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KY LIFE EXAM
Modified Life - Answer-Someone buys a car and it will be paid off in X years; They also want to buy life
insurance but they are short on cash currently. What type of plan should they get
100% minus some stuff?? - Answer-You cancel a deferred annuity before it starts paying out. What do
you get??
Investment experience - Answer-invested premiums earn a higher return than was assumed
Debtor and Creditor
You cant insure debt - Answer-What group of people cant insure one another; what cant you insure??
You can insure your own life
Family's life
Businesses life
Spouse - Answer-You buy an annuity but die before it gets paid out.
, If the money goes to this person, if the beneficiary is this person, the money is tax free
Probationary period - Answer-Have to wait to join group life insurance plan at work; what is this period
called
60 days - Answer-How long is the tax-free rollover for
80% - Answer-what percentage of the paid out value of a plan is transfered directly into another plan
Conditional Receipt - Answer-intended to provide coverage on a date earlier than the date of the
issuance of the policy
using your license to write only business other than controlled - Answer-NOT A VIOLATION OF STATE
INSURANCE REGULATIONS
Lloyds Association - Answer-Insurance company that doesnt issue insurance but instead acts as a
meeting place for underwriters to work
HR-10 (Keogh Plan) - Answer-2 attorneys want to start a retirement for themselves and their
employees; what kind of plan should they get
6 months - Answer-How long can an insurer delay a request for a policy loan
Endowment Policy - Answer-Your client doesnt care about high premiums; as long as his plan allows for
a faster growth of the cash value; what type of plan should you reccommend
KY LIFE EXAM
Modified Life - Answer-Someone buys a car and it will be paid off in X years; They also want to buy life
insurance but they are short on cash currently. What type of plan should they get
100% minus some stuff?? - Answer-You cancel a deferred annuity before it starts paying out. What do
you get??
Investment experience - Answer-invested premiums earn a higher return than was assumed
Debtor and Creditor
You cant insure debt - Answer-What group of people cant insure one another; what cant you insure??
You can insure your own life
Family's life
Businesses life
Spouse - Answer-You buy an annuity but die before it gets paid out.
, If the money goes to this person, if the beneficiary is this person, the money is tax free
Probationary period - Answer-Have to wait to join group life insurance plan at work; what is this period
called
60 days - Answer-How long is the tax-free rollover for
80% - Answer-what percentage of the paid out value of a plan is transfered directly into another plan
Conditional Receipt - Answer-intended to provide coverage on a date earlier than the date of the
issuance of the policy
using your license to write only business other than controlled - Answer-NOT A VIOLATION OF STATE
INSURANCE REGULATIONS
Lloyds Association - Answer-Insurance company that doesnt issue insurance but instead acts as a
meeting place for underwriters to work
HR-10 (Keogh Plan) - Answer-2 attorneys want to start a retirement for themselves and their
employees; what kind of plan should they get
6 months - Answer-How long can an insurer delay a request for a policy loan
Endowment Policy - Answer-Your client doesnt care about high premiums; as long as his plan allows for
a faster growth of the cash value; what type of plan should you reccommend
