Comprehensive Exam-Kentucky Life and Health Insurance Final Updated Exam 2024 Q&A
6 views 0 purchase
Course
Kentucky Life Insurance
Institution
Kentucky Life Insurance
Comprehensive Exam-Kentucky Life and
Health Insurance Final Updated Exam
2024 Q&A
All of the following are producer responsibilities to the applicant, except: - CORRECT
ANSWER-Offering and selling only the lowest premium policy
___________ manufacture and sell insurance coverage in the form ...
Comprehensive Exam -Kentucky Life and Health Insurance Final Updated Exam 2024 Q&A All of the following are producer responsibilities to the applicant, except: - CORRECT ANSWER -Offering and selling only the lowest premium policy ___________ manufacture and sell insurance coverage in the form of policies or contracts of insurance. - CORRECT ANSWER -Insurers When both parties must perform certain duties and follow certain rules of conduct to make a contract enforceable refers to a(n) __________ contract. - CORRECT ANSWER -Conditional _____________ insurance allows for insurance coverage to be obtained when not available from admitted carriers. - CORRECT ANSWER -Surplus lines The field underwriter is the _________ and is not a determiner of insurability. - CORRECT ANSWER -Producer To address adverse selection what can an insurer legally do? - CORRECT ANSWER -
Establish and enforce sound underwriting practices A contract that is drafted by an insurer and receives no input or alteration from the insured, is considered a(n): - CORRECT ANSWER -Contract of Adhesion Which of the following parties does not sign an application for life insurance? - CORRECT ANSWER -The beneficiary The ____________ market is a private source of coverage of last resort for individuals or businesses that have been rejected by voluntary market insurers. - CORRECT ANSWER -Residual Which of the following is NOT considered one of the essential elements of a contract? - CORRECT ANSWER -Conditions An insurer NOT authorized to do business within this state is considered what type of insurer? - CORRECT ANSWER -Non-Admitted Which of the following describes Fiduciary Responsibilities? - CORRECT ANSWER -
Anyone acting as an insurance producer or agent for an insurer shall be held responsible in a trust or fiduciary capacity for any money collected or received for the insurer The relationship of a person who acts on behalf of a company whereby the person's actions can bind the company is known as: - CORRECT ANSWER -The law of agency With health and life insurance a/an _________ is required at the time of the application. - CORRECT ANSWER -Insurable interest _____________ consists of groups of underwriters called syndicates, each of which specializes in insuring a particular type of risk. - CORRECT ANSWER -Lloyds of London What is the primary reason why States have 'outlawed' Stranger Originated Life Insurance (STOLI) transactions? - CORRECT ANSWER -At policy inception there is a lack of insurable interest Which of the following types of policies is eligible for policy dividends? - CORRECT ANSWER -Participating An applicant for life insurance pays the agent the initial premium and receives a Conditional Insurability Receipt in return. If the policy was to be issued as substandard, but the applicant dies prior to policy issue what is the result? - CORRECT ANSWER -
The insurer will refund any premiums paid Which of the following best describes 'Capital Retention/Conservation' in an effort to meet an income objective? - CORRECT ANSWER -Investment earnings are paid out If a copy of the application, which led to a life insurance policy being issued, is attached to the policy: - CORRECT ANSWER -It is considered part of the entire contract Which of the following products are offered by insurers to protect families from the financial setback of a family member's premature death? - CORRECT ANSWER -Life Insurance The HIV Consent Form specifies which types of individuals may receive __________. - CORRECT ANSWER -The test results Confidential information shared by the producer to the insurer and does not become part of the policy is the __________. - CORRECT ANSWER -Agent's Report A is the insured under a $100,000 10 year term life insurance policy with her spouse named as her beneficiary. If she dies in year 9, what will her spouse receive? - CORRECT ANSWER -The face amount of the policy
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 StudyCenter1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
