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Final Exam Kentucky Life and Health Insurance Study Guide Exam New 2024 $14.99   Add to cart

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Final Exam Kentucky Life and Health Insurance Study Guide Exam New 2024

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Final Exam Kentucky Life and Health Insurance Study Guide Exam New 2024 An insurance agent who replaces an existing policy by making false written or oral statements is committing the act of: - CORRECT ANSWER-twisting Which of the following risks are insurable? - CORRECT ANSWER-pure risk The...

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  • June 2, 2024
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  • 2023/2024
  • Exam (elaborations)
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  • Kentucky Life Insurance
  • Kentucky Life Insurance
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Final Exam Kentucky Life and Health Insurance Study Guide Exam New 2024 An insurance agent who replaces an existing policy by making false written or oral statements is committing the act of: - CORRECT ANSWER -twisting Which of the following risks are insurable? - CORRECT ANSWER -pure risk The federal income tax treatment of employer -provided group health insurance can be accurately described as: - CORRECT ANSWER -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? - CORRECT ANSWER -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? - CORRECT ANSWER -
fraternal benefits Which of the following statements BEST describes what the Legal Actions provision of an Accident and Health policy requires? - CORRECT ANSWER -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? - CORRECT ANSWER -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? - CORRECT ANSWER -A Health Maintenance Organization When does a Probationary Period provision become effective in a health insurance contract? - CORRECT ANSWER -at the policy's inception A product which can offer its owner a lifetime income stream is called an ____________. - CORRECT ANSWER -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? - CORRECT ANSWER -return premium rider When does the agent give a premium receipt for a life insurance application? - CORRECT ANSWER -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? - CORRECT ANSWER -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? - CORRECT ANSWER -covers begins immediately at birth no additional premium Which of these is considered a mandatory provision? - CORRECT ANSWER -payments of claim Which of these statements regarding insurance is false? - CORRECT ANSWER -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? - CORRECT ANSWER -
entire contract Which of these is NOT relevant when determining the amount of personal life insurance needed? - CORRECT ANSWER -Local unemployment rate Which of the following is excluded from the coverage by the Kentucky Life and Health Insurance Guaranty Association? - CORRECT ANSWER -all of the choices are correct Failure to keep premiums collected separate from the agent's personal funds is an illegal practice known as: - CORRECT ANSWER -commingling Similar to binding receipts, which type of coverage begins immediately? - CORRECT ANSWER -temporary insurance agreement Which report contains information regarding an individual's general reputation and credit standing? - CORRECT ANSWER -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? - CORRECT ANSWER -disability income How often must the Commissioner examine insurers? - CORRECT ANSWER -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? - CORRECT ANSWER -20-Pay Life accumula tes cash value faster than Straight Life

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