Life and Health Insurance Exams, Kentucky Life and
Health Insurance Exams (Latest 2024/ 2025 Updates
STUDY PACKAGE WITH COMPLETE SOLUTIONS)
Questions and Verified Answers| 100 % Correct| Grade
A
The provision in a Group Health policy that allows the insurer to postpone coverage
for a covered illness 30 days after the policy's effective date is referred to as the -
ANSWERWaiting Period
J's Major Medical policy has a $2,000 deductible and an 80/20 Coinsurance clause. If
J is hospitalized and receives a bill for $10,000, J would pay? - ANSWER$3,600
An evidence of coverage form may be issued by a Health Maintenance Organization
(HMO) after being approved by the - ANSWERCommissioner
A certificate of ____ permits an insurance company to transact business in Texas -
ANSWERAuthority
Who owns a stock insurance company? - ANSWERStockholders
B the insurance agent tells his clients that their rights may be impaired if they fail to
complete a release form within a given period of time. B may be found guilty of -
ANSWERCoercion
K has a health policy that must be renewed by the insurer and the premiums can
only be increased if applied to the entire class of insureds. This type of policy is
considered - ANSWERGuaranteed renewable
B has a $100,000 Accidental Death and Dismemberment policy that pays triple
indemnity for common carrier death. If B is killed from an accident on a commercial
flight, what will the policy pay B's beneficiary? - ANSWER$300,000
T cash surrenders a recently-issued whole life policy. He also requests that the
proceeds be payable to an unrelated third party. T would likely be red-flagged for
violation of - ANSWERanti-money laundering rules
Which of the following will an insurance company most likely NOT take if an
applicant, who has diabetes, applies for a disability income policy? - ANSWERIssue
the policy with an Altered Time of Payment of Claims provision.
What should an insured do if the insurer does not send claims forms within the time
period set forth in a health policy's Claims Forms provision? - ANSWERSubmit the
claim in any form.
, If a corporation pays the premium on a group life policy for its employees, the
corporation is required to report how much additional taxable income for each
employee? - ANSWERNothing
Which of the following situations does a Critical Illness plan cover? -
ANSWERLeukemia
Which of these life insurance riders allows the applicant to have excess coverage? -
ANSWERTerm Rider
Which of the following may NOT charge fees for insurance advice? - ANSWERLegal
Reserve Agents
A long-term care rider in a life insurance policy pays a daily benefit in the event of
which of the following? - ANSWERInability of the insured to perform more than 2
Activities of Daily Living (ADL's)
Information obtained from a phone conversation to the proposed insured can be
found in which of these reports? - ANSWERInspection Report
A 66 year-old is covered under a group health plan while employed with a business
that has 40 employees. If she injures herself while walking in the park, what
coverage would be considered primary? - ANSWERHer group health plan. (if the the
employer has more than 20 employees, the group health plan generally pays first)
An example of false advertising would be - ANSWERAn insurer exaggerating its
dividends in a magazine advertisement.
An insurer is NOT required to provide information on fraudulent claims if requested
by - ANSWERAn Insured
At what point does an informal agreement become a binding contract? -
ANSWERWhen consideration is provided by one of the parties to the contract
Which of the following consists of an offer, acceptance, and consideration? -
ANSWERContract
How often must an insurance agent license normally be renewed? - ANSWERevery
TWO years
This type of deductible provision waives the deductible for all family members after
some of them have satisfied individual deductibles within the same year: -
ANSWERFamily Maximum deductible
J is 35-years old and looking to purchase a whole life insurance policy. Which of the
following types of policies will provide the most rapid growth of cash value? -
ANSWER20 pay-life
Health Insurance Exams (Latest 2024/ 2025 Updates
STUDY PACKAGE WITH COMPLETE SOLUTIONS)
Questions and Verified Answers| 100 % Correct| Grade
A
The provision in a Group Health policy that allows the insurer to postpone coverage
for a covered illness 30 days after the policy's effective date is referred to as the -
ANSWERWaiting Period
J's Major Medical policy has a $2,000 deductible and an 80/20 Coinsurance clause. If
J is hospitalized and receives a bill for $10,000, J would pay? - ANSWER$3,600
An evidence of coverage form may be issued by a Health Maintenance Organization
(HMO) after being approved by the - ANSWERCommissioner
A certificate of ____ permits an insurance company to transact business in Texas -
ANSWERAuthority
Who owns a stock insurance company? - ANSWERStockholders
B the insurance agent tells his clients that their rights may be impaired if they fail to
complete a release form within a given period of time. B may be found guilty of -
ANSWERCoercion
K has a health policy that must be renewed by the insurer and the premiums can
only be increased if applied to the entire class of insureds. This type of policy is
considered - ANSWERGuaranteed renewable
B has a $100,000 Accidental Death and Dismemberment policy that pays triple
indemnity for common carrier death. If B is killed from an accident on a commercial
flight, what will the policy pay B's beneficiary? - ANSWER$300,000
T cash surrenders a recently-issued whole life policy. He also requests that the
proceeds be payable to an unrelated third party. T would likely be red-flagged for
violation of - ANSWERanti-money laundering rules
Which of the following will an insurance company most likely NOT take if an
applicant, who has diabetes, applies for a disability income policy? - ANSWERIssue
the policy with an Altered Time of Payment of Claims provision.
What should an insured do if the insurer does not send claims forms within the time
period set forth in a health policy's Claims Forms provision? - ANSWERSubmit the
claim in any form.
, If a corporation pays the premium on a group life policy for its employees, the
corporation is required to report how much additional taxable income for each
employee? - ANSWERNothing
Which of the following situations does a Critical Illness plan cover? -
ANSWERLeukemia
Which of these life insurance riders allows the applicant to have excess coverage? -
ANSWERTerm Rider
Which of the following may NOT charge fees for insurance advice? - ANSWERLegal
Reserve Agents
A long-term care rider in a life insurance policy pays a daily benefit in the event of
which of the following? - ANSWERInability of the insured to perform more than 2
Activities of Daily Living (ADL's)
Information obtained from a phone conversation to the proposed insured can be
found in which of these reports? - ANSWERInspection Report
A 66 year-old is covered under a group health plan while employed with a business
that has 40 employees. If she injures herself while walking in the park, what
coverage would be considered primary? - ANSWERHer group health plan. (if the the
employer has more than 20 employees, the group health plan generally pays first)
An example of false advertising would be - ANSWERAn insurer exaggerating its
dividends in a magazine advertisement.
An insurer is NOT required to provide information on fraudulent claims if requested
by - ANSWERAn Insured
At what point does an informal agreement become a binding contract? -
ANSWERWhen consideration is provided by one of the parties to the contract
Which of the following consists of an offer, acceptance, and consideration? -
ANSWERContract
How often must an insurance agent license normally be renewed? - ANSWERevery
TWO years
This type of deductible provision waives the deductible for all family members after
some of them have satisfied individual deductibles within the same year: -
ANSWERFamily Maximum deductible
J is 35-years old and looking to purchase a whole life insurance policy. Which of the
following types of policies will provide the most rapid growth of cash value? -
ANSWER20 pay-life
