KY LIFE & HEALTH COMPREHENSIVE EXAM

All of the following are producer responsibilities to the applicant, except: - Answer-Offering and selling only the lowest premium policy ___________ manufacture and sell insurance coverage in the form of policies or contracts of insurance. - Answer-Insurers When both parties must perform certain duties and follow certain rules of conduct to make a contract enforceable refers to a(n) __________ contract. - Answer-Conditional _____________ insurance allows for insurance coverage to be obtained when not available from admitted carriers. - Answer-Surplus lines The field underwriter is the _________ and is not a determiner of insurability. - Answer-Producer To address adverse selection what can an insurer legally do? - Answer-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): - Answer-Contract of Adhesion Which of the following parties does not sign an application for life insurance? - Answer-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. - Answer-Residual Which of the following is NOT considered one of the essential elements of a contract? - Answer-Conditions An insurer NOT authorized to do business within this state is considered what type of insurer? - Answer-Non-Admitted Which of the following describes Fiduciary Responsibilities? - Answer-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