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Download Maryland Insurance Administration : Life-Producer Questions & Answers as PDF & Test Software

Updated: Aug 19, 2026

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Maryland Insurance Administration Life-Producer Exam Overview:

Certification Vendor:Maryland Insurance Administration
Exam Name:Maryland Life Insurance Producer Examination (Life Producer)
Exam Number:Series 20-27
Exam Format:Multiple-choice
Related Certifications:Maryland Property & Casualty Producer License
Maryland Health Insurance Producer License
Available Languages:English
Recommended Training:Maryland Insurance Pre-Licensing Education Providers (State-approved list)
PSI Exam Candidate Information Bulletin
Exam Registration:Maryland Insurance Administration Licensing Information
PSI Maryland Insurance Licensing Exam Registration
Sample Questions:Maryland Insurance Administration Life-Producer Sample Questions
Exam Way:Computer-based testing at authorized PSI testing centers (and/or approved remote proctoring depending on PSI availability in Maryland).
Pre Condition:Completion of state-approved pre-licensing education course required before exam registration.
Official Syllabus URL:https://insurance.maryland.gov

Maryland Insurance Administration Life-Producer Exam Syllabus Topics:

SectionObjectives
Topic 1: 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
              Topic 2: State Regulation (Maryland Insurance Law)- Producer licensing requirements
              • 1. License application process
                • 2. Pre-licensing education requirements
                  - Ethics and conduct
                  • 1. Misrepresentation rules
                    • 2. Unfair trade practices
                      Topic 3: Insurance Fundamentals- Risk management principles
                      • 1. Pure vs speculative risk
                        • 2. Methods of handling risk (avoidance, retention, transfer)
                          - Insurance concepts
                          • 1. Insurable interest
                            • 2. Utmost good faith
                              Topic 4: Life Insurance Products- Annuities
                              • 1. Immediate and deferred annuities
                                • 2. Fixed and variable annuities
                                  - Term life insurance
                                  • 1. Level term, decreasing term
                                    - Permanent life insurance
                                    • 1. Universal life
                                      • 2. Whole life
                                        • 3. Variable life

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

                                          1. An existing life insurance policy is sold by the policyowner to help finance the cost of a terminal illness. This is an example of:

                                          A) A nonforfeiture option
                                          B) A survivorship policy
                                          C) A viatical settlement
                                          D) An accelerated death benefit


                                          2. How does the payment of an accelerated benefit affect a life insurance policy?

                                          A) It increases the policy premium.
                                          B) It decreases the grace period.
                                          C) It decreases the death benefit.
                                          D) It increases the cash value.


                                          3. Which of the following reinforces the rule that ambiguities in insurance contracts should be interpreted in favor of the policyholder?

                                          A) Retrocession
                                          B) Reasonable expectations
                                          C) Representation
                                          D) Retention


                                          4. The income benefits distributed during the liquidation phase of an annuity contract are normally payable to:

                                          A) The nominator
                                          B) The owner
                                          C) The beneficiary
                                          D) The annuitant


                                          5. A refusal to do business with a particular individual or business is known as:

                                          A) An injunction
                                          B) A boycott
                                          C) An estoppel
                                          D) A binder


                                          Solutions:

                                          Question # 1
                                          Answer: C
                                          Question # 2
                                          Answer: C
                                          Question # 3
                                          Answer: B
                                          Question # 4
                                          Answer: D
                                          Question # 5
                                          Answer: B

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