Kentucky Life Insurance State Exam
Practice: (Newest 2025/2026 Update)
Comprehensive Questions & Answers
| Certified Solutions | 100% Correct |
Graded A
Quiz_________________?
The premiums paid by an employer for his employee's group life insurance are usually considered to be -
Answer☑️
Tax-deductible to the employer
Quiz_________________?
Which of these is NOT considered to be a cost connected with an individual's death? -
Answer☑️
Business expenses
Quiz_________________?
These are all accurate statements regarding universal life insurance EXCEPT -
Answer☑️
Policy loans are not permitted
Quiz_________________?
Which of these is NOT relevant when determining the amount of personal life insurance needed? -
Answer☑️
Local unemployment rate
1
, Quiz_________________?
Who elects the governing body of a mutual insurance company? -
Answer☑️
Policyholders
Quiz_________________?
Why would evidence of insurability be required for a person insured with a variable universal life policy?
-
Answer☑️
The face amount is increased
Quiz_________________?
At what point are death proceeds paid in a joint life policy? -
Answer☑️
When the first insured dies
Quiz_________________?
What is considered a valid reason for small businesses to insure the lives of its major shareholders? -
Answer☑️
Fund a buy-sell agreement
Quiz_________________?
Which action will trigger a penalty tax on premature distributions from a modified endowment contract
(MEC)? -
Answer☑️
Policy loans
Quiz_________________?
Dividends from a mutual insurance company are paid to whom? -
2
, Answer☑️
Policyowners
Quiz_________________?
Traditional individual retirement annuity (IRA) distributions must start by -
Answer☑️
April 1st of the year following the year the participant attains age 70 1/2
Quiz_________________?
How are Roth IRA distributions normally taxed? -
Answer☑️
Distributions are received tax-free
Quiz_________________?
How can an insurance company minimize exposure to loss? -
Answer☑️
Reinsurance
Quiz_________________?
All of the following statements about traditional individual retirement accounts are false EXCEPT -
Answer☑️
10% penalty is applied to withdrawals before age 59 1/2
Quiz_________________?
All of these statements concerning universal life insurance are false EXCEPT -
Answer☑️
Policy indicates how much of the premium is used toward company expenses
Quiz_________________?
3
Practice: (Newest 2025/2026 Update)
Comprehensive Questions & Answers
| Certified Solutions | 100% Correct |
Graded A
Quiz_________________?
The premiums paid by an employer for his employee's group life insurance are usually considered to be -
Answer☑️
Tax-deductible to the employer
Quiz_________________?
Which of these is NOT considered to be a cost connected with an individual's death? -
Answer☑️
Business expenses
Quiz_________________?
These are all accurate statements regarding universal life insurance EXCEPT -
Answer☑️
Policy loans are not permitted
Quiz_________________?
Which of these is NOT relevant when determining the amount of personal life insurance needed? -
Answer☑️
Local unemployment rate
1
, Quiz_________________?
Who elects the governing body of a mutual insurance company? -
Answer☑️
Policyholders
Quiz_________________?
Why would evidence of insurability be required for a person insured with a variable universal life policy?
-
Answer☑️
The face amount is increased
Quiz_________________?
At what point are death proceeds paid in a joint life policy? -
Answer☑️
When the first insured dies
Quiz_________________?
What is considered a valid reason for small businesses to insure the lives of its major shareholders? -
Answer☑️
Fund a buy-sell agreement
Quiz_________________?
Which action will trigger a penalty tax on premature distributions from a modified endowment contract
(MEC)? -
Answer☑️
Policy loans
Quiz_________________?
Dividends from a mutual insurance company are paid to whom? -
2
, Answer☑️
Policyowners
Quiz_________________?
Traditional individual retirement annuity (IRA) distributions must start by -
Answer☑️
April 1st of the year following the year the participant attains age 70 1/2
Quiz_________________?
How are Roth IRA distributions normally taxed? -
Answer☑️
Distributions are received tax-free
Quiz_________________?
How can an insurance company minimize exposure to loss? -
Answer☑️
Reinsurance
Quiz_________________?
All of the following statements about traditional individual retirement accounts are false EXCEPT -
Answer☑️
10% penalty is applied to withdrawals before age 59 1/2
Quiz_________________?
All of these statements concerning universal life insurance are false EXCEPT -
Answer☑️
Policy indicates how much of the premium is used toward company expenses
Quiz_________________?
3
