KY Life Insurance Exam Questions with 100% Correct Answers

Whether an insurable interest exists between the individuals Correct Answer if an applicant for a life insurance policy and person to be insured by the policy are two different people, the underwriter would be concerned about what Pay a reduced death benefit Correct Answer an insured has had a life insurance policy that he purchased 3 years ago when he was forty years old. He is killed in an automobile accident and it is discovered that he is actually 45 years old, not 43, as stated on the app. What will the company do? Family income policy Correct Answer which special policy combines decreasing term insurance with whole life insurance to provide the insured's family with a monthly income upon the death of the insured, while maintaining permanent coverage until the end of the income payments Require evidence of insurability Correct Answer if an employee wants to enter the group outside of the open enrollment period, to reduce the adverse selection, the insurer may Guaranteed insurability option Correct Answer an individual is purchasing a life insurance policy with a face value of $25,000. While this is all the insurance that he can afford at this time, he wants to be sure that additional coverage will be available in the future. Which of the following options should be included in the policy? The cost of coverage is based on the ratio of men and women in the group Correct Answer which of the following statements about group life is correct Reduced paid-up Correct Answer which nonforfeiture option provides coverage for the longest period of time Cash values can be borrowed at any time Correct Answer what does "liquidity" refer to in a life insurance policy Whether an insurable interest exists between the individuals Correct Answer if an applicant for a life insurance policy and person to be insured by the policy are two different people, the underwriter would be concerned about Cost of living rider Correct Answer a rider that may be attached to a life insurance policy that will adjust the face amount based upon a specific index, such as the consumer price index, is called Mortality Correct Answer fewer of L&D insurance's insureds died than were actuarially projected this year, therefore, fewer death claims were paid. When l&d insurance uses the money saved on death claims to pay life insurance dividends, it is called