Kentucky life insurance - Study guides, Class notes & Summaries

Kentucky Life Insurance Exam Solved 100% Correct!!

Elements of a Contract - correct answer Competent parties, legal purpose, offer and acceptance, consideration Waiver - correct answer Voluntary giving up of a known right or privilege, can be express or implied Estoppel - correct answer A person is prohibited by virtue of his own past actions from claiming a right that would work to the detriment of another who relied on the past conduct Aleatory Contract - correct answer a contract where the values exchanged may not be equal but depend...

Kentucky Life Insurance UPDATED Exam Questions and CORRECT Answers The premiums paid by an employer for his employee's group life insurance are usually considered to be - Correct Answer- Tax-deductible to the employer Which of these is NOT considered to be a cost connected with an individual's death? - Correct Answer- Business expenses These are all accurate statements regarding universal life insurance EXCEPT - Correct Answer- Policy loans are not permitted

Elements of a Contract - ANSWER Competent parties, legal purpose, offer and acceptance, consideration Waiver - ANSWER Voluntary giving up of a known right or privilege, can be express or implied Estoppel - ANSWER A person is prohibited by virtue of his own past actions from claiming a right that would work to the detriment of another who relied on the past conduct Aleatory Contract - ANSWER a contract where the values exchanged may not be equal but depend on an uncertain event

Kentucky Life Insurance UPDATED Actual Exam Questions and CORRECT Answers The premiums paid by an employer for his employee's group life insurance are usually considered to be - CORRECT ANSWER- Tax-deductible to the employer Which of these is NOT considered to be a cost connected with an individual's death? - CORRECT ANSWER- Business expenses These are all accurate statements regarding universal life insurance EXCEPT - CORRECT ANSWER- Policy loans are not permitted

Elements of a Contract - correct answer Competent parties, legal purpose, offer and acceptance, consideration Waiver - correct answer Voluntary giving up of a known right or privilege, can be express or implied Estoppel - correct answer A person is prohibited by virtue of his own past actions from claiming a right that would work to the detriment of another who relied on the past conduct Aleatory Contract - correct answer a contract where the values exchanged may not be equal but depend...

Kentucky Life Insurance State Exam Practice with 100% Correct Answers | Verified | Latest Update 2024| Already Passed

Kentucky Life Insurance State Exam Practice with 100% Correct Answers | Verified | Latest Update 2024| Already Passed

Kentucky Life Insurance State Exam Practice Complete Guide A 55 year old recently received a $30,000 distribution from a previous employer's 401k plan, minus $10,000 withholding. Which federal taxes apply if none of the funds were rolled over? ️Income taxes plus a 10% penalty tax on $30,000 A contract designed to provide the owner with a Guaranteed Monthly Income is: ️Flexible Premium Annuity A life insurance policy's waiver of premium rider has the ability to ️Waive the prem...

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 - COR...