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Updated: Aug 17, 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:PSI Exam Candidate Information Bulletin
Maryland Insurance Pre-Licensing Education Providers (State-approved list)
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
Life Insurance Products- Annuities
  • 1. Fixed and variable annuities
    • 2. Immediate and deferred annuities
      - Permanent life insurance
      • 1. Variable life
        • 2. Universal life
          • 3. Whole life
            - Term life insurance
            • 1. Level term, decreasing term
              Policy Provisions and Riders- Common riders
              • 1. Accidental death benefit
                • 2. Waiver of premium
                  • 3. Living benefits riders
                    - Life insurance policy clauses
                    • 1. Suicide clause
                      • 2. Grace period
                        • 3. Incontestability clause
                          State Regulation (Maryland Insurance Law)- Ethics and conduct
                          • 1. Misrepresentation rules
                            • 2. Unfair trade practices
                              - Producer licensing requirements
                              • 1. License application process
                                • 2. Pre-licensing education requirements
                                  Insurance Fundamentals- Risk management principles
                                  • 1. Pure vs speculative risk
                                    • 2. Methods of handling risk (avoidance, retention, transfer)
                                      - Insurance concepts
                                      • 1. Utmost good faith
                                        • 2. Insurable interest

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

                                          1. Who normally receives dividends in a stock insurance company?

                                          A) Shareholders
                                          B) Only members of the board of directors
                                          C) Beneficiaries
                                          D) Producers


                                          2. How long will income benefit payments continue under a life annuity with ten years certain?

                                          A) Only for ten years, regardless of how long the annuitant lives
                                          B) Until the annuitant dies, or for ten years, whichever is longer
                                          C) Only until the annuitant dies, regardless of when death occurs
                                          D) Until the annuitant dies, and for an additional ten years


                                          3. In surrendering a life insurance contract for its cash value, the total of premiums paid less the total of any dividends received in cash or used to offset premiums is:

                                          A) The gross proceeds
                                          B) The loan value
                                          C) The cash value
                                          D) The cost basis


                                          4. Which one of the following causes of death typically would be included under an accidental death rider attached to a life insurance policy?

                                          A) Intentionally self-inflicted injuries
                                          B) Illness or disease
                                          C) War or acts of war
                                          D) Automobile accidents resulting from the insured's negligence


                                          5. What does the annuitant usually receive during the liquidation phase of an annuity?

                                          A) Cash withdrawals upon request
                                          B) Nothing
                                          C) A lump sum
                                          D) Benefit payments at regular intervals


                                          Solutions:

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

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