KENTUCKY LIFE AND HEALTH INSURANCE ACTUAL /NEWEST 202 4 WITH WELL SORTED QUESTIONS AND ANSWERS /GRADED A+/BEST FOR THAT GOOD GRADE What type of risk involves the potential for loss with no possibility for gain? Speculative Pure Adverse Guaranteed - ANSWERS -Pure What is the maximum face amount of an Industrial Life Insurance policy? $3,000 $10,000 $5,000 these policies can be written for any face amount - ANSWERS -$3,000 T and S are named co -primary beneficiaries on a $500,000 Acci dental Death and Dismemberment policy insuring their father. Their mother was named contingent beneficiary. Five years later, S dies of natural causes and the father is killed in a scuba accident shortly afterwards. How much of the death benefit will the m other receive? $1,000,000 $500,000 $250,000 $0 - ANSWERS -$0 On a life insurance policy, who is qualified to change the beneficiary designation? Payer Primary beneficiary Policyowner Insurer - ANSWERS -Policyowner K becomes ill after traveling overseas and is unable to work for 3 months. What kind of policy would cover her loss of income? Indemnity Major Medical Travel Disability Income - ANSWERS -Disability income Which of these is NOT considered the responsi bility of a producer in the underwriting process? Collecting additional medical information if needed Promptly sending the completed application to the insurance company Forwarding any material personal observations to the insurer Choosing the fin al approval date - ANSWERS -Choosing the final approval date What is Old Age and Survivors Health Insurance (OASDHI) also known as? Medicare Social Security Medicaid FICA - ANSWERS -Social Security Life insurance underwriting would consider which of these factors as unimportant? Age of the applicant Weight of the applicant Marital status of the applicant Gender of the applican t - ANSWERS -Marital status of the applicant The inducement of an insured to lapse, forfeit, or surrender an insurance policy by misrepresentation or misleading comparisons, in order to write a new policy, is known as: Rebating Twisting Commingling Churning - ANSWERS -Twisting Michelle purchased a Long Term Care policy 12 months after suffering a stroke. Any future claims she will have related to this stroke will be: denied covered covered only if additional premiums are paid denied only if she w as experiencing problems from the stroke at the time of application - ANSWERS -Covered
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