Final Exam - Kentucky Life and Health Q’s & A’s 2023/2024
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Course
Kentucky Life and Health
Institution
Kentucky Life And Health
Final Exam - Kentucky Life and Health Q’s & A’s 2023/2024
An insurance agent who replaces an existing policy by making false written or oral statements is committing the act of:
twisting
Which of the following risks are insurable?
pure risk
The federal income tax treatment of employer-pr...
Final Exam - Kentucky Life and Health Q’s & A’s
2023/2024
An insurance agent who replaces an existing policy by making false written or
oral statements is committing the act of:
twisting
Which of the following risks are insurable?
pure risk
The federal income tax treatment of employer-provided group health insurance
can be accurately described as:
Employee's coverage paid for by the employer is tax-deductible to the employer as a
business expenditure
Which approach predicts a person's earning potential and determines how much
of that amount would be devoted to dependents?
Human life value approach
What type of society operates under a lodge system with a representative form of
government and provides benefits in accordance to its chapter?
fraternal benefits
Which of the following statements BEST describes what the Legal Actions
provision of an Accident and Health policy requires?
An insured must wait at least 60 days after Proof of Loss has been submitted
before a lawsuit can be filed
What does a fixed annuity offer protection against?
savings depletion because of longevity
J is a subscriber to plan which contracts with doctors and hospitals to provide
medical benefits at a predetermined price. What type of plan does J belong to?
A Health Maintenance Organization
When does a Probationary Period provision become effective in a health
insurance contract?
at the policy's inception
A product which can offer its owner a lifetime income stream is called an
____________.
annuity
S buys a $10,000 Whole Life policy in 2003 and pays an annual premium of $100.
S dies 5 years later in 2008 and the insurer pays the beneficiary $10,500. What
kind of rider did S include on the policy?
return premium rider
When does the agent give a premium receipt for a life insurance application?
when the initial premium has been paid with the application
A life insurance policyowner falls behind on his premium payments and dies
during the grace period. How will the insurer handle this claim?
face amount will be paid minus the past due premium
In a family plan, a child born after issuance of the policy would require which of
the following?
covers begins immediately at birth no additional premium
, Which of these is considered a mandatory provision?
payments of claim
Which of these statements regarding insurance is false?
the number of losses decrease as the number of insured units increase
Which health policy clause stipulates that an insurance company must attach a
copy of application to the policy to ensure that is part of the contract?
entire contract
Which of these is NOT relevant when determining the amount of personal life
insurance needed?
Local unemployment rate
Which of the following is excluded from the coverage by the Kentucky Life and
Health Insurance Guaranty Association?
all of the choices are correct
Failure to keep premiums collected separate from the agent's personal funds is
an illegal practice known as:
commingling
Similar to binding receipts, which type of coverage begins immediately?
temporary insurance agreement
Which report contains information regarding an individual's general reputation
and credit standing?
inspection report
K becomes ill after traveling overseas and is unable to work for 3 months. What
kind of policy would cover her loss of income?
disability income
How often must the Commissioner examine insurers?
at least every 3 years
A potential client, age 40, would like to purchase a Whole Life policy that will
accumulate cash value at a faster rate in the early years of the policy. Which of
these statements made by the producer would be correct?
20-Pay Life accumulates cash value faster than Straight Life
What type of permanent life insurance offers a guaranteed minimum face amount
and allows for future increases in coverage?
variable life
the free-look provision gives the policyowner:
the right to return the policy for a full refund within a specified number of days
A life insurance company just paid a $100,000 death benefit to a beneficiary.
When the insured died, the cash value was $15,000 and the total premiums-paid
equaled $10,000. How much of the proceeds will be added to the beneficiary's
gross income for federal income tax purposes?
0
When an agent submits an application that reveals personal information
regarding the applicant, who supplies the privacy noticed?
agent
Which of these are NOT an example of Nonforfeiture option?
life income
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