Kentucky Life Insurance State Exam Practice /
Verified Questions with Correct Answers.
Practice questions for this set
Learn 1/ 7 Study with Learn
Business expenses
Choose matching term
For insurance purposes, similar Which life insurance settlement
1 objects which are exposed to the 2 option pays lifetime benefits to two
same perils are referred to as or more people?
Which of these is NOT considered to What is considered a valid reason
3 be a cost connected with an 4 for small businesses to insure the
individual's death? lives of its major shareholders?
Don't know?
Terms in this set (100)
,The premiums paid by an Tax-deductible to the employer
employer for his
employee's group life
insurance are usually
considered to be
Which of these is NOT Business expenses
considered to be a cost
connected with an
individual's death?
These are all accurate Policy loans are not permitted
statements regarding
universal life insurance
EXCEPT
Which of these is NOT Local unemployment rate
relevant when determining
the amount of personal life
insurance needed?
Who elects the governing Policyholders
body of a mutual insurance
company?
Why would evidence of The face amount is increased
insurability be required for a
person insured with a
variable universal life policy?
At what point are death When the first insured dies
proceeds paid in a joint
life policy?
Fund a buy-sell agreement
What is considered a valid
reason for small businesses
to insure the lives of its major
shareholders?
, Which action will trigger a Policy loans
penalty tax on premature
distributions from a
modified endowment
contract (MEC)?
Dividends from a mutual Policyowners
insurance company are
paid to whom?
Traditional individual April 1st of the year following the year the participant attains age
retirement annuity (IRA) 70 1/2
distributions must start by
How are Roth IRA Distributions are received tax-free
distributions normally taxed?
How can an insurance Reinsurance
company minimize
exposure to loss?
All of the following 10% penalty is applied to withdrawals before age 59
statements about 1/2
traditional individual
retirement accounts are
false EXCEPT
All of these statements Policy indicates how much of the premium is used toward
concerning universal life company expenses
insurance are false
EXCEPT
Income taxes plus a 10% penalty tax on $30,000
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?
Verified Questions with Correct Answers.
Practice questions for this set
Learn 1/ 7 Study with Learn
Business expenses
Choose matching term
For insurance purposes, similar Which life insurance settlement
1 objects which are exposed to the 2 option pays lifetime benefits to two
same perils are referred to as or more people?
Which of these is NOT considered to What is considered a valid reason
3 be a cost connected with an 4 for small businesses to insure the
individual's death? lives of its major shareholders?
Don't know?
Terms in this set (100)
,The premiums paid by an Tax-deductible to the employer
employer for his
employee's group life
insurance are usually
considered to be
Which of these is NOT Business expenses
considered to be a cost
connected with an
individual's death?
These are all accurate Policy loans are not permitted
statements regarding
universal life insurance
EXCEPT
Which of these is NOT Local unemployment rate
relevant when determining
the amount of personal life
insurance needed?
Who elects the governing Policyholders
body of a mutual insurance
company?
Why would evidence of The face amount is increased
insurability be required for a
person insured with a
variable universal life policy?
At what point are death When the first insured dies
proceeds paid in a joint
life policy?
Fund a buy-sell agreement
What is considered a valid
reason for small businesses
to insure the lives of its major
shareholders?
, Which action will trigger a Policy loans
penalty tax on premature
distributions from a
modified endowment
contract (MEC)?
Dividends from a mutual Policyowners
insurance company are
paid to whom?
Traditional individual April 1st of the year following the year the participant attains age
retirement annuity (IRA) 70 1/2
distributions must start by
How are Roth IRA Distributions are received tax-free
distributions normally taxed?
How can an insurance Reinsurance
company minimize
exposure to loss?
All of the following 10% penalty is applied to withdrawals before age 59
statements about 1/2
traditional individual
retirement accounts are
false EXCEPT
All of these statements Policy indicates how much of the premium is used toward
concerning universal life company expenses
insurance are false
EXCEPT
Income taxes plus a 10% penalty tax on $30,000
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?
