Kentucky Life Insurance State Exam Practice i,- i,- i,- i,- i,- i,-
Questions with Verified Answers | 100% i,- i,- i,- i,- i,- i,-
Correct |Latest 2025/2026 Update. i,- i,- i,-
How are Roth IRA distributions normally taxed?
i,- i,- i,- i,- i,- i,- i,-i,- i,- Distributions i,-
are received tax-free
i,- i,-
How can an insurance company minimize exposure to loss?
i,- i,- i,- i,- i,- i,- i,- i,- i,-i,- i,-
Reinsurance
All of the following statements about traditional individual
i,- i,- i,- i,- i,- i,- i,- i,-
retirement accounts are false EXCEPT 10% penalty is applied
i,- i,- i,- i,- i,-i,- i,- i,- i,- i,- i,-
to withdrawals before age 59 1/2
i,- i,- i,- i,- i,-
All of these statements concerning universal life insurance are
i,- i,- i,- i,- i,- i,- i,- i,- i,-
false EXCEPT Policy indicates how much of the premium is
i,- i,-i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
used toward company expenses
i,- i,- i,-
A 55 year old recently received a $30,000 distribution from a
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
previous employer's 401k plan, minus $10,000 withholding.
i,- i,- i,- i,- i,- i,- i,-
Which federal taxes apply if none of the funds were rolled over?
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-i,-
Income taxes plus a 10% penalty tax on $30,000
i,- i,- i,- i,- i,- i,- i,- i,- i,-
,For insurance purposes, similar objects which are exposed to the
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
same perils are referred to as
i,- Homogeneous exposure unitsi,- i,- i,- i,- i,-i,- i,- i,- i,-
In an individual retirement account (IRA), rollover contributions
i,- i,- i,- i,- i,- i,- i,- i,-
are Not limited by dollar amount
i,-i,- i,- i,- i,- i,- i,-
What is the maximum number of employees (earning at least
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
$5,000) that an employer can have in order to start a SIMPLE
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
retirement plan? 100 i,- i,-i,- i,-
Which statement concerning a decreasing term life policy is
i,- i,- i,- i,- i,- i,- i,- i,- i,-
accurate? Face amount decreases over time i,-i,- i,- i,- i,- i,- i,-
All of these are considered features of whole life insurance
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
EXCEPT Initial premium is lower than for an equivalent
i,-i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
amount of term insurance i,- i,- i,-
An employer that offers a qualified retirement plan to its
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
employees is eligible to Make tax-deductible contributions to
i,- i,- i,- i,-i,- i,- i,- i,- i,- i,-
the plan i,-
The insurance coverage in a variable life insurance policy may
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
fluctuate based on the value of Its underlying investments
i,- i,- i,- i,- i,- i,-i,- i,- i,- i,-
, How long is a person covered for under a limited pay whole life
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
policy? Until age 100 i,-i,- i,- i,- i,-
The premiums paid by an employer for his employee's group life
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
insurance are usually considered to be Tax-deductible to the
i,- i,- i,- i,- i,- i,-i,- i,- i,- i,- i,-
employer
Which of these is NOT considered to be a cost connected with an
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
individual's death? Business expenses i,- i,-i,- i,- i,-
These are all accurate statements regarding universal life
i,- i,- i,- i,- i,- i,- i,- i,-
insurance EXCEPT Policy loans are not permitted
i,- i,-i,- i,- i,- i,- i,- i,-
Which of these is NOT relevant when determining the amount of
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
personal life insurance needed? Local unemployment rate
i,- i,- i,- i,-i,- i,- i,- i,-
Who elects the governing body of a mutual insurance company?
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-i,-
Policyholders
i,-
Why would evidence of insurability be required for a person
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
insured with a variable universal life policy?
i,- The face amount
i,- i,- i,- i,- i,- i,-i,- i,- i,- i,- i,-
is increased
i,-
Questions with Verified Answers | 100% i,- i,- i,- i,- i,- i,-
Correct |Latest 2025/2026 Update. i,- i,- i,-
How are Roth IRA distributions normally taxed?
i,- i,- i,- i,- i,- i,- i,-i,- i,- Distributions i,-
are received tax-free
i,- i,-
How can an insurance company minimize exposure to loss?
i,- i,- i,- i,- i,- i,- i,- i,- i,-i,- i,-
Reinsurance
All of the following statements about traditional individual
i,- i,- i,- i,- i,- i,- i,- i,-
retirement accounts are false EXCEPT 10% penalty is applied
i,- i,- i,- i,- i,-i,- i,- i,- i,- i,- i,-
to withdrawals before age 59 1/2
i,- i,- i,- i,- i,-
All of these statements concerning universal life insurance are
i,- i,- i,- i,- i,- i,- i,- i,- i,-
false EXCEPT Policy indicates how much of the premium is
i,- i,-i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
used toward company expenses
i,- i,- i,-
A 55 year old recently received a $30,000 distribution from a
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
previous employer's 401k plan, minus $10,000 withholding.
i,- i,- i,- i,- i,- i,- i,-
Which federal taxes apply if none of the funds were rolled over?
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-i,-
Income taxes plus a 10% penalty tax on $30,000
i,- i,- i,- i,- i,- i,- i,- i,- i,-
,For insurance purposes, similar objects which are exposed to the
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
same perils are referred to as
i,- Homogeneous exposure unitsi,- i,- i,- i,- i,-i,- i,- i,- i,-
In an individual retirement account (IRA), rollover contributions
i,- i,- i,- i,- i,- i,- i,- i,-
are Not limited by dollar amount
i,-i,- i,- i,- i,- i,- i,-
What is the maximum number of employees (earning at least
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
$5,000) that an employer can have in order to start a SIMPLE
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
retirement plan? 100 i,- i,-i,- i,-
Which statement concerning a decreasing term life policy is
i,- i,- i,- i,- i,- i,- i,- i,- i,-
accurate? Face amount decreases over time i,-i,- i,- i,- i,- i,- i,-
All of these are considered features of whole life insurance
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
EXCEPT Initial premium is lower than for an equivalent
i,-i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
amount of term insurance i,- i,- i,-
An employer that offers a qualified retirement plan to its
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
employees is eligible to Make tax-deductible contributions to
i,- i,- i,- i,-i,- i,- i,- i,- i,- i,-
the plan i,-
The insurance coverage in a variable life insurance policy may
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
fluctuate based on the value of Its underlying investments
i,- i,- i,- i,- i,- i,-i,- i,- i,- i,-
, How long is a person covered for under a limited pay whole life
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
policy? Until age 100 i,-i,- i,- i,- i,-
The premiums paid by an employer for his employee's group life
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
insurance are usually considered to be Tax-deductible to the
i,- i,- i,- i,- i,- i,-i,- i,- i,- i,- i,-
employer
Which of these is NOT considered to be a cost connected with an
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
individual's death? Business expenses i,- i,-i,- i,- i,-
These are all accurate statements regarding universal life
i,- i,- i,- i,- i,- i,- i,- i,-
insurance EXCEPT Policy loans are not permitted
i,- i,-i,- i,- i,- i,- i,- i,-
Which of these is NOT relevant when determining the amount of
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
personal life insurance needed? Local unemployment rate
i,- i,- i,- i,-i,- i,- i,- i,-
Who elects the governing body of a mutual insurance company?
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-i,-
Policyholders
i,-
Why would evidence of insurability be required for a person
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
insured with a variable universal life policy?
i,- The face amount
i,- i,- i,- i,- i,- i,-i,- i,- i,- i,- i,-
is increased
i,-
