 31.09.09.

Comprehensive and Detailed Step by Step Explanation:Maryland law requires insurance licensees to complete continuing education (CE) everytwo years (B)to maintain their licenses:

CE ensures that agents remain informed about current laws, practices, and products.

Each year (A):Too frequent for most state requirements, including Maryland.

Every three years (C):Exceeds Maryland’s regulatory timeframe.

No requirement (D):Incorrect, as CE is mandatory for license renewal.

References:Maryland Insurance Code §10-116, Continuing Education Guidelines, and COMAR 31.03.02.