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

Comprehensive and Detailed Step by Step Explanation:The Medical Information Bureau (MIB) collects and shares medical information among member insurance companies to assess risk:

Member insurance companies (B)are the only entities authorized to access MIB data, ensuring confidentiality and appropriate use.

Employment agencies (A)andemployers (C)cannot access MIB data.

Physicians (D)are also excluded, as MIB serves the insurance underwriting process exclusively.

References: Maryland Insurance Privacy Regulations and MIB Operational Guidelines.

Comprehensive and Detailed Step by Step Explanation:The Maryland Insurance Administration (MIA) is astate governmententity responsible for regulating the insurance industry in Maryland.

State government (B):MIA enforces insurance laws, reviews policy forms, licenses insurers and producers, and investigates consumer complaints.

Federal government (A):Oversees broader regulations, like ERISA, but does not directly manage state-level insurance matters.

National Association of Insurance Commissioners (C):A regulatory support organization, not a governing body.

Maryland General Assembly (D):Creates state laws, but enforcement falls under the MIA.

References: Maryland Insurance Administration Overview and State Regulatory Framework.

Comprehensive and Detailed Step by Step Explanation:Accelerated benefits allow a policyholder to receive a portion of the death benefit early, often due to terminal illness or specific qualifying conditions:

Decreases the death benefit (D):The accelerated amount reduces the death benefit available to beneficiaries.

Increases the cash value (A):Incorrect; accelerated benefits are drawn from the policy, reducing cash value and death benefits.

Increases the policy premium (B):Premiums generally remain unchanged.

Decreases the grace period (C):Not affected by accelerated benefits.

References:Maryland Accelerated Benefit Provisions, COMAR 31.09.04, and IRS Tax Treatment of Accelerated Death Benefits.