Maryland Insurance Administration Life-Producer Dumps Questions Answers

Comprehensive and Detailed Step by Step Explanation:

Insurance licensing ensures agents meet professional standards:

Licensure demonstrates qualifications (B) to act ethically and competently on behalf of insurers.

It does not limit the number of agents (A).

Sales activity monitoring (C) and rate regulation (D) are separate regulatory functions.

References: Maryland Insurance Administration Licensing Standards.

Comprehensive and Detailed Step by Step Explanation:The IRS allows a penalty-free distribution of up to$10,000from an IRA for qualified first-time homebuyers, provided the funds are used for eligible home purchase expenses.

$10,000 (C):Correct. This is the lifetime maximum allowed per participant.

$2,000 (A) and $5,000 (B):Too low for the current IRS rules.

$20,000 (D):Exceeds the limit and is incorrect.

References:IRS Publication 590-B, Maryland IRA Distribution Rules, and COMAR 31.09.12.

Comprehensive and Detailed Step by Step Explanation:The Maryland Insurance Administration (MIA) is authorized to inspect the records of insurers and agencies to ensure compliance with laws:

Yes, because of the powers defined by state laws (B):Correct. The MIA has broad authority under Maryland law to audit, inspect, and investigate insurance business practices.

No, because of privacy considerations (A):Incorrect. Regulatory inspections are exempt from privacy concerns when conducted lawfully.

Only an officer of the court (C):Not required; the MIA operates independently within its legal mandate.

Public domain records (D):Incorrect; insurance records are not publicly accessible unless required by law.

References:Maryland Insurance Article §2-209, COMAR 31.03.01, and Regulatory Oversight Guidelines.