Kentucky law life and health insurance Complete Questions and Answers 2024
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Course
Kentucky Life Insurance
Institution
Kentucky Life Insurance
Kentucky law life and health insurance
Complete Questions and Answers 2024
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...
Kentucky law life and health insurance Complete Questions and Answers 2024 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 Comm issioner will - CORRECT ANSWER -Suspend or revoke that company's certificate of authority. Which of the following will NOT be considered unfair discrimination by insurers? - CORRECT 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? - CORRECT ANSWER -false advertising In order to transact insurance business in this state, an insurance company must first obtain which of the following documents? - CORRECT ANSWER -Certificate of authority Circulating deceptive sales material to the public is what type of Unfair Trade Practice? - CORRECT 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? - CORRECT ANSWER -30 days All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT - CORRECT 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 Comm issioner will - CORRECT 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: - CORRECT 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? - CORRECT 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 - CORRECT ANSWER -twisting All of the following are requirements for insurance license applicants EXCEPT - CORRECT ANSWER -Fulfill post secondary education requirements Agents in Kentucky must maintain a place of business that is - CORRECT 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? - CORRECT 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 - CORRECT ANSWER -A consultant How many continuing education hours can agents carry over from one licensing period to the next? - CORRECT ANSWER -Up to 12 When should an agent notify the department of Insurance that they have moved home or business address? - CORRECT ANSWER -Within 30 days. A person or business entity who collects premiums and/or adjusts or settles life or health insurance claims on residents of Kentucky must have which license? - CORRECT ANSWER -An administrator's license State law specifically prohibits using illegal inducements in the marketing of insurance. All of the following would be considered illegal inducements EXCEPT - CORRECT ANSWER -Inviting prospective clients to the grand opening of the company's new office. All of the following are requirements for insurance license applicants EXCEPT - CORRECT ANSWER -Fulfill post secondary education requirements. Which type of misrepresentation persuades an insured, to his or her detriment, to cancel, lapse, or switch policies from one to another? - CORRECT ANSWER -twisting Which of the following would be considered an illegal inducement to purchase insurance? - CORRECT ANSWER -Confirming future dividends in a life insurance proposal How many hours of continuing education related to Ethics are required every licensing period? - CORRECT ANSWER -3
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