KY Life and Health State Exam
Any licensee who has had his/her license suspended or revoked can request an emergency hearing
within 60 days of the date of the order. Within how many days must the department conducted the
hearing? - Answer-10 days
What is the MINIMUM number of days for the Grace Period provision for policies that are paid for on an
annual basis? - Answer-31 days
Under the medical expense policy, the provision that addresses to whom the insurer must pay benefits
is called: - Answer-Payment of Claim
If the licensee has paid all or part of commissions paid on insurance premiums to a person not licensed
in this state, the Commissioner may: - Answer-Revoke the license of the Producer
How is a Preferred Provider Organization (PPO) less restrictive than a Health Maintenance Organization
(HMO)? - Answer-PPO's normally provide more physicians to choose from
Which approach predicts an individual's earning potential and determines how much of that amount
would be devoted to dependents? - Answer-Human life value approach
, A method of life insurance planning which identifies the needs of an individual and the individual's
dependents is the - Answer-Needs analysis
What is the automatic premium load provision designed to do? - Answer-avoid a policy lapse
Which health insurance policy provision specifies the health care services a policy will provide? -
Answer-The insuring clause
When is the face amount paid under a Joint Life and Survivor policy? - Answer-upon death of the last
insured
The required free-look period for a life insurance policy in Kentucky is ____ days - Answer-10 days
What is designed to protect against impaired or insolvent insurers? - Answer-Kentucky Life & Health
Guaranty Association
Medicare Part A does not cover: - Answer-Private rooms
What does Medicare Part A cover? - Answer-Care provided in a hospice care, skilled nursing facility,
inpatient care
Medicare- - Answer-for individual 65 and older, or anyone with a disability
A life insurance policy that fails the 7-Pay Test is considered to be a - Answer-Modified Endowment
Contract
If a Life Insurance policy is deemed by the IRS to be a Modified Endowment Contract (MEC), the policy
will - Answer-lose certain tax advantages
Any licensee who has had his/her license suspended or revoked can request an emergency hearing
within 60 days of the date of the order. Within how many days must the department conducted the
hearing? - Answer-10 days
What is the MINIMUM number of days for the Grace Period provision for policies that are paid for on an
annual basis? - Answer-31 days
Under the medical expense policy, the provision that addresses to whom the insurer must pay benefits
is called: - Answer-Payment of Claim
If the licensee has paid all or part of commissions paid on insurance premiums to a person not licensed
in this state, the Commissioner may: - Answer-Revoke the license of the Producer
How is a Preferred Provider Organization (PPO) less restrictive than a Health Maintenance Organization
(HMO)? - Answer-PPO's normally provide more physicians to choose from
Which approach predicts an individual's earning potential and determines how much of that amount
would be devoted to dependents? - Answer-Human life value approach
, A method of life insurance planning which identifies the needs of an individual and the individual's
dependents is the - Answer-Needs analysis
What is the automatic premium load provision designed to do? - Answer-avoid a policy lapse
Which health insurance policy provision specifies the health care services a policy will provide? -
Answer-The insuring clause
When is the face amount paid under a Joint Life and Survivor policy? - Answer-upon death of the last
insured
The required free-look period for a life insurance policy in Kentucky is ____ days - Answer-10 days
What is designed to protect against impaired or insolvent insurers? - Answer-Kentucky Life & Health
Guaranty Association
Medicare Part A does not cover: - Answer-Private rooms
What does Medicare Part A cover? - Answer-Care provided in a hospice care, skilled nursing facility,
inpatient care
Medicare- - Answer-for individual 65 and older, or anyone with a disability
A life insurance policy that fails the 7-Pay Test is considered to be a - Answer-Modified Endowment
Contract
If a Life Insurance policy is deemed by the IRS to be a Modified Endowment Contract (MEC), the policy
will - Answer-lose certain tax advantages
