Kansas Life & Health Insurance Final
Exam Questions and Answers Latest
Version Already Passed
What is insurable interest in a life insurance policy?
✔✔ A legitimate financial or emotional relationship with the insured
When must insurable interest exist for a life insurance policy to be valid?
✔✔ At the time of application
What is the grace period for life insurance premium payments in Kansas?
✔✔ 30 days
What happens if a life insurance policy lapses due to non-payment but is within the grace period?
✔✔ The policy remains in force, and the claim will still be honored
What is the purpose of a beneficiary in a life insurance policy?
✔✔ To receive the death benefit upon the insured’s death
1
,Who regulates life and health insurance in the state of Kansas?
✔✔ The Kansas Insurance Department
What is the purpose of the free look period in life insurance?
✔✔ To allow the policyholder to cancel and receive a full refund
How long is the free look period in Kansas?
✔✔ 10 days from policy delivery
What does the term “contestable period” refer to in a life insurance policy?
✔✔ The time period when the insurer can investigate and deny a claim for material
misrepresentation
How long is the contestable period in Kansas?
✔✔ 2 years
What is a whole life insurance policy?
✔✔ A permanent policy that includes both death benefit and cash value
2
,What is term life insurance?
✔✔ A temporary policy that provides coverage for a specific period
What is the cash value component of whole life insurance?
✔✔ A savings feature that grows over time and can be borrowed against
What is a universal life insurance policy?
✔✔ A flexible premium, adjustable benefit policy with cash value accumulation
What is the main feature of variable life insurance?
✔✔ The cash value is invested in separate accounts and may increase or decrease
What happens to the premium in a level term policy?
✔✔ It remains the same for the entire term
What is required to reinstate a lapsed life insurance policy in Kansas?
✔✔ Proof of insurability and payment of back premiums with interest
3
, What does a waiver of premium rider do?
✔✔ Waives future premiums if the insured becomes disabled
What is the primary benefit of an accidental death rider?
✔✔ Pays an additional benefit if the insured dies due to an accident
What is the purpose of health insurance?
✔✔ To help pay for medical expenses due to illness or injury
What is a deductible in a health insurance policy?
✔✔ The amount the insured must pay before benefits begin
What is coinsurance in a health insurance policy?
✔✔ The percentage of costs shared by the insured after the deductible is met
What is a copayment in a health plan?
✔✔ A fixed amount paid by the insured for each covered service
4
Exam Questions and Answers Latest
Version Already Passed
What is insurable interest in a life insurance policy?
✔✔ A legitimate financial or emotional relationship with the insured
When must insurable interest exist for a life insurance policy to be valid?
✔✔ At the time of application
What is the grace period for life insurance premium payments in Kansas?
✔✔ 30 days
What happens if a life insurance policy lapses due to non-payment but is within the grace period?
✔✔ The policy remains in force, and the claim will still be honored
What is the purpose of a beneficiary in a life insurance policy?
✔✔ To receive the death benefit upon the insured’s death
1
,Who regulates life and health insurance in the state of Kansas?
✔✔ The Kansas Insurance Department
What is the purpose of the free look period in life insurance?
✔✔ To allow the policyholder to cancel and receive a full refund
How long is the free look period in Kansas?
✔✔ 10 days from policy delivery
What does the term “contestable period” refer to in a life insurance policy?
✔✔ The time period when the insurer can investigate and deny a claim for material
misrepresentation
How long is the contestable period in Kansas?
✔✔ 2 years
What is a whole life insurance policy?
✔✔ A permanent policy that includes both death benefit and cash value
2
,What is term life insurance?
✔✔ A temporary policy that provides coverage for a specific period
What is the cash value component of whole life insurance?
✔✔ A savings feature that grows over time and can be borrowed against
What is a universal life insurance policy?
✔✔ A flexible premium, adjustable benefit policy with cash value accumulation
What is the main feature of variable life insurance?
✔✔ The cash value is invested in separate accounts and may increase or decrease
What happens to the premium in a level term policy?
✔✔ It remains the same for the entire term
What is required to reinstate a lapsed life insurance policy in Kansas?
✔✔ Proof of insurability and payment of back premiums with interest
3
, What does a waiver of premium rider do?
✔✔ Waives future premiums if the insured becomes disabled
What is the primary benefit of an accidental death rider?
✔✔ Pays an additional benefit if the insured dies due to an accident
What is the purpose of health insurance?
✔✔ To help pay for medical expenses due to illness or injury
What is a deductible in a health insurance policy?
✔✔ The amount the insured must pay before benefits begin
What is coinsurance in a health insurance policy?
✔✔ The percentage of costs shared by the insured after the deductible is met
What is a copayment in a health plan?
✔✔ A fixed amount paid by the insured for each covered service
4
