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Kansas Life & Health Insurance Final Exam Questions and Answers Latest Version Already Passed
What is insurable interest in a life insurance policy?✔✔ A legitimate financial or emotional relationship with the insured
When must insurable interest exist for a life insurance policy to be valid?✔✔ At the time of application
What is the grace period for life insurance premium payments in Kansas?✔✔ 30 days
What happens if a life insurance policy lapses due to non-payment but is within the grace period?✔✔ The policy remains in force, and the claim will still be honored
What is the purpose of a beneficiary in a life insurance policy?✔✔ To receive the death benefit upon the insured’s death
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Who regulates life and health insurance in the state of Kansas?✔✔ The Kansas Insurance Department
What is the purpose of the free look period in life insurance?✔✔ To allow the policyholder to cancel and receive a full refund
How long is the free look period in Kansas?✔✔ 10 days from policy delivery
What does the term “contestable period” refer to in a life insurance policy?✔✔ The time period when the insurer can investigate and deny a claim for material misrepresentation
How long is the contestable period in Kansas?✔✔ 2 years
What is a whole life insurance policy?✔✔ A permanent policy that includes both death benefit and cash value 2 / 4
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What is term life insurance?✔✔ A temporary policy that provides coverage for a specific period
What is the cash value component of whole life insurance?✔✔ A savings feature that grows over time and can be borrowed against
What is a universal life insurance policy?✔✔ A flexible premium, adjustable benefit policy with cash value accumulation
What is the main feature of variable life insurance?✔✔ The cash value is invested in separate accounts and may increase or decrease
What happens to the premium in a level term policy?✔✔ It remains the same for the entire term
What is required to reinstate a lapsed life insurance policy in Kansas?✔✔ Proof of insurability and payment of back premiums with interest 3 / 4
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What does a waiver of premium rider do?✔✔ Waives future premiums if the insured becomes disabled
What is the primary benefit of an accidental death rider?✔✔ Pays an additional benefit if the insured dies due to an accident
What is the purpose of health insurance?✔✔ To help pay for medical expenses due to illness or injury
What is a deductible in a health insurance policy?✔✔ The amount the insured must pay before benefits begin
What is coinsurance in a health insurance policy?✔✔ The percentage of costs shared by the insured after the deductible is met
What is a copayment in a health plan?✔✔ A fixed amount paid by the insured for each covered service
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