KANSAS LIFE AND HEALTH INSURANCE PRACTICE 150
EXAM AND ANSWERS UPDATED 2026 2027 COURSE
VERIFIED ANSWERS ACTUAL UPDATED PRACTICE
QUESTIONS HIGH-YIELD STUDY GUIDE LICENSING EXAM
PREPARATION GRADED A+
K applies for a life insurance policy on herself and submits the initial premium
with the application. She is given a receipt by the agent stating that coverage
begins immediately if the application is approved. What kind of receipt was
used? - CORRECT ANSWER -A conditional receipt indicates that certain
conditions must be met in order for the insurance coverage to go into effect.
P is a producer who notices 5 questions on a life application were not answered.
What actions should P take? - CORRECT ANSWER -Schedule another
appointment with the applicant to complete the unanswered questions
M completes an application for life insurance but does not pay the initial
premium. All of these actions must occur before M's policy goes into effect
EXCEPT - CORRECT ANSWER -Free-look period has expired
An applicant's medical information received from the Medical Information
Bureau (MIB) may be furnished to the - CORRECT ANSWER -Applicant's
physician
On August 6, D submitted an application for a $50,000 Life Insurance policy
and did not pay the initial premium. On August 18, D went to his doctor
complaining of chest pains and some tests were given by the doctor. The life
policy was delivered by the producer on August 20 and D explains what had
recently taken place with the doctor. What action should the producer then take?
- CORRECT ANSWER -Collect initial premium along with a signed health
statement
What is being delivered during a policy delivery? - CORRECT ANSWER -
,Insurance contract to the proposed insured
Before a life insurance policy is issued, which of these components of the
contract is required? - CORRECT ANSWER -Applicant's signature on
application
Which of the following is an important underwriting principle of group life
insurance? - CORRECT ANSWER -Everyone must be covered in the group
A noncontributory group term life plan is characterized by - CORRECT
ANSWER -the entire cost of the plan is paid for by the employer
A person who is insured within a group contract will be given a - CORRECT
ANSWER -certificate
Group life insurance policies are generally written as - CORRECT
ANSWER -annually renewable term
Which provision is NOT a requirement in a group life policy? - CORRECT
ANSWER -Accidental
If its employees share in the cost of insurance, what type of group life insurance
plan would a corporation have? - CORRECT ANSWER -Contributory
W is a 39-year old female who just purchased an annuity to provide income for
life starting at age 60. All of these would be acceptable annuity choices
EXCEPT a(n) - CORRECT ANSWER -Immediate annuity
, What type of annuity has a cash value that is based upon the performance of it's
underlying investment funds? - CORRECT ANSWER -Variable
T has an annuity that guarantees an income payment for the rest of his life. The
contract also guarantees that if T dies before receiving payments for 20 years,
the remaining payments will be paid to his son for the balance of the 20 years.
What type of annuity is this - CORRECT ANSWER -Life Annuity with
period certain
Which of these statements concerning an Individual Straight Life annuity is
accurate? - CORRECT ANSWER -Payments are made to an annuitant for
life
An individual who purchases a Life annuity is given protection against -
CORRECT ANSWER -The risk of living longer than expected
What is Old Age and Survivors Health Insurance (OASDHI) also known as -
CORRECT ANSWER -Social Security
Which of these retirement plans can be started by an employee, even if another
plan is in existence? - CORRECT ANSWER -Individual Retirement Account
(IRA)
Which product would best serve a retired individual looking to invest a lump-
sum of money through an insurance company - CORRECT ANSWER
Annuity
A Key Employee policy is taken out by Company X on its vice president. Ten
years later, this employee leaves Company X and begins working for Company
Y. If this individual were to die and the policy is still in force and unchanged,
EXAM AND ANSWERS UPDATED 2026 2027 COURSE
VERIFIED ANSWERS ACTUAL UPDATED PRACTICE
QUESTIONS HIGH-YIELD STUDY GUIDE LICENSING EXAM
PREPARATION GRADED A+
K applies for a life insurance policy on herself and submits the initial premium
with the application. She is given a receipt by the agent stating that coverage
begins immediately if the application is approved. What kind of receipt was
used? - CORRECT ANSWER -A conditional receipt indicates that certain
conditions must be met in order for the insurance coverage to go into effect.
P is a producer who notices 5 questions on a life application were not answered.
What actions should P take? - CORRECT ANSWER -Schedule another
appointment with the applicant to complete the unanswered questions
M completes an application for life insurance but does not pay the initial
premium. All of these actions must occur before M's policy goes into effect
EXCEPT - CORRECT ANSWER -Free-look period has expired
An applicant's medical information received from the Medical Information
Bureau (MIB) may be furnished to the - CORRECT ANSWER -Applicant's
physician
On August 6, D submitted an application for a $50,000 Life Insurance policy
and did not pay the initial premium. On August 18, D went to his doctor
complaining of chest pains and some tests were given by the doctor. The life
policy was delivered by the producer on August 20 and D explains what had
recently taken place with the doctor. What action should the producer then take?
- CORRECT ANSWER -Collect initial premium along with a signed health
statement
What is being delivered during a policy delivery? - CORRECT ANSWER -
,Insurance contract to the proposed insured
Before a life insurance policy is issued, which of these components of the
contract is required? - CORRECT ANSWER -Applicant's signature on
application
Which of the following is an important underwriting principle of group life
insurance? - CORRECT ANSWER -Everyone must be covered in the group
A noncontributory group term life plan is characterized by - CORRECT
ANSWER -the entire cost of the plan is paid for by the employer
A person who is insured within a group contract will be given a - CORRECT
ANSWER -certificate
Group life insurance policies are generally written as - CORRECT
ANSWER -annually renewable term
Which provision is NOT a requirement in a group life policy? - CORRECT
ANSWER -Accidental
If its employees share in the cost of insurance, what type of group life insurance
plan would a corporation have? - CORRECT ANSWER -Contributory
W is a 39-year old female who just purchased an annuity to provide income for
life starting at age 60. All of these would be acceptable annuity choices
EXCEPT a(n) - CORRECT ANSWER -Immediate annuity
, What type of annuity has a cash value that is based upon the performance of it's
underlying investment funds? - CORRECT ANSWER -Variable
T has an annuity that guarantees an income payment for the rest of his life. The
contract also guarantees that if T dies before receiving payments for 20 years,
the remaining payments will be paid to his son for the balance of the 20 years.
What type of annuity is this - CORRECT ANSWER -Life Annuity with
period certain
Which of these statements concerning an Individual Straight Life annuity is
accurate? - CORRECT ANSWER -Payments are made to an annuitant for
life
An individual who purchases a Life annuity is given protection against -
CORRECT ANSWER -The risk of living longer than expected
What is Old Age and Survivors Health Insurance (OASDHI) also known as -
CORRECT ANSWER -Social Security
Which of these retirement plans can be started by an employee, even if another
plan is in existence? - CORRECT ANSWER -Individual Retirement Account
(IRA)
Which product would best serve a retired individual looking to invest a lump-
sum of money through an insurance company - CORRECT ANSWER
Annuity
A Key Employee policy is taken out by Company X on its vice president. Ten
years later, this employee leaves Company X and begins working for Company
Y. If this individual were to die and the policy is still in force and unchanged,
