100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Kentucky Life Insurance UPDATED Exam Questions and CORRECT Answers $8.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. Kentucky Life Insurance
  4.  
  5. Kentucky Life Insurance

Exam (elaborations)

Kentucky Life Insurance UPDATED Exam Questions and CORRECT Answers
 0 purchase
  • Course
  • Kentucky Life Insurance
  • Institution
  • Kentucky Life Insurance

Kentucky Life Insurance UPDATED Exam Questions and CORRECT Answers The premiums paid by an employer for his employee's group life insurance are usually considered to be - Correct Answer- Tax-deductible to the employer Which of these is NOT considered to be a cost connected with an individual'...

[Show more]

Preview 2 out of 10  pages

Document information

  • August 15, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

  • Kentucky Life Insurance
  • Kentucky Life Insurance

Seller

avatar-seller
MGRADES

Reviews received

Content preview

Kentucky Life Insurance UPDATED Exam
Questions and CORRECT Answers

The premiums paid by an employer for his employee's group life insurance are usually
considered to be - Correct Answer- Tax-deductible to the employer


Which of these is NOT considered to be a cost connected with an individual's death? -
Correct Answer- Business expenses


These are all accurate statements regarding universal life insurance EXCEPT - Correct
Answer- Policy loans are not permitted


Which of these is NOT relevant when determining the amount of personal life insurance
needed? - Correct Answer- Local unemployment rate


Who elects the governing body of a mutual insurance company? - Correct Answer-
Policyholders


Why would evidence of insurability be required for a person insured with a variable universal
life policy? - Correct Answer- The face amount is increased


At what point are death proceeds paid in a joint life policy? - Correct Answer- When the first
insured dies


What is considered a valid reason for small businesses to insure the lives of its major
shareholders? - Correct Answer- Fund a buy-sell agreement


Which action will trigger a penalty tax on premature distributions from a modified
endowment contract (MEC)? - Correct Answer- Policy loans


Dividends from a mutual insurance company are paid to whom? - Correct Answer-
Policyowners

, Traditional individual retirement annuity (IRA) distributions must start by - Correct Answer-
April 1st of the year following the year the participant attains age 70 1/2


How are Roth IRA distributions normally taxed? - Correct Answer- Distributions are received
tax-free


How can an insurance company minimize exposure to loss? - Correct Answer- Reinsurance


All of the following statements about traditional individual retirement accounts are false
EXCEPT - Correct Answer- 10% penalty is applied to withdrawals before age 59 1/2


All of these statements concerning universal life insurance are false EXCEPT - Correct
Answer- Policy indicates how much of the premium is used toward company expenses


A 55 year old recently received a $30,000 distribution from a previous employer's 401k plan,
minus $10,000 withholding. Which federal taxes apply if none of the funds were rolled over?
- Correct Answer- Income taxes plus a 10% penalty tax on $30,000


For insurance purposes, similar objects which are exposed to the same perils are referred to as
- Correct Answer- Homogeneous exposure units


In an individual retirement account (IRA), rollover contributions are - Correct Answer- Not
limited by dollar amount


What is the maximum number of employees (earning at least $5,000) that an employer can
have in order to start a SIMPLE retirement plan? - Correct Answer- 100


Which statement concerning a decreasing term life policy is accurate? - Correct Answer- Face
amount decreases over time


All of these are considered features of whole life insurance EXCEPT - Correct Answer-
Initial premium is lower than for an equivalent amount of term insurance


An employer that offers a qualified retirement plan to its employees is eligible to - Correct
Answer- Make tax-deductible contributions to the plan

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller MGRADES. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $8.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67479 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$8.99
  • (0)
Add to cart
Added