Kentucky Life & Health Insurance Exam 2024 Verified and Tested Q&A

Kentucky Life & Health Insurance Exam 2024 Verified and Tested Q&A Life insurance underwriting would consider which of these factors as unimportant? Age of the applicant Weight of the applicant Marital status of the applicant Gender of the applicant - CORRECT ANSWER -Marital status of the applicant The inducement of an insured to lapse, forfeit, or surrender an insurance policy by misrepresentation or misleading comparisons, in order to write a new policy, is known as: Rebating Twisting Commingling Churning - CORRECT ANSWER -Twisting Michelle purchased a Long Term Care policy 12 months after suffering a stroke. Any future claims she will have related to this stroke will be: denied covered covered only if additional premiums are paid denied only if she was experiencing problems from the stroke at the time of application - CORRECT ANSWER -Covered Most LTC policies do not cover conditions that existed during the 6 months before the policy effective date. In this situation, the event occurred 12 months prior. An owner has a life annuity which provides benefit payments for a minimum time period, no matter when the annuitant dies. The feature of this annuity is called: fixed period period certain installment refund straight life - CORRECT ANSWER -Period Certain An annuity with period certain provides a life annuity with an extra guarantee for a certain period of time. If the annuitant dies it will still guarantee payments to the survivor for another 10,15, 20 years. Mike had both of his legs amputated after a boulder fell on them. He has a policy that pays a lump sum benefit for this injury. What type of insurance does Mike have? Catastrophic Accidental death and dismemberment Major medical Hospital expense - CORRECT ANSWER -Accidental death and dismemberment An accidental death and dismemberment policy pays a benefit in the event of accidental dismemberment or loss of vision/hearing. Which of these Nonforfeiture Options continue a build -up of cash value? Waiver of Premium Extended Term Reduced Paid -Up Cash Surrender - CORRECT ANSWER -Reduced paid up A Reduced Paid -Up option would provide continuing cash value build -up. What type of life policy covers two people and pays upon the death of the last insured? Shared Survivorship Adjustable Joint - CORRECT ANSWER -Survivorship Which of the following questions may an insurer properly ask an applicant for insurance? Whether the applicant has ever tested positive for the HIV infection Whether the applicant has ever been tested for the HIV infection Whether the applicant has ever tested negative for the HIV infection None of the above - CORRECT ANSWER -Whether the applicant has ever tested positive for the HIV infection Which type of life policy contains a monthly mortality charge as well as self -directed investment choices? Joint Life Adjustable Life Variable Universal Life Universal Life - CORRECT ANSWER -Variable Universal Life Two agencies are competing for a new client. Agency A mentions to the prospective client that all of the companies with which it does business are licensed in all U.S. States. It also mentions that Agency B may not be dependable since it is only licensed in 42 States. Therefore, Agency A may have engaged in: Perjury Fraud Defamation Larceny - CORRECT ANSWER -Defamation The health insurance program which is administered by each state and funded by both the federal and state governments is called: Long -term care Medicaid Medicare Supplemental Program Medicare - CORRECT ANSWER -Medicaid The initial amount of credit life and health insurance may NOT exceed: The total amount repayable under the contract of indebtedness The insured's individual salary The total Life insurance already in place on the insured's life. An amount to be determined by the Commissioner on a case -by-case basis - CORRECT ANSWER -The total amount repayable under the contract of indebtedness How much will be taxable if a policyowner, age 55, relinquishes a Universal Life policy? No taxes are owed on a Universal Life policy cash surrender Taxes are owed on the entire cash value Taxes are owed on the entire cash value plus a 10% penalty for early withdrawal Taxes are owed on the amount of cash value that exceeds the premiums paid - CORRECT ANSWER -Taxes are owed on the amount of cash value that exceeds the premiums paid