Maryland Insurance Administration Life-Producer Exam With Confidence Using Practice Dumps

Comprehensive and Detailed Step by Step Explanation:Insurance producers using an assumed or fictitious name for their business must file the name with the Maryland Insurance Administration (MIA).

File the name with the Insurance Administration (A):This ensures transparency and compliance with regulatory standards.

Apply for an additional license (B):Not required; the existing license covers the producer.

Apply for an additional appointment (C):Applies when a producer represents multiple insurers, not for fictitious names.

Post a $10,000 bond (D):Irrelevant to this context.

References: Maryland Insurance Administration Guidelines on Producer Licensing and Business Names.

Comprehensive and Detailed Step by Step Explanation:Ethical responsibilities and state laws mandate that insurance producers act in good faith when handling applications.

Reporting material facts to the insurer (D):Producers must disclose any information that could impact underwriting decisions. Transparency ensures that policies are accurately priced and legally enforceable.

Denying knowledge (A):Violates ethical and legal obligations.

Acknowledging facts only if asked (B):Demonstrates bad faith and can lead to legal penalties.

Advising applicants to amend (C):While this helps, it does not fulfill the producer’s duty to inform the insurer.

References: Maryland Insurance Administration Producer Code of Ethics, COMAR 31.03.13.

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.