Kentucky life insurance Study guides, Class notes & Summaries
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Kentucky Life Insurance State Exam Practice Questions with Answers (new 2024)
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Kentucky Life Insurance State Exam Practice Questions with Answers (new 2024)
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Kentucky Health Insurance Exam Study Set Questions With Complete Answers.
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Kentucky Health Insurance Exam Study Set Questions With Complete Answers. 
 
The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. When does the policy become effective? A. as of the application date 
B. As of the policy delivery date 
C. As of the first of the month after the policy issue date 
D. As of the policy issue date 
A. As of the application date 
All of the following are true about group disability income insura...
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Kentucky Life Insurance Exam Questions With All Correct Answers
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Kentucky Life Insurance Exam Questions With All Correct Answers 
 
Elements of a Contract - CORRECT ANSWERS Competent parties, legal purpose, offer and acceptance, consideration 
Waiver - CORRECT ANSWERS Voluntary giving up of a known right or privilege, can be express or implied 
Estoppel - CORRECT ANSWERS A person is prohibited by virtue of his own past actions from claiming a right that would work to the detriment of another who relied on the...
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Kentucky Life Insurance State Exam Practice Questions and Answers 2023 Solved
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Kentucky Life Insurance State Exam Practice Questions and Answers 2023 Solved 
 
The premiums paid by an employer for his employee's group life insurance are usually considered to be 
Tax-deductible to the employer 
Which of these is NOT considered to be a cost connected with an individual's death? 
Business expenses 
These are all accurate statements regarding universal life insurance EXCEPT 
Policy loans are not permitted 
Which of these is NOT relevant when determining the amount of persona...
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Kentucky Life and Health Insurance Exam (New 2024/ 2025 Update) Questions and Verified Answers| 100 % Correct| Grade A
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Kentucky Life and Health Insurance Exam 
(New 2024/ 2025 Update) Questions and 
Verified Answers| 100 % Correct| Grade A 
 
 
QUESTION 
 The only party in an insurance contract that makes a legally enforceable promise is the 
insurance company. Because of this, insurance contracts are considered to be: 
 
 conditional 
 aleatory 
 unilateral 
 contracts of adhesion 
 
 
Answer: 
unilateral 
 
Insurance contracts are unilateral. This means that only one party (the insurer) makes any kind of ...
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Kentucky Life Insurance Exam Prep| Questions and Verified Answers| 100 % Correct| Grade A (Latest 2024/ 2025 Update)
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Kentucky Life Insurance Exam Prep| Questions and Verified Answers| 100 % Correct| Grade A (Latest 2024/ 2025 Update) 
 
 
Q: Universal Life Insurance 
Flexible premium, adjustable death benefits, accumulates cash values: earlier models have front-end load, later models have back end load. Insurance costs are debited and guaranteed and excess interest are credited. 
 
 
 
Q: Universal Life Death Benefit Option A 
 
 
Answer: 
Level death benefit throughout life of policy (can be increased with pr...
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Kentucky Life Insurance Exam (Latest 2024/ 2025 Update) Questions and Verified Answers| 100 % Correct| Grade A
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Kentucky Life Insurance Exam (Latest 2024/ 2025 Update) Questions and Verified Answers| 100 % Correct| Grade A 
 
 
Q: Traditional individual retirement annuity (IRA) distributions must start by 
 
 
Answer: 
 April 1st of the year following the year the participant attains age 70 1/2 
 
 
 
Q: How are Roth IRA distributions normally taxed? 
 
 
Answer: 
 Distributions are received tax-free 
 
 
 
Q: How can an insurance company minimize exposure to loss? 
 
 
Answer: 
 Reinsurance 
 
 
 
Q: Al...
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Kentucky Life Insurance Exam Questions and Answers Rated A+
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Kentucky Life Insurance Exam Questions and Answers Rated A+ Elements of a Contract Competent parties, legal purpose, offer and acceptance, consideration 
Waiver Voluntary giving up of a known right or privilege, can be express or implied 
Estoppel A person is prohibited by virtue of his own past actions from claiming a right that would work to the detriment of another who relied on the past conduct 
Aleatory Contract a contract where the values exchanged may not be equal but depend on an uncerta...
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Kentucky Life Insurance Exam Prep| Questions and Verified Answers| 100 % Correct| Grade A (New 2024/ 2025 Update)
- Exam (elaborations) • 49 pages • 2024
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Kentucky Life Insurance Exam Prep| 
Questions and Verified Answers| 100 % 
Correct| Grade A (New 2024/ 2025 Update) 
 
 
QUESTION 
 Nonforfeiture Options 
Three options available by law to policyowners that enable them to recover a policy's cash-value 
upon surrender of that policy. (1) Cash (2) Reduced Paid-Up Insurance (3) Extended Term 
Insurance 
 
 
 
QUESTION 
 Immediate Annuities 
 
 
Answer: 
- Can only be funded using the Single Premium payment method 
- First income payment is ma...
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Kentucky Life Insurance Exam (New 2024/ 2025 Update) Questions and Verified Answers| 100 % Correct| Grade A
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Kentucky Life Insurance Exam (New 2024/ 
2025 Update) Questions and Verified 
Answers| 100 % Correct| Grade A 
 
QUESTION 
 The owner of a single premium deferred annuity is entitled to do all of these EXCEPT 
 
 
Answer: 
 Make multiple premium payments 
 
 
 
QUESTION 
 An insurance company's voluntary refusal to enforce a contract's provision is called a(n) 
 
 
Answer: 
 Waiver 
 
 
 
QUESTION 
 What happens when an initial offer is answered with a counteroffer? 
 
 
Answer: 
 Init...
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2024 Life Insurance Exam for Kentucky Company Latest Questions and Answers
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2024 Life Insurance Exam for Kentucky 
Company Latest Questions and Answers 
A. All the incidents of ownership in the policy belong to the donee. - CORRECT 
ANSWER-In an outright gift of life insurance to a charity 
A. All the incidents of ownership in the policy belong to the donee. 
B. The donor retains the right to name a new beneficiary. 
C. The cash values in the policy belong to the donor. 
D. The premiums paid by the donor are not tax deductible. 
C. Making a formal request to the co...
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