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Kentucky Life Insurance State Exam Practice 2024 With 100% Complete Solutions $12.99   Add to cart

Exam (elaborations)

Kentucky Life Insurance State Exam Practice 2024 With 100% Complete Solutions

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  • Kentucky Life Insurance State
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  • Kentucky Life Insurance State

Kentucky Life Insurance State Exam Practice 2024 With 100% Complete Solutions

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  • August 22, 2024
  • 20
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Kentucky Life Insurance State
  • Kentucky Life Insurance State
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Kentucky Life Insurance State Exam Practice.pdf file:///C:/Users/HP/Desktop/NIW/Kentucky%20Life%20Insurance%20




Kentucky Life Insurance State Exam Practice

Questions & Answers


1. The premiums paid by an employer for his employee's group life insurance are usually

considered to be

ANS Tax-deductible to the employer



2. Which of these is NOT considered to be a cost connected with an individ- ual's death?

ANS Business expenses



3. These are all accurate statements regarding universal life insurance EX- CEPT

ANS Policy loans are not permitted



4. Which of these is NOT relevant when determining the amount of personal life

insurance needed?

ANS Local unemployment rate
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5. Who elects the governing body of a mutual insurance company?

ANS Policyhold- ers



6. Why would evidence of insurability be required for a person insured with a variable

universal life policy?

ANS The face amount is increased



7. At what point are death proceeds paid in a joint life policy?

ANS When the first insured dies



8. What is considered a valid reason for small businesses to insure the lives of its major

shareholders?

ANS Fund a buy-sell agreement



9. Which action will trigger a penalty tax on premature distributions from a modified

endowment contract (MEC)?

ANS Policy loans
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10. Dividends from a mutual insurance company are paid to whom?

ANS Policy- owners



11. Traditional individual retirement annuity (IRA) distributions must start by-



ANS April 1st of the year following the year the participant attains age 70 ½



12. How are Roth IRA distributions normally taxed?

ANS Distributions are received tax-free



13. How can an insurance company minimize exposure to loss?

ANS Reinsurance



14. All of the following statements about traditional individual retirement ac- counts are

false EXCEPT

ANS 10% penalty is applied to withdrawals before age 59 1/2

15.
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