Kansas Life and Health Insurance Final Exam 152 Questions
with Verified Answers
When can a policy owner change a revocable beneficiary? - CORRECT ANSWER
Anytime
J would like to maintain the right to change beneficiaries. Which beneficiary
designation should be used? - CORRECT ANSWER Revocable
M purchased an Accidental Death and Dismemberment (AD&D) policy and named
his son as beneficiary. M has the right to change the beneficiary designation at
anytime. What type of beneficiary is his son? - CORRECT ANSWER Revocable
Beneficiary
revocable beneficiary - CORRECT ANSWER the policy owner may change the
beneficiary at any time without notifying or getting permission from the
beneficiary.
K is the insured and P is the sole beneficiary on a life insurance policy. Both are
involved in a fatal accident where K dies before P. Under the Common Disaster
provision, which of these statements is true? - CORRECT ANSWER Proceeds will
be paid to K's estate if P dies within a specified time
How would a contingent beneficiary receive the policy proceeds in an Accidental
Death and Dismemberment (AD&D) policy? - CORRECT ANSWER If the primary
beneficiary dies before the insured
Which statement is true regarding a minor beneficiary - CORRECT ANSWER
Normally, a guardian is required to be appointed in the Beneficiary clause of the
contract
A life insurance application must be signed by all of these EXCEPT - CORRECT
ANSWER Beneficiaries are not required to sign an insurance application
K applies for a life insurance policy on herself and submits the initial premium
with the application. She is given a receipt by the agent stating that coverage
,begins immediately if the application is approved. What kind of receipt was used?
- CORRECT ANSWER A conditional receipt indicates that certain conditions must
be met in order for the insurance coverage to go into effect.
P is a producer who notices 5 questions on a life application were not answered.
What actions should P take? - CORRECT ANSWER Schedule another appointment
with the applicant to complete the unanswered questions
M completes an application for life insurance but does not pay the initial
premium. All of these actions must occur before M's policy goes into effect
EXCEPT - CORRECT ANSWER Free-look period has expired
An applicant's medical information received from the Medical Information Bureau
(MIB) may be furnished to the - CORRECT ANSWER Applicant's physician
On August 6, D submitted an application for a $50,000 Life Insurance policy and
did not pay the initial premium. On August 18, D went to his doctor complaining
of chest pains and some tests were given by the doctor. The life policy was
delivered by the producer on August 20 and D explains what had recently taken
place with the doctor. What action should the producer then take? - CORRECT
ANSWER Collect initial premium along with a signed health statement
What is being delivered during a policy delivery? - CORRECT ANSWER Insurance
contract to the proposed insured
Before a life insurance policy is issued, which of these components of the contract
is required? - CORRECT ANSWER Applicant's signature on application
Which of the following is an important underwriting principle of group life
insurance? - CORRECT ANSWER Everyone must be covered in the group
A noncontributory group term life plan is characterized by - CORRECT ANSWER
the entire cost of the plan is paid for by the employer
A person who is insured within a group contract will be given a - CORRECT
ANSWER certificate
, Group life insurance policies are generally written as - CORRECT ANSWER annually
renewable term
Which provision is NOT a requirement in a group life policy? - CORRECT ANSWER
Accidental
If its employees share in the cost of insurance, what type of group life insurance
plan would a corporation have? - CORRECT ANSWER Contributory
W is a 39-year old female who just purchased an annuity to provide income for
life starting at age 60. All of these would be acceptable annuity choices EXCEPT
a(n) - CORRECT ANSWER Immediate annuity
What type of annuity has a cash value that is based upon the performance of it's
underlying investment funds? - CORRECT ANSWER Variable
T has an annuity that guarantees an income payment for the rest of his life. The
contract also guarantees that if T dies before receiving payments for 20 years, the
remaining payments will be paid to his son for the balance of the 20 years. What
type of annuity is this - CORRECT ANSWER Life Annuity with period certain
Which of these statements concerning an Individual Straight Life annuity is
accurate? - CORRECT ANSWER Payments are made to an annuitant for life
An individual who purchases a Life annuity is given protection against - CORRECT
ANSWER The risk of living longer than expected
What is Old Age and Survivors Health Insurance (OASDHI) also known as -
CORRECT ANSWER Social Security
Which of these retirement plans can be started by an employee, even if another
plan is in existence? - CORRECT ANSWER Individual Retirement Account (IRA)
Which product would best serve a retired individual looking to invest a lump-sum
of money through an insurance company - CORRECT ANSWER Annuity
with Verified Answers
When can a policy owner change a revocable beneficiary? - CORRECT ANSWER
Anytime
J would like to maintain the right to change beneficiaries. Which beneficiary
designation should be used? - CORRECT ANSWER Revocable
M purchased an Accidental Death and Dismemberment (AD&D) policy and named
his son as beneficiary. M has the right to change the beneficiary designation at
anytime. What type of beneficiary is his son? - CORRECT ANSWER Revocable
Beneficiary
revocable beneficiary - CORRECT ANSWER the policy owner may change the
beneficiary at any time without notifying or getting permission from the
beneficiary.
