Kansas Accident & Health Insurance
Study Guide
Combination Plan: What is a Joint Life plan? (First to die) - ANS-Whole lifestyles policy-Death
benefit typically paid upon loss of life of the first insured
Combination Plan: What is a survivorship coverage? (Second to die) - ANS-Pays upon the loss
of life upon the last insured
How lengthy does a whole existence coverage offer coverage? - ANS-Until age 100
What are deferred repayment plans? - ANS-An government ought to delay the receipt in their
profits (typically a bonus or a boost) till after retirement, upon death, or after a disability
What are non-qualified plans? - ANS-Retirement plans that allow an corporation to discriminate
through adjusting advantages to tailor to precise employee desires
What are riders? - ANS-They propose or amend the basic policy by editing the blessings or
conditions. Riders get their name from the fact that they have got no impartial existence on their
personal, but alternatively "trip on" or are connected to a policy
What are the 3 components of the "Entire Contract" - ANS-1. Insuring Clause
2. Consideration Clause
3. Execution Clause
What are the blessings of time period coverage? - ANS--Protects insurability
-Low charges
-Mortgage redemption
-Can be added as a rider
What are the commercial enterprise type uses of life insurance? - ANS-Buy and Sell Agreement
for Partnerships (When a co-companion dies, the alternative associate buys out his proportion
of the enterprise)
Key Person (Money used to sustain the commercial enterprise inside the case that a key
individual dies in the organization)
Split Dollar Insurance (If an business enterprise can not come up with the money for to pay an
employee a certain profits, they pay a component in their insurance plan)
, Group Life Insurance (All eligible employees at a low price gain that enables attract and hold
employees)
What are the hazards of term coverage? - ANS--Premium will increase (step rate)
-No coins fee
-Most quit at age 65-70
-Limited term of protection
What are the information of variable merchandise (Interest/Market Sensitive merchandise)? -
ANS--Owner bares the funding hazard
-No assured hobby fee
-Agent desires a Securities License and a Life Insurance License
-Designed to preserve up with inflation
What are the facts of variable products? - ANS--Insured bares the threat
-No assured hobby price
-Agent wishes a Securities and a Life Insurance license
-Designed to hold pace with inflation
What are the 4 approaches that annuities are categorised? - ANS--The premium price (single,
degree, or bendy charge
-Number of lives blanketed (person or joint annuity)
-Time that benefits start (Before three hundred and sixty five days of closing
payment=Immediate Annuity//After 365 days of ultimate price=Deferred Annuity)
-Fixed or variable profits (FIXED=ensures a minimum amount of income//Variable=The income
will vary depending upon the value of the securities that the coins value has been invested into)
What are the non-public uses of Life Insurance? - ANS--Final Expense
-Mortgage or Debt Cancelation (Used to pay of the rest of extraordinary loans)
-Family Income (Income paid out for a period of time instead of a lump sum)
-College Fund (Pay for college of youngsters, if the bread winner dies)
-Income for surviving spouse (Paid out through the years to help help children or update spent
retirement profits)
Estate Liquidity (Pays estate taxes whilst the owner dies)
-Retirement (Savings)
What are the 3 primary term rules? - ANS-1. Level Term
Study Guide
Combination Plan: What is a Joint Life plan? (First to die) - ANS-Whole lifestyles policy-Death
benefit typically paid upon loss of life of the first insured
Combination Plan: What is a survivorship coverage? (Second to die) - ANS-Pays upon the loss
of life upon the last insured
How lengthy does a whole existence coverage offer coverage? - ANS-Until age 100
What are deferred repayment plans? - ANS-An government ought to delay the receipt in their
profits (typically a bonus or a boost) till after retirement, upon death, or after a disability
What are non-qualified plans? - ANS-Retirement plans that allow an corporation to discriminate
through adjusting advantages to tailor to precise employee desires
What are riders? - ANS-They propose or amend the basic policy by editing the blessings or
conditions. Riders get their name from the fact that they have got no impartial existence on their
personal, but alternatively "trip on" or are connected to a policy
What are the 3 components of the "Entire Contract" - ANS-1. Insuring Clause
2. Consideration Clause
3. Execution Clause
What are the blessings of time period coverage? - ANS--Protects insurability
-Low charges
-Mortgage redemption
-Can be added as a rider
What are the commercial enterprise type uses of life insurance? - ANS-Buy and Sell Agreement
for Partnerships (When a co-companion dies, the alternative associate buys out his proportion
of the enterprise)
Key Person (Money used to sustain the commercial enterprise inside the case that a key
individual dies in the organization)
Split Dollar Insurance (If an business enterprise can not come up with the money for to pay an
employee a certain profits, they pay a component in their insurance plan)
, Group Life Insurance (All eligible employees at a low price gain that enables attract and hold
employees)
What are the hazards of term coverage? - ANS--Premium will increase (step rate)
-No coins fee
-Most quit at age 65-70
-Limited term of protection
What are the information of variable merchandise (Interest/Market Sensitive merchandise)? -
ANS--Owner bares the funding hazard
-No assured hobby fee
-Agent desires a Securities License and a Life Insurance License
-Designed to preserve up with inflation
What are the facts of variable products? - ANS--Insured bares the threat
-No assured hobby price
-Agent wishes a Securities and a Life Insurance license
-Designed to hold pace with inflation
What are the 4 approaches that annuities are categorised? - ANS--The premium price (single,
degree, or bendy charge
-Number of lives blanketed (person or joint annuity)
-Time that benefits start (Before three hundred and sixty five days of closing
payment=Immediate Annuity//After 365 days of ultimate price=Deferred Annuity)
-Fixed or variable profits (FIXED=ensures a minimum amount of income//Variable=The income
will vary depending upon the value of the securities that the coins value has been invested into)
What are the non-public uses of Life Insurance? - ANS--Final Expense
-Mortgage or Debt Cancelation (Used to pay of the rest of extraordinary loans)
-Family Income (Income paid out for a period of time instead of a lump sum)
-College Fund (Pay for college of youngsters, if the bread winner dies)
-Income for surviving spouse (Paid out through the years to help help children or update spent
retirement profits)
Estate Liquidity (Pays estate taxes whilst the owner dies)
-Retirement (Savings)
What are the 3 primary term rules? - ANS-1. Level Term
