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Kentucky Life Insurance Practice Exam Questions and Answers
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Kentucky Life Insurance Practice Exam Questions and Answers
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Kentucky Life Insurance Practice ExamA Straight Life Annuity - Answer-Provides for a periodic income to be paid to the annuitant for life, does
not provide a guarantee as to maximum benefits, and provides that periodic income payments cease
upon the annuitant's death
Expressed Powers - Answer-those powers of an insurance agent included in the agreement between the
agent and the company are known as
Human Life Value refers to - Answer-The monetary value that a person has to others
An Unauthorized Company - Answer-A company that has not received permission from the insurance
commissioner to do business in this state
Fixed Period Option - Answer-The Settlement option that provides for the proceeds plus interest to be
paid in installments for a specified period of time
A physical examination - Answer-May be part if the risk selection process
Straight Life Income - Answer-The Life income settlement option under which a beneficiary receives an
income from the present time until death
, In a Whole Life Insurance Policy - Answer-The cash value is greatest at the end of the policy period, and
the insurance protection is greatest at the start of the policy
Buy-Sell Agreement - Answer-Using the proceeds from a policy on the life of a deceased business owner
to purchase his or her business interest probably indicates a
How is a policy loan recovered by the company if the Extended Term Option goes into effect? - Answer-
The amount is subtracted from and accumulated cash value and the face amount of the Term Policy is
reduced by the same amount
An annuity is a contract that - Answer-Liquidates an estate through periodic payments to the Annuitant
Income payments made from an Annuity are - Answer-Only partly subject to federal taxation
Statements that support the definition of insurance - Answer-The result of financial loss is spread
among many persons, the cost to any one person is small, the cost is certain regardless of the
circumstances of the loss
A Family Income Policy differs from a Decreasing Term Policy, in that, the Family Income Policy -
Answer-Pays monthly income upon the death of the insured
Variable Annuity - Answer-Can provide for payments to the annuitant for life
An insurance policy with a Back-End Load - Answer-Makes a service charge if the policy is surrendered
The Stork Provision of a Guaranteed Insurability Rider provides that the insured may purchase insurance
- Answer-On his life in anticipation of his next option date, within 90 days after the birth of a child
An insurance agent's duties include - Answer-Solicitation; collecting premiums; handling claims
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