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Last Updated: Sep 08, 2026

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Maryland Insurance Administration Life-Producer Exam Syllabus Topics:

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

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

                                          Question #1

                                          An insurer may refuse to underwrite a particular insurance applicant for a reason based wholly on:

                                          • A. Medical condition
                                          • B. Race
                                          • C. Creed
                                          • D. Gender
                                          Answer: A

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                                          Question #2

                                          The beneficiary of a life insurance policy is the:

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

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                                          Question #3

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

                                          • A. Take civil action against an insurer
                                          • B. Decide how much life insurance to buy
                                          • C. Compare life insurance policy rates
                                          • D. Compare life insurance policy requirements
                                          Answer: A

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                                          Question #4

                                          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. A deferred capital gain
                                          • B. Ordinary income plus a 10% surcharge
                                          • C. A capital gain
                                          • D. Ordinary income
                                          Answer: D

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                                          Question #5

                                          Which of the following is a requirement of an insurable risk?

                                          • A. The loss must be intentional.
                                          • B. The chance of loss must be calculable.
                                          • C. The loss must be catastrophic.
                                          • D. There must be a large number of different loss exposures.
                                          Answer: B

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