Exam (elaborations)

Kentucky Life Insurance State Exam Practice Questions and Answers 2023 Solved

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Kentucky Life Insurance State

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Kentucky Life Insurance State

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Uploaded on May 12, 2023
Number of pages 7
Written in 2022/2023
Type Exam (elaborations)
Contains Questions & answers

kentucky life insurance state exam practice questions and answers 2023 solved the premiums paid by an employer for his employees group life insurance are usually considered to be tax deductible t

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Kentucky Life Insurance State Exam Practice Questions
and Answers 2023 Solved
The premiums paid by an employer for his employee's group life insurance are
usually considered to be
Tax-deductible to the employer
Which of these is NOT considered to be a cost connected with an individual's
death?
Business expenses
These are all accurate statements regarding universal life insurance EXCEPT
Policy loans are not permitted
Which of these is NOT relevant when determining the amount of personal life
insurance needed?
Local unemployment rate
Who elects the governing body of a mutual insurance company?
Policyholders
Why would evidence of insurability be required for a person insured with a
variable universal life policy?
The face amount is increased
At what point are death proceeds paid in a joint life policy?
When the first insured dies
What is considered a valid reason for small businesses to insure the lives of its
major shareholders?
Fund a buy-sell agreement
Which action will trigger a penalty tax on premature distributions from a modified
endowment contract (MEC)?
Policy loans
Dividends from a mutual insurance company are paid to whom?
Policyowners
Traditional individual retirement annuity (IRA) distributions must start by
April 1st of the year following the year the participant attains age 70 1/2
How are Roth IRA distributions normally taxed?
Distributions are received tax-free
How can an insurance company minimize exposure to loss?
Reinsurance
All of the following statements about traditional individual retirement accounts
are false EXCEPT
10% penalty is applied to withdrawals before age 59 1/2
All of these statements concerning universal life insurance are false EXCEPT
Policy indicates how much of the premium is used toward company expenses
A 55 year old recently received a $30,000 distribution from a previous employer's
401k plan, minus $10,000 withholding. Which federal taxes apply if none of the
funds were rolled over?
Income taxes plus a 10% penalty tax on $30,000

, For insurance purposes, similar objects which are exposed to the same perils are
referred to as
Homogeneous exposure units
In an individual retirement account (IRA), rollover contributions are
Not limited by dollar amount
What is the maximum number of employees (earning at least $5,000) that an
employer can have in order to start a SIMPLE retirement plan?
100
Which statement concerning a decreasing term life policy is accurate?
Face amount decreases over time
All of these are considered features of whole life insurance EXCEPT
Initial premium is lower than for an equivalent amount of term insurance
An employer that offers a qualified retirement plan to its employees is eligible to
Make tax-deductible contributions to the plan
The insurance coverage in a variable life insurance policy may fluctuate based on
the value of
Its underlying investments
How long is a person covered for under a limited pay whole life policy?
Until age 100
When does an insured stop making payments under a thirty-payment whole life
policy?
When the insured dies or 30 years from the policy's inception, whichever comes first
What does a fixed life annuity offer protection against?
Savings depletion because of longevity
When does interest income in a deferred annuity get reported for federal income
taxes?
When the distributions are received
Which statement regarding the cash value of a whole life insurance policy is
correct?
Payable to the policy owner when policy has been surrendered
The following are all elements of a legal contract EXCEPT
Recorded evidence
An insurance policy that can also be classified as a securities product is called
Variable life
Which of these do NOT indicate the presence of insurable interest in a life
insurance contract?
Lifelong friendship
The owner of a single premium deferred annuity is entitled to do all of these
EXCEPT
Make multiple premium payments
An insurance company's voluntary refusal to enforce a contract's provision is
called a(n)
Waiver
What happens when an initial offer is answered with a counteroffer?
Initial offer is void

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Exam (elaborations) ·

Exam (elaborations)

Kentucky Life Insurance State Exam Practice Questions and Answers 2023 Solved

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