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Kentucky law( life insurance) Exam Questions and Answers
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Kentucky law( life insurance) Exam Questions and Answers
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Kentucky law ( life insurance)When an admitted life insurer becomes insolvent, after notice and a hearing, the Commissioner will
assess member insurers in order to pay insured, claimants, and beneficiaries of the insolvent insurer.
Should a member fail to pay their assessment, the Commissioner will - Answer-Suspend or revoke that
company's certificate of authority.
Which of the following will NOT be considered unfair discrimination by insurers? - Answer-
Discriminating in benefits and coverages based on the insured's habits and lifestyle
An insurance company has published a brochure that inaccurately portrays the advantages of a
particular insurance policy. What is this an example of? - Answer-false advertising
In order to transact insurance business in this state, an insurance company must first obtain which of
the following documents? - Answer-Certificate of authority
Circulating deceptive sales material to the public is what type of Unfair Trade Practice? - Answer-false
advertising
An insurance company must notify the Commissioner whenever it terminates an agent's appointment
within how many days of the termination date? - Answer-30 days
, All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT -
Answer-Dividends from a mutual insurer.
When an admitted life insurer becomes insolvent, after notice and a hearing, the Commissioner will
assess member insurers in order to pay insured, claimants, and beneficiaries of the insolvent insurer.
Should a member fail to pay their assessment, the Commissioner will - Answer-Suspend or revoke that
company's certificate of authority
An insurance license issued by the Kentucky Department of Insurance shall include all of the following,
EXCEPT: - Answer-Name and address of the appointing insurer
Two individuals are in the same risk and age class; yet, they are charged different rates for their
insurance policies due to an insignificant factor. What is this called? - Answer-discrimination
Agents who persuade insureds to cancel a policy in favor of another one when it might not be in the
insured's best interest are guilty of - Answer-twisting
All of the following are requirements for insurance license applicants EXCEPT - Answer-Fulfill post
secondary education requirements
Agents in Kentucky must maintain a place of business that is - Answer-Accessible to the public.
Which of the following terms describes making false statements about the financial condition of any
insurer that are intended to injure any person engaged in the business of insurance? - Answer-
defamation
An individual who advises persons about their insurance or annuity contracts regarding coverage,
advisability, rights, or interest under the contract would be called - Answer-A consultant
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