Comprehensive Exam-KY Life Exam-KY
Comprehensive & Health
Life & Health
Study online at https://quizlet.com/_1rxup7
1. All of the following are producer responsibilities to the Offering and selling only
applicant, except: the lowest premium policy
2. ___________ manufacture and sell insurance coverage Insurers
in the form of policies or contracts of insurance.
3. When both parties must perform certain duties and Conditional
follow certain rules of conduct to make a contract
enforceable refers to a(n) __________ contract.
4. _____________ insurance allows for insurance coverage Surplus lines
to be obtained when not available from admitted car-
riers.
5. The field underwriter is the _________ and is not a de- Producer
terminer of insurability.
6. To address adverse selection what can an insurer Establish and enforce
legally do? sound underwriting prac-
tices
7. A contract that is drafted by an insurer and receives Contract of Adhesion
no input or alteration from the insured, is considered
a(n):
8. Which of the following parties does not sign an appli- The beneficiary
cation for life insurance?
9. The ____________ market is a private source of coverage Residual
of last resort for individuals or businesses that have
been rejected by voluntary market insurers.
10. Which of the following is NOT considered one of the Conditions
essential elements of a contract?
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, Comprehensive Exam-KY Life Exam-KY
Comprehensive & Health
Life & Health
Study online at https://quizlet.com/_1rxup7
11. An insurer NOT authorized to do business within this Non-Admitted
state is considered what type of insurer?
12. Which of the following describes Fiduciary Responsi- Anyone acting as an insur-
bilities? ance producer or agent
for an insurer shall be
held responsible in a trust
or fiduciary capacity for
any money collected or re-
ceived for the insurer
13. The relationship of a person who acts on behalf of a The law of agency
company whereby the person's actions can bind the
company is known as:
14. With health and life insurance a/an _________ is re- Insurable interest
quired at the time of the application.
15. _____________ consists of groups of underwriters called Lloyds of London
syndicates, each of which specializes in insuring a par-
ticular type of risk.
16. What is the primary reason why States have 'outlawed' At policy inception there is
Stranger Originated Life Insurance (STOLI) transac- a lack of insurable interest
tions?
17. Which of the following types of policies is eligible for Participating
policy dividends?
18. An applicant for life insurance pays the agent the ini- The insurer will refund any
tial premium and receives a Conditional Insurability premiums paid
Receipt in return. If the policy was to be issued as
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, Comprehensive Exam-KY Life Exam-KY
Comprehensive & Health
Life & Health
Study online at https://quizlet.com/_1rxup7
substandard, but the applicant dies prior to policy
issue what is the result?
19. Which of the following best describes 'Capital Reten- Investment earnings are
tion/Conservation' in an effort to meet an income ob- paid out
jective?
20. If a copy of the application, which led to a life insur- It is considered part of the
ance policy being issued, is attached to the policy: entire contract
21. Which of the following products are offered by insur- Life Insurance
ers to protect families from the financial setback of a
family member's premature death?
22. The HIV Consent Form specifies which types of indi- The test results
viduals may receive __________.
23. Confidential information shared by the producer to Agent's Report
the insurer and does not become part of the policy is
the __________.
24. A is the insured under a $100,000 10 year term life The face amount of the
insurance policy with her spouse named as her ben- policy
eficiary. If she dies in year 9, what will her spouse
receive?
25. Which of the following statements about Equity In- The interest credited to
dexed Life insurance is TRUE? the policy is based off of
the performance of a stock
market index like the S&P
500
26. A policyowner would like more coverage than the Add a term rider
$100,000 Whole Life policy being proposed, but does
www.stuvia.com
Comprehensive & Health
Life & Health
Study online at https://quizlet.com/_1rxup7
1. All of the following are producer responsibilities to the Offering and selling only
applicant, except: the lowest premium policy
2. ___________ manufacture and sell insurance coverage Insurers
in the form of policies or contracts of insurance.
3. When both parties must perform certain duties and Conditional
follow certain rules of conduct to make a contract
enforceable refers to a(n) __________ contract.
4. _____________ insurance allows for insurance coverage Surplus lines
to be obtained when not available from admitted car-
riers.
5. The field underwriter is the _________ and is not a de- Producer
terminer of insurability.
6. To address adverse selection what can an insurer Establish and enforce
legally do? sound underwriting prac-
tices
7. A contract that is drafted by an insurer and receives Contract of Adhesion
no input or alteration from the insured, is considered
a(n):
8. Which of the following parties does not sign an appli- The beneficiary
cation for life insurance?
9. The ____________ market is a private source of coverage Residual
of last resort for individuals or businesses that have
been rejected by voluntary market insurers.
10. Which of the following is NOT considered one of the Conditions
essential elements of a contract?
www.stuvia.com
, Comprehensive Exam-KY Life Exam-KY
Comprehensive & Health
Life & Health
Study online at https://quizlet.com/_1rxup7
11. An insurer NOT authorized to do business within this Non-Admitted
state is considered what type of insurer?
12. Which of the following describes Fiduciary Responsi- Anyone acting as an insur-
bilities? ance producer or agent
for an insurer shall be
held responsible in a trust
or fiduciary capacity for
any money collected or re-
ceived for the insurer
13. The relationship of a person who acts on behalf of a The law of agency
company whereby the person's actions can bind the
company is known as:
14. With health and life insurance a/an _________ is re- Insurable interest
quired at the time of the application.
15. _____________ consists of groups of underwriters called Lloyds of London
syndicates, each of which specializes in insuring a par-
ticular type of risk.
16. What is the primary reason why States have 'outlawed' At policy inception there is
Stranger Originated Life Insurance (STOLI) transac- a lack of insurable interest
tions?
17. Which of the following types of policies is eligible for Participating
policy dividends?
18. An applicant for life insurance pays the agent the ini- The insurer will refund any
tial premium and receives a Conditional Insurability premiums paid
Receipt in return. If the policy was to be issued as
www.stuvia.com
, Comprehensive Exam-KY Life Exam-KY
Comprehensive & Health
Life & Health
Study online at https://quizlet.com/_1rxup7
substandard, but the applicant dies prior to policy
issue what is the result?
19. Which of the following best describes 'Capital Reten- Investment earnings are
tion/Conservation' in an effort to meet an income ob- paid out
jective?
20. If a copy of the application, which led to a life insur- It is considered part of the
ance policy being issued, is attached to the policy: entire contract
21. Which of the following products are offered by insur- Life Insurance
ers to protect families from the financial setback of a
family member's premature death?
22. The HIV Consent Form specifies which types of indi- The test results
viduals may receive __________.
23. Confidential information shared by the producer to Agent's Report
the insurer and does not become part of the policy is
the __________.
24. A is the insured under a $100,000 10 year term life The face amount of the
insurance policy with her spouse named as her ben- policy
eficiary. If she dies in year 9, what will her spouse
receive?
25. Which of the following statements about Equity In- The interest credited to
dexed Life insurance is TRUE? the policy is based off of
the performance of a stock
market index like the S&P
500
26. A policyowner would like more coverage than the Add a term rider
$100,000 Whole Life policy being proposed, but does
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