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KENTUCKY LIFE INSURANCE STATE EXAM
COMPREHENSIVE Q&A FOR GUARANTEED
SUCCESS LATEST UPDATED
When does an insured stop making payments under a thirty-payment whole life
policy? - correct-answer-When the insured dies or 30 years from the policy's
inception, whichever comes first
What does a fixed life annuity offer protection against? - correct-answer-Savings
depletion because of longevity
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When does interest income in a deferred annuity get reported for federal income
taxes? - correct-answer-When the distributions are received
The insurance coverage in a variable life insurance policy may fluctuate based on
the value of - correct-answer-Its underlying investments
How long is a person covered for under a limited pay whole life policy? -
correctanswer-Until age 100
Which statement regarding the cash value of a whole life insurance policy is
correct? - correct-answer-Payable to the policy owner when policy has been
surrendered
The following are all elements of a legal contract EXCEPT - correct-answer-
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Recorded evidence
An insurance policy that can also be classified as a securities product is
calledcorrect-answer-Variable life
Which of these do NOT indicate the presence of insurable interest in a life
insurance contract? - correct-answer-Lifelong friendship
The owner of a single premium deferred annuity is entitled to do all of these
EXCEPT - correct-answer-Make multiple premium payments
An insurance company's voluntary refusal to enforce a contract's provision is
called a(n) - correct-answer-Waiver
What happens when an initial offer is answered with a counteroffer? -
correctanswer-Initial offer is void
KENTUCKY LIFE INSURANCE STATE EXAM
COMPREHENSIVE Q&A FOR GUARANTEED
SUCCESS LATEST UPDATED
When does an insured stop making payments under a thirty-payment whole life
policy? - correct-answer-When the insured dies or 30 years from the policy's
inception, whichever comes first
What does a fixed life annuity offer protection against? - correct-answer-Savings
depletion because of longevity
,2|Page
When does interest income in a deferred annuity get reported for federal income
taxes? - correct-answer-When the distributions are received
The insurance coverage in a variable life insurance policy may fluctuate based on
the value of - correct-answer-Its underlying investments
How long is a person covered for under a limited pay whole life policy? -
correctanswer-Until age 100
Which statement regarding the cash value of a whole life insurance policy is
correct? - correct-answer-Payable to the policy owner when policy has been
surrendered
The following are all elements of a legal contract EXCEPT - correct-answer-
, 3|Page
Recorded evidence
An insurance policy that can also be classified as a securities product is
calledcorrect-answer-Variable life
Which of these do NOT indicate the presence of insurable interest in a life
insurance contract? - correct-answer-Lifelong friendship
The owner of a single premium deferred annuity is entitled to do all of these
EXCEPT - correct-answer-Make multiple premium payments
An insurance company's voluntary refusal to enforce a contract's provision is
called a(n) - correct-answer-Waiver
What happens when an initial offer is answered with a counteroffer? -
correctanswer-Initial offer is void
