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Kentucky Life Insurance State Exam Practice 2024 With 100% Complete Solutions
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Kentucky Life Insurance State Exam Practice 2024 With 100% Complete Solutions
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Kentucky Life Insurance State Exam Practice.pdf file:///C:/Users/HP/Desktop/NIW/Kentucky%20Life%20Insurance%20Kentucky Life Insurance State Exam Practice
Questions & Answers
1. The premiums paid by an employer for his employee's group life insurance are usually
considered to be
ANS Tax-deductible to the employer
2. Which of these is NOT considered to be a cost connected with an individ- ual's death?
ANS Business expenses
3. These are all accurate statements regarding universal life insurance EX- CEPT
ANS Policy loans are not permitted
4. Which of these is NOT relevant when determining the amount of personal life
insurance needed?
ANS Local unemployment rate
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,Kentucky Life Insurance State Exam Practice.pdf file:///C:/Users/HP/Desktop/NIW/Kentucky%20Life%20Insurance%20
5. Who elects the governing body of a mutual insurance company?
ANS Policyhold- ers
6. Why would evidence of insurability be required for a person insured with a variable
universal life policy?
ANS The face amount is increased
7. At what point are death proceeds paid in a joint life policy?
ANS When the first insured dies
8. What is considered a valid reason for small businesses to insure the lives of its major
shareholders?
ANS Fund a buy-sell agreement
9. Which action will trigger a penalty tax on premature distributions from a modified
endowment contract (MEC)?
ANS Policy loans
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10. Dividends from a mutual insurance company are paid to whom?
ANS Policy- owners
11. Traditional individual retirement annuity (IRA) distributions must start by-
ANS April 1st of the year following the year the participant attains age 70 ½
12. How are Roth IRA distributions normally taxed?
ANS Distributions are received tax-free
13. How can an insurance company minimize exposure to loss?
ANS Reinsurance
14. All of the following statements about traditional individual retirement ac- counts are
false EXCEPT
ANS 10% penalty is applied to withdrawals before age 59 1/2
15.
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