Kentucky Life Insurance Practice Exam Guide (actual questions and answers)
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Course
Kentucky Life Insurance
Institution
Kentucky Life Insurance
Kentucky Life Insurance Practice Exam
Guide (actual questions and answers)
A Straight Life Annuity - CORRECT ANSWER-Provides for a periodic income to be paid
to the annuitant for life, does not provide a guarantee as to maximum benefits, and
provides that periodic income payments cease upon ...
Kentucky Life Insurance Practice Exam Guide (actual questions and answers) A Straight Life Annuity - CORRECT ANSWER -Provides for a periodic income to be paid to the annuitant for life, does not provide a guarantee as to maximum benefits, and provides that periodic income payments cease upon the annuitant's death Expressed Powers - CORRECT ANSWER -those powers of an insurance agent included in the agreement between the agent and the company are known as Human Life Value refers to - CORRECT ANSWER -The monetary value that a person has to others An Unauthorized Company - CORRECT ANSWER -A company that has not received permission from the insurance commissioner to do business in this state Fixed Period Option - CORRECT ANSWER -The Settlement option that provides for the proceeds plus interest to be paid in installments for a specified period of time A physical examination - CORRECT ANSWER -May be part if the risk selection process Straight Life Income - CORRECT ANSWER -The Life income settlement option under which a beneficiary receives an income from the present time until death In a Whole Life Insurance Policy - CORRECT ANSWER -The cash value is greatest at the end of the policy period, and the insurance protection is greatest at the start of the policy Buy-Sell Agreement - CORRECT ANSWER -Using the proceeds from a policy on the life of a deceased business owner to purchase his or her business interest probably indicates a How is a policy loan recovered by the company if the Extended Term Option goes into effect? - CORRECT ANSWER -The amount is subtracted from and accumulated cash value and the face amount of the Term Policy is reduced by the same amount An annuity is a contract that - CORRECT ANSWER -Liquidates an estate through periodic payments to the Annuitant Income payments made from an Annuity are - CORRECT ANSWER -Only partly subject to federal taxation Statements that support the definition of insurance - CORRECT ANSWER -The result of financial loss is spread among many persons, the cost to any one person is small, the cost is certain regardless of the circumstances of the loss A Family Income Policy differs from a Decreasing Term Policy, in that, the Family Income Policy - CORRECT ANSWER -Pays monthly income upon the death of the insured Variable Annuity - CORRECT ANSWER -Can provide for payments to the annuitant for life An insurance policy with a Back -End Load - CORRECT ANSWER -Makes a service charge if the policy is surrendered The Stork Provision of a Guaranteed Insurability Rider provides that the insured may purchase insurance - CORRECT ANSWER -On his life in anticipation of his next option date, within 90 days after the birth of a child An insurance agent's duties include - CORRECT ANSWER -Solicitation; collecting premiums; handling claims "Reserve" may be defined as the amount of money that - CORRECT ANSWER -
together, with premiums due and interest on those premiums, will enable a company to pay death claims A Universal Life Contract expires when - CORRECT ANSWER -the cash value account becomes too small to pay the cost of insurance Most Life Insurance policies - CORRECT ANSWER -Will pay the face amount if the insured is killed while a passenger of a regularly scheduled commercial airliner Dividends left at interest - CORRECT ANSWER -Can be used without affecting the cash value of the policy "Loading" means to assign to each policy the appropriate share of the company's - CORRECT ANSWER -Operating Expenses An Annual Premium Annuity is one that - CORRECT ANSWER -Is purchased over the years prior to the date on which the annuity begins The cash value of a Variable Life Policy - CORRECT ANSWER -Is determined by the investment experience of the separate account The wording of a Life Insurance Policy - CORRECT ANSWER -May not be changed by the agent
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