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KENTUCKY LIFE INSURANCE EXAM QUESTIONS WITH ALL CORRECT ANSWERS Elements of a Contract - CORRECT Answer Competent parties, legal purpose, offer and acceptance, consideration Waiver - CORRECT Answer Voluntary giving up of a known right or privilege, can be express or implied Estoppel - CORRECT Answer A person is prohibited by virtue of his own past actions from claiming a right that would work to the detriment of another who relied on the past conduct Aleatory Contract - CORRECT A...

KENTUCKY LIFE INSURANCE RELIABLE EXAM QUESTIONS WITH ANSWERS GRADED A+ 2025/2026 Modified Endowment Contract (MEC) - TAMRA: All single premium policies, any policy that does not satisfy the 7-pay test // money taken from the policy is taxed as ordinary income // if policy owner is younger than 59 1/2 and not disabled 10% penalty is assigned Joint Life Policies - First-to-die, contract comes to an end at the first death, no further insurance protection for the other person or persons cover...

2025 KENTUCKY LIFE INSURANCE RELIABLE EXAM QUESTION WITH ANSWERS 2025/2026 Ten-Day Free Look - Examination period, commonly 10 days (30 days concerning policy replacement,) beginning the day the policyowner receives the policy. If returned during this period, the PO receives full refund of all premiums paid. If insured dies, beneficiary receives policy proceeds. Policyowner's Rights - incidence of ownership 1. name the beneficiary 2. select a settlement option 3. assign the policy 4...

2025 KENTUCKY HEALTH INSURANCE VERIFIED QUESTION WITH ANSWERS 2025/2026 What is the purpose of the rehabilitation benefit in disability insurance? A. To compensate the insured for the lost income. B. To refund the insured's premium paid during the disability. C. To help the insured recover from a disability. D. To cover the expenses of retraining the insured to return to work. - D. To cover the expenses of retraining the insured to return to work. An insurance company must notify the C...

2025 KENTUCKY HEALTH INSURANCE EXAM QUESTION WITH ANSWERS 2025/2026 A. An irrevocable beneficiary - Brenda Names her husband as the beneficiary of the accidental death benefit in her health policy. She has relinquished her right to change the beneficiary designation. According to Required Provision 12, Brenda's husband is A. An irrevocable beneficiary B. Revocable Beneficiary C. Contingent Beneficiary D. A tertiary beneficiary A. 20,000 - Under a credit health policy, what is the max...

Kentucky Life Insurance Exam Questions and Detailed Answers Elements of a Contract -

Kentucky Life Insurance Exam Questions With All Correct Answers | Graded A+ Elements of a Contract - Answer-Competent parties, legal purpose, offer and acceptance, consideration /.Waiver - Answer-Voluntary giving up of a known right or privilege, can be express or implied /.Estoppel - Answer-A person is prohibited by virtue of his own past actions from claiming a right that would work to the detriment of another who relied on the past conduct /.Aleatory Contract - Answer-a contract...

The premiums paid by an employer for his employee's group life insurance are usually considered to be - Answer Tax-deductible to the employer Which of these is NOT considered to be a cost connected with an individual's death? - Answer Business expenses These are all accurate statements regarding universal life insurance EXCEPT - Answer Policy loans are not permitted Which of these is NOT relevant when determining the amount of personal life insurance needed? - Answer L...

Aleatory Contract a contract where the values exchanged may not be equal but depend on an uncertain event Contracts of Adhesion One-sided in regards to preparation (prepared by the insurer) Contract of Utmost Good Faith Both parties bargain in good faith when forming and entering into the contract. The two parties rely upon the statements and promises of the other and assume no attempt to conceal or deceive has been made. Executory Contract A contract that has not yet been fully...