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2024 INSURANCE EXAM WITH CORRECT ANSWERS
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2024 INSURANCE EXAM WITH CORRECT ANSWERS
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2024 INSURANCE EXAM WITHCORRECT ANSWERS
To legally transact insurance in this state, an insurer must obtain which of
the following? - CORRECT ANSWERS-Certificate of Authority
The purpose of the Life and Health Insurance Guaranty Association is to -
CORRECT ANSWERS-Help protect policy owners and beneficiaries against
financial lost caused by the insolvency of an insurance company.
An insured receives an annual life insurance dividend check. What term best
describes this arrangement? - CORRECT ANSWERS-Cash option
Another name for a substandard risk classification is - CORRECT ANSWERS-
Rated
When would a 20-pay whole policy endow? - CORRECT ANSWERS-When the
insured reaches 100
Which of the following manages the Kansas Life and Health Insurance
Guaranty Association? - CORRECT ANSWERS-Board of Directors
Which of the following individuals will be eligible for coverage on the Health
Insurance Marketplace? - CORRECT ANSWERS-A permanent resident lawfully
present in the U.S.
In Kansas, which of the following provisions is legal?
1) Cancellation of a policy if amount of loan is more than loan value
2) Backdating a policy more than 6 months
3) Deferring dividends more than 5 years
4) Cancellation of a policy if amount of loan is less than loan value -
CORRECT ANSWERS-1) Cancellation of a policy if amount of loan is more
than loan value
In which of the following situations would replacement rules apply?
1) The new contract is with the same insurer and a conversion privilege is
being exercised.
2) The existing life insurance is a nonconvertible term policy with less than
10 years to expire.
3) The solicitation is made by mail.
4) The existing life insurance is converted into paid-up insurance. - CORRECT
ANSWERS-2) The existing life insurance is converted into paid-up insurance.
, What is the closest term to "authorized insurer"? - CORRECT
ANSWERS-'Admitted'
An insured decides to replace his life insurance policy. The current agent
must submit all of the following to the new agent EXCEPT
1) The application.
2) A copy of the replacement notice.
3) The insured's first premium payment for the new policy.
4) None of the above. The agent must submit all of these items. - CORRECT
ANSWERS-3) The insured's first premium payment for the new policy
The relation of earnings to insurance provision allows the insurance company
to limit the insureds benefits to his/her average income over the last -
CORRECT ANSWERS-24 months
When both parties to a contract must perform certain duties and follow rules
of conduct to make the contract enforceable, the contract is - CORRECT
ANSWERS-Conditional
Which of the following is NOT a feature of a noncancellable policy? -
CORRECT ANSWERS-The insurer may terminate the contract only at renewal
for certain conditions
Social Security disability definition includes of the all following EXCEPT -
CORRECT ANSWERS-Disability expected to last for at least 6 months - must
be disabled for 12
COBRA applies to employers with at least - CORRECT ANSWERS-20
employees
A hospital indemnity policy will pay - CORRECT ANSWERS-A benefit for each
day the insured is in a hospital.
What is the maximum period of time during which an insurer may contest
fraudulent misstatements made in a health insurance application? -
CORRECT ANSWERS-As long as the policy is in force.
The term "illustration" in a life insurance policy reverts to - CORRECT
ANSWERS-A presentation of non guaranteed elements of a policy.
Which of the following riders would NOT increase the premium for a policy
owner? - CORRECT ANSWERS-Impairment Rider - excludes a specified
condition from coverage.
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