KY Health Insurance Retake Exam
2024/2025
Social security taxes are paid by employees with - ANSWERSafter tax dollars
The premiums paid by a company for group health insurance for its employees are -
ANSWERSTax deductible by the company and not considered taxable income to the
employees
Premiums for individually-owned health insurance policies may be deductible if the
taxpayers medical expenses exceed - ANSWERS7.5% AGD
Benefits paid by individually-owned accident, health, disability, or LTC policies are
generally - ANSWERSIncome tax free by the taxpayer if benefits do not exceed actual
expenses
Qualified long term care coverage is - ANSWERSDeductible by the employer but not
the employee
Individual disability insurance premiums are - ANSWERSNot deductible to the insured,
by benefits are received tax free
Are premiums for key employment insurance tax deductible? - ANSWERSNo
The maximum amount that the Kentucky life and health insurance guaranty association
will cover respect to any life - ANSWERS$300,000
The initial amount of credit life insurance may not exceed - ANSWERSThe total amount
repayable under the contract of INDEBTEDNESS
When a husband and wife are insured jointly under a credit life insurance policy, the
premium may not exceed - ANSWERS150%
If a fraternal benefit society provides benefits on the lives of children, the age
requirement for adult membership may not be less than - ANSWERS15
Under a health benefit plan, what action may an insurer properly take on the basis of a
genetic test for which symptoms have not yet manifested? - ANSWERSRenew the
policy
How long is the free look period? - ANSWERS10 days
A Medicare supplement policy must provide a free loom period of at least -
ANSWERS30 days
, The first year for selling a Medicare supplement policy may not be more that what
percentage of the commission for servicing the policy the second year? -
ANSWERS200%
All Medicare supplement policies must be what? - ANSWERSGuarantees renewable
Insurers issuing LTC policies must give purchasers the option to buy an inflation
protection feature that increases benefits at an annual rate of at least - ANSWERS5%
What particular exclusion may NOT be contained in a LTC policy in Kentucky? -
ANSWERSExclusion for certain types of dementia
If a health insurer fails to issue a premium rate quote to an individual within 30 days
after receiving a properly completed app requesting a quote, what may happen? -
ANSWERSThe insurer must issue coverage to the individual and may not impose any
preexisting conditions exclusion
The maximum period for which a group health plan may exclude benefits for
preexisting conditions for a participant who is not a late enrollee is - ANSWERS12
months
Under Kentucky law, an insurer formed under the laws of Michigan is considered to be
- ANSWERSA foreign insurer
An incorporated insurer with its capital divided into shares and owned by its
shareholders is - ANSWERSA stock insurer
The commissioner of insurance is appointed by - ANSWERSThe governor with consent
of the senate
An agent must notify the commissioner of a change in the agent's legal name or
address within - ANSWERS30 days of change
To avoid having to take another examination, an agent who allows his license to lapse
must reinstate the license within - ANSWERS12 months
The Kentucky continuing education requirement for each continuing education
biennium is - ANSWERS24 hours of courses
The premium tax imposed on unauthorized insurance business transacted in Kentucky
is what percentage of gross premiums? - ANSWERS2%
An insurer who receives notice of a life or health insurance claim must provide the
necessary claim forms and instructions to the claimant within how many days after the
notice? - ANSWERS15
2024/2025
Social security taxes are paid by employees with - ANSWERSafter tax dollars
The premiums paid by a company for group health insurance for its employees are -
ANSWERSTax deductible by the company and not considered taxable income to the
employees
Premiums for individually-owned health insurance policies may be deductible if the
taxpayers medical expenses exceed - ANSWERS7.5% AGD
Benefits paid by individually-owned accident, health, disability, or LTC policies are
generally - ANSWERSIncome tax free by the taxpayer if benefits do not exceed actual
expenses
Qualified long term care coverage is - ANSWERSDeductible by the employer but not
the employee
Individual disability insurance premiums are - ANSWERSNot deductible to the insured,
by benefits are received tax free
Are premiums for key employment insurance tax deductible? - ANSWERSNo
The maximum amount that the Kentucky life and health insurance guaranty association
will cover respect to any life - ANSWERS$300,000
The initial amount of credit life insurance may not exceed - ANSWERSThe total amount
repayable under the contract of INDEBTEDNESS
When a husband and wife are insured jointly under a credit life insurance policy, the
premium may not exceed - ANSWERS150%
If a fraternal benefit society provides benefits on the lives of children, the age
requirement for adult membership may not be less than - ANSWERS15
Under a health benefit plan, what action may an insurer properly take on the basis of a
genetic test for which symptoms have not yet manifested? - ANSWERSRenew the
policy
How long is the free look period? - ANSWERS10 days
A Medicare supplement policy must provide a free loom period of at least -
ANSWERS30 days
, The first year for selling a Medicare supplement policy may not be more that what
percentage of the commission for servicing the policy the second year? -
ANSWERS200%
All Medicare supplement policies must be what? - ANSWERSGuarantees renewable
Insurers issuing LTC policies must give purchasers the option to buy an inflation
protection feature that increases benefits at an annual rate of at least - ANSWERS5%
What particular exclusion may NOT be contained in a LTC policy in Kentucky? -
ANSWERSExclusion for certain types of dementia
If a health insurer fails to issue a premium rate quote to an individual within 30 days
after receiving a properly completed app requesting a quote, what may happen? -
ANSWERSThe insurer must issue coverage to the individual and may not impose any
preexisting conditions exclusion
The maximum period for which a group health plan may exclude benefits for
preexisting conditions for a participant who is not a late enrollee is - ANSWERS12
months
Under Kentucky law, an insurer formed under the laws of Michigan is considered to be
- ANSWERSA foreign insurer
An incorporated insurer with its capital divided into shares and owned by its
shareholders is - ANSWERSA stock insurer
The commissioner of insurance is appointed by - ANSWERSThe governor with consent
of the senate
An agent must notify the commissioner of a change in the agent's legal name or
address within - ANSWERS30 days of change
To avoid having to take another examination, an agent who allows his license to lapse
must reinstate the license within - ANSWERS12 months
The Kentucky continuing education requirement for each continuing education
biennium is - ANSWERS24 hours of courses
The premium tax imposed on unauthorized insurance business transacted in Kentucky
is what percentage of gross premiums? - ANSWERS2%
An insurer who receives notice of a life or health insurance claim must provide the
necessary claim forms and instructions to the claimant within how many days after the
notice? - ANSWERS15
