Comprehensive Exam-KY Life & Health Questions and Answers 100% Pass

Comprehensive Exam-KY Life & Health Questions and Answers 100% Pass All of the following are producer responsibilities to the applicant, except: Offering and selling only the lowest premium policy ___________ manufacture and sell insurance coverage in the form of policies or contracts of insurance. Insurers When both parties must perform certain duties and follow certain rules of conduct to make a contract enforceable refers to a(n) __________ contract. Conditional _____________ insurance allows for insurance coverage to be obtained when not available from admitted carriers. Surplus lines The field underwriter is the _________ and is not a determiner of insurability. Producer To address adverse selection what can an insurer legally do? Establish and enforce sound underwriting practices A contract that is drafted by an insurer and receives no input or alteration from the insured, is considered a(n): Contract of Adhesion Which of the following parties does not sign an application for life insurance? The beneficiary The ____________ market is a private source of coverage of last resort for individuals or businesses that have been rejected by voluntary market insurers. Residual Which of the following is NOT considered one of the essential elements of a contract? Conditions An insurer NOT authorized to do business within this state is considered what type of insurer? Non-Admitted Which of the following describes Fiduciary Responsibilities? Anyone acting as an insurance producer or agent for an insurer shall be held responsible in a trust or fiduciary capacity for any money collected or received for the insurer The relationship of a person who acts on behalf of a company whereby the person's actions can bind the company is known as: The law of agency With health and life insurance a/an _________ is required at the time of the application. Insurable interest _____________ consists of groups of underwriters called syndicates, each of which specializes in insuring a particular type of risk. Lloyds of London What is the primary reason why States have 'outlawed' Stranger Originated Life Insurance (STOLI) transactions? At policy inception there is a lack of insurable interest Which of the following types of policies is eligible for policy dividends? Participating An applicant for life insurance pays the agent the initial premium and receives a Conditional Insurability Receipt in return. If the policy was to be issued as substandard, but the applicant dies prior to policy issue what is the result? The insurer will refund any premiums paid Which of the following best describes 'Capital Retention/Conservation' in an effort to meet an income objective? Investment earnings are paid out If a copy of the application, which led to a life insurance policy being issued, is attached to the policy: It is considered part of the entire contract Which of the following products are offered by insurers to protect families from the financial setback of a family member's premature death? Life Insurance The HIV Consent Form specifies which types of individuals may receive __________. The test results Confidential information shared by the producer to the insurer and does not become part of the policy is the __________. Agent's Report A is the insured under a $100,000 10 year term life insurance policy with her spouse named as her beneficiary. If she dies in year 9, what