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KENTUCKY LIFE AND HEALTH INSURANCE
EXAM 300 REAL EXAM QUESTIONS AND
CORRECT ANSWERS 2024-2025 ALREADY
GRADED A+
in what ways are joint life insurance and survivor life insurance similar and different? - ANSWER-both pay death benefit upon insureds death, term life is not used for survivor life insurance policies because of long term nature of coverage, survivor pays when the 2nd dies
why is traditional juvenile life isnurance policy sometimes called a jumping juvenile policy - ANSWER-you can carry over the policy once the individual has turned 21, at 21 "units" jump to a higher value
in what way are a family income polict and a family maintenance policy similar and different - ANSWER-both pay death benefit upon family death, family income pays for the remainder of policy, maintenance pays for # of years in contract despite when death is. In maintenance death benefit is pain immediately upon death, not at the end of the income period like income
how many term life insurance riders are used in a family protection policy - ANSWER-3, whole life on principal insured, convertible term life on spouse up to 65, same with children until 21
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2 in what way is traditional endowment similar to traditional whole life and how are they deifferent - ANSWER-it gives you the same coverage, but endowments are able to mature faster
why do endowment contracts no longer qualify as life insurance for tax purposes? - ANSWER- they were used for favorable tax benefits
when does a permanent life insurance policy mature or "endow" - ANSWER-when its cash value equals the face amount
is an endowment policy the same as a modified endowment contract - ANSWER-no, dont get them confused
in what ways does group life insurance differ from individual life insurance? - ANSWER-its significantly less expensive
what is the difference between a contributory plan and a non contributory - ANSWER-if plan is paid entirely by sponsor its non contributory, if portion is paid by the group member then its contributory
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3 what is the conversion privilege with a group life policy and how does it work - ANSWER-you can convert plan to individual life insurance, have 31 day grace period, must submit request, benefit can be paid if person dies before 31 days even if all the paperwork is not in
whats credit life insurance, is it a form of group life insurance - ANSWER-its a life insurance policy to pay off debt (mortgage)
what are the minimum participation requirements for group policies - ANSWER-100%of members in a non contributory and 75% of members in a contributory
what is the difference between the insuring clause and the entire contract clause - ANSWER- insuring clause describes the basic agreement between insurer and insured, entire contract clause stated the insurance policy and completed contract make up the entire contract
what policy provision might read "the company will pay to the beneficiary, upon receipt of due proof of death of the insured, the insurance in force at his or her death, subject to the provisions of this policy - ANSWER-a typical insurance clause
when does the standard free-look period begin with life insurance, what is the standard period, and how does this change if the new policy involves a policy replacement - ANSWER-it begins when policy is delivered to owner, standard is 10 days, if it is for replacement you typically have 30 days
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4 how does the incontestability period differ from the misstatement of age or gender provision as it relates to policy cancellation or modification terms - ANSWER-you cant contest a policy for mis statement of age or sex, but other offenses of misrepresentation can void a policy within the contestability period
describe payment of premiums provision - ANSWER-provides available premium modes, grace period, automatic premium loan, whether policy is fixed or flexible
describe reinstatement provision - ANSWER-must provide written request for reinstatement, proof of insurability, payment of all back premiums plus interest
what are 2 different ways a life policy might address an insureds risky job or hobby - ANSWER- deny coverage for certain things or increase premiums
how would an insurer deal with an insured suicide 18 months after policy issue, what if the suicide occurred 26 months after policy issue - ANSWER-before 2 years premiums and interest goes to policy owner or beneficiary, after 2 years the death benefit is paid cause suicide is covered
who may be a life insurance policy beneficiary - ANSWER-anyone you choose, does not have to have insurable interest
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