K is the insured and P is the sole beneficiary on a life insurance policy. Both are
involved in a fatal accident where K dies before P. Under the Common Disaster
provision, which of these statements is true? - CORRECT ANSWER Proceeds will
be paid to K's estate if P dies within a specified time
How would a contingent beneficiary receive the policy proceeds in an Accidental
Death and Dismemberment (AD&D) policy? - CORRECT ANSWER If the primary
beneficiary dies before the insured
Which statement is true regarding a minor beneficiary - CORRECT ANSWER
Normally, a guardian is required to be appointed in the Beneficiary clause of the
contract
A life insurance application must be signed by all of these EXCEPT - CORRECT
ANSWER Beneficiaries are not required to sign an insurance application
K applies for a life insurance policy on herself and submits the initial premium
with the application. She is given a receipt by the agent stating that coverage
,begins immediately if the application is approved. What kind of receipt was used?
- CORRECT ANSWER A conditional receipt indicates that certain conditions must
be met in order for the insurance coverage to go into effect.
P is a producer who notices 5 questions on a life application were not answered.
What actions should P take? - CORRECT ANSWER Schedule another appointment
with the applicant to complete the unanswered questions
M completes an application for life insurance but does not pay the initial
premium. All of these actions must occur before M's policy goes into effect
EXCEPT - CORRECT ANSWER Free-look period has expired
An applicant's medical information received from the Medical Information Bureau
(MIB) may be furnished to the - CORRECT ANSWER Applicant's physician
On August 6, D submitted an application for a $50,000 Life Insurance policy and
did not pay the initial premium. On August 18, D went to his doctor complaining
of chest pains and some tests were given by the doctor. The life policy was
delivered by the producer on August 20 and D explains what had recently taken
place with the doctor. What action should the producer then take? - CORRECT
ANSWER Collect initial premium along with a signed health statement
What is being delivered during a policy delivery? - CORRECT ANSWER Insurance
contract to the proposed insured
Before a life insurance policy is issued, which of these components of the contract
is required? - CORRECT ANSWER Applicant's signature on application
Which of the following is an important underwriting principle of group life
insurance? - CORRECT ANSWER Everyone must be covered in the group
A noncontributory group term life plan is characterized by - CORRECT ANSWER
the entire cost of the plan is paid for by the employer
A person who is insured within a group contract will be given a - CORRECT
ANSWER certificate
, Group life insurance policies are generally written as - CORRECT ANSWER annually
renewable term
Which provision is NOT a requirement in a group life policy? - CORRECT ANSWER
Accidental
If its employees share in the cost of insurance, what type of group life insurance
plan would a corporation have? - CORRECT ANSWER Contributory
W is a 39-year old female who just purchased an annuity to provide income for
life starting at age 60. All of these would be acceptable annuity choices EXCEPT
a(n) - CORRECT ANSWER Immediate annuity
What type of annuity has a cash value that is based upon the performance of it's
underlying investment funds? - CORRECT ANSWER Variable
T has an annuity that guarantees an income payment for the rest of his life. The
contract also guarantees that if T dies before receiving payments for 20 years, the
remaining payments will be paid to his son for the balance of the 20 years. What
type of annuity is this - CORRECT ANSWER Life Annuity with period certain
Which of these statements concerning an Individual Straight Life annuity is
accurate? - CORRECT ANSWER Payments are made to an annuitant for life
An individual who purchases a Life annuity is given protection against - CORRECT
ANSWER The risk of living longer than expected
What is Old Age and Survivors Health Insurance (OASDHI) also known as -
CORRECT ANSWER Social Security
Which of these retirement plans can be started by an employee, even if another
plan is in existence? - CORRECT ANSWER Individual Retirement Account (IRA)
Which product would best serve a retired individual looking to invest a lump-sum
of money through an insurance company - CORRECT ANSWER Annuity
