KENTUCKY HEALTH INSURANCE PACKAGE DEAL QUESTIONS AND ANSWERS WITH VERIFIED SOLUTIONS UPDATED 2024/25

C. The insurer may increase the premium rate after the policy is in effect provided it does so by classes of insureds - ANSWER All of the following statements about non-cancellable policies are true EXCEPT A. A noncancellible police is also called a noncancellible and guaranteed renewable policy...

All of the following are producer responsibilities to the applicant, except: - ANSWER Offering and selling only the lowest premium policy ___________ manufacture and sell insurance coverage in the form of policies or contracts of insurance. - ANSWER Insurers When both parties must perform cert...

KENTUCKY HEALTH & LIFE (COMMONWEALTH SCHOOLS OF INSURANCE - PT 4B) [7-12] QUESTIONS AND ANSWERS WITH SOLUTIONS 2024/25

The premiums paid by an employer for his employee's group life insurance are usually considered to be - ANSWER Tax-deductible to the employer Which of these is NOT considered to be a cost connected with an individual's death? - ANSWER Business expenses These are all accurate statements r...

S filed a written Proof of Loss for a Disability Income claim on September 1. The insurance company did not respond to the claim. S can take legal action against the insurer beginning: - ANSWER November 1 What is the excise tax rate the IRS imposes on individuals aged 70 1/2 or older who do not t...

what is not considered a course of underwriting information about an applicant? - ANSWER rating services what is another name for individuals who participate in an HMO plan? - ANSWER subscribers the order issues by a commissioner to a person engaged in an unfair practice, which prohibits the p...

has lower benefit limits than Major Medical insurance - ANSWER Basic Medical Expense insurance: Usual, customary, and reasonable medical expenses - ANSWER Which of the following services do Major Medical policies typically cover? Benefits are paid on a capitation basis - ANSWER Which of these ...

The Commissioner may withdraw approval of a continuing education provider, course, or instructor for: Select one: a. Good and just cause b. Clear and present danger c. Up to 60 days d. Up to 90 days - ANSWER Good and just cause What is the maximum time allowed for a waiver of license renewal...

When an insurer overestimates the cost of a policy, its - ANSWER A surplus A company licensed to sell insurance in a particular state is known as a ___________Insurer - ANSWER Admitted Which of the premium pay modes will result in the highest total premium? - ANSWER Monthly When an insured ...

In order to collect under a P&C policy, an insurable interest must exist at which of the following times? 1 at the time of application for the policy 2 at the time of loss A. 1 only B. 2 only C. Both 1 and 2 D. Neither 1 nor 2 - ANSWER B. at the time of loss Gertrude has an insurable in...

Countersigning - ANSWER ____ means the agent signs each new policy prepared by the company before delivering it to the insured. Aleatory - ANSWER An insurance contract is ____, which means it is contingent on an uncertain event (a loss) that provides for unequal transfer of value between the part...

Which of the following is a characteristic of an admitted company? - ANSWER An admitted company is qualified to sell insurance Health Insurance benefits may be assigned to which of the following? - ANSWER Doctor, surgeon and hospital Non-resident licensees must do which of the following? - ANS...

Faulty wiring in a home is an example of a: a) loss b) peril c) risk d) hazard - ANSWER Hazard When a person buys insurance what method of handling risk has been undertaken? a) transfer b) reduction c) avoidance d) retention - ANSWER Transfer In property and casualty insurance, insurab...

Agent - ANSWER An individual or business entity that has been appointed by an insurer to sell or solicit applications for insurance or annuities or to negotiate insurance or annuities on its behalf. Producer - ANSWER A person or business entity required to be licensed under the laws of Kentucky t...