Final Exam - Kentucky Life and Health Questions
With Correct Answers
An |insurance |agent |who |replaces |an |existing |policy |by |making |false |written |or |oral |statements |
is |committing |the |act |of:
twisting
Which |of |the |following |risks |are |insurable?
pure |risk
The |federal |income |tax |treatment |of |employer-provided |group |health |insurance |can |be |
accurately |described |as:
Employee's |coverage |paid |for |by |the |employer |is |tax-deductible |to |the |employer |as |a |business
|expenditure
Which |approach |predicts |a |person's |earning |potential |and |determines |how |much |of |that |
amount |would |be |devoted |to |dependents?
Human |life |value |approach
What |type |of |society |operates |under |a |lodge |system |with |a |representative |form |of |
government |and |provides |benefits |in |accordance |to |its |chapter?
fraternal |benefits
Which |of |the |following |statements |BEST |describes |what |the |Legal |Actions |provision |of |an |
Accident |and |Health |policy |requires?
An |insured |must |wait |at |least |60 |days |after |Proof |of |Loss |has |been |submitted |before |a |
lawsuit |can |be |filed
What |does |a |fixed |annuity |offer |protection |against?
savings |depletion |because |of |longevity
J |is |a |subscriber |to |plan |which |contracts |with |doctors |and |hospitals |to |provide |medical |
benefits |at |a |predetermined |price. |What |type |of |plan |does |J |belong |to?
A |Health |Maintenance |Organization
, When |does |a |Probationary |Period |provision |become |effective |in |a |health |insurance |contract?
at |the |policy's |inception
A |product |which |can |offer |its |owner |a |lifetime |income |stream |is |called |an |____________.
annuity
S |buys |a |$10,000 |Whole |Life |policy |in |2003 |and |pays |an |annual |premium |of |$100. |S |dies |5 |
years |later |in |2008 |and |the |insurer |pays |the |beneficiary |$10,500. |What |kind |of |rider |did |S |
include |on |the |policy?
return |premium |rider
When |does |the |agent |give |a |premium |receipt |for |a |life |insurance |application?
when |the |initial |premium |has |been |paid |with |the |application
A |life |insurance |policyowner |falls |behind |on |his |premium |payments |and |dies |during |the |grace |
period. |How |will |the |insurer |handle |this |claim?
face |amount |will |be |paid |minus |the |past |due |premium
In |a |family |plan, |a |child |born |after |issuance |of |the |policy |would |require |which |of |the |
following?
covers |begins |immediately |at |birth |no |additional |premium
Which |of |these |is |considered |a |mandatory |provision?
payments |of |claim
Which |of |these |statements |regarding |insurance |is |false?
the |number |of |losses |decrease |as |the |number |of |insured |units |increase
Which |health |policy |clause |stipulates |that |an |insurance |company |must |attach |a |copy |of |
application |to |the |policy |to |ensure |that |is |part |of |the |contract?
entire |contract
Which |of |these |is |NOT |relevant |when |determining |the |amount |of |personal |life |insurance |
needed?
Local |unemployment |rate
Which |of |the |following |is |excluded |from |the |coverage |by |the |Kentucky |Life |and |Health |
Insurance |Guaranty |Association?
With Correct Answers
An |insurance |agent |who |replaces |an |existing |policy |by |making |false |written |or |oral |statements |
is |committing |the |act |of:
twisting
Which |of |the |following |risks |are |insurable?
pure |risk
The |federal |income |tax |treatment |of |employer-provided |group |health |insurance |can |be |
accurately |described |as:
Employee's |coverage |paid |for |by |the |employer |is |tax-deductible |to |the |employer |as |a |business
|expenditure
Which |approach |predicts |a |person's |earning |potential |and |determines |how |much |of |that |
amount |would |be |devoted |to |dependents?
Human |life |value |approach
What |type |of |society |operates |under |a |lodge |system |with |a |representative |form |of |
government |and |provides |benefits |in |accordance |to |its |chapter?
fraternal |benefits
Which |of |the |following |statements |BEST |describes |what |the |Legal |Actions |provision |of |an |
Accident |and |Health |policy |requires?
An |insured |must |wait |at |least |60 |days |after |Proof |of |Loss |has |been |submitted |before |a |
lawsuit |can |be |filed
What |does |a |fixed |annuity |offer |protection |against?
savings |depletion |because |of |longevity
J |is |a |subscriber |to |plan |which |contracts |with |doctors |and |hospitals |to |provide |medical |
benefits |at |a |predetermined |price. |What |type |of |plan |does |J |belong |to?
A |Health |Maintenance |Organization
, When |does |a |Probationary |Period |provision |become |effective |in |a |health |insurance |contract?
at |the |policy's |inception
A |product |which |can |offer |its |owner |a |lifetime |income |stream |is |called |an |____________.
annuity
S |buys |a |$10,000 |Whole |Life |policy |in |2003 |and |pays |an |annual |premium |of |$100. |S |dies |5 |
years |later |in |2008 |and |the |insurer |pays |the |beneficiary |$10,500. |What |kind |of |rider |did |S |
include |on |the |policy?
return |premium |rider
When |does |the |agent |give |a |premium |receipt |for |a |life |insurance |application?
when |the |initial |premium |has |been |paid |with |the |application
A |life |insurance |policyowner |falls |behind |on |his |premium |payments |and |dies |during |the |grace |
period. |How |will |the |insurer |handle |this |claim?
face |amount |will |be |paid |minus |the |past |due |premium
In |a |family |plan, |a |child |born |after |issuance |of |the |policy |would |require |which |of |the |
following?
covers |begins |immediately |at |birth |no |additional |premium
Which |of |these |is |considered |a |mandatory |provision?
payments |of |claim
Which |of |these |statements |regarding |insurance |is |false?
the |number |of |losses |decrease |as |the |number |of |insured |units |increase
Which |health |policy |clause |stipulates |that |an |insurance |company |must |attach |a |copy |of |
application |to |the |policy |to |ensure |that |is |part |of |the |contract?
entire |contract
Which |of |these |is |NOT |relevant |when |determining |the |amount |of |personal |life |insurance |
needed?
Local |unemployment |rate
Which |of |the |following |is |excluded |from |the |coverage |by |the |Kentucky |Life |and |Health |
Insurance |Guaranty |Association?
