Kentucky Life and Health Insurance Study guides, Class notes & Summaries
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Kentucky Life and Health Insurance Exam (New 2024/ 2025 Update) Questions and Verified Answers| 100 % Correct| Grade A
- Exam (elaborations) • 51 pages • 2024
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Kentucky Life and Health Insurance Exam 
(New 2024/ 2025 Update) Questions and 
Verified Answers| 100 % Correct| Grade A 
 
 
QUESTION 
 The only party in an insurance contract that makes a legally enforceable promise is the 
insurance company. Because of this, insurance contracts are considered to be: 
 
 conditional 
 aleatory 
 unilateral 
 contracts of adhesion 
 
 
Answer: 
unilateral 
 
Insurance contracts are unilateral. This means that only one party (the insurer) makes any kind of ...
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Kentucky Life Insurance State Practice Exam 2024 Update Questions and Correct Answers Rated A+
- Exam (elaborations) • 36 pages • 2024
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Kentucky Life Insurance State Practice 
Exam 2024 Update Questions and 
Correct Answers Rated A+
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Kentucky Life and Health Insurance Exam Latest 2024 Questions and Correct Answers Rated A+
- Exam (elaborations) • 43 pages • 2024
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Kentucky Life and Health Insurance 
Exam Latest 2024 Questions and Correct 
Answers Rated A+
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Kentucky Life Insurance Exam Prep| Questions and Verified Answers| 100 % Correct| Grade A (New 2024/ 2025 Update)
- Exam (elaborations) • 49 pages • 2024
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Kentucky Life Insurance Exam Prep| 
Questions and Verified Answers| 100 % 
Correct| Grade A (New 2024/ 2025 Update) 
 
 
QUESTION 
 Nonforfeiture Options 
Three options available by law to policyowners that enable them to recover a policy's cash-value 
upon surrender of that policy. (1) Cash (2) Reduced Paid-Up Insurance (3) Extended Term 
Insurance 
 
 
 
QUESTION 
 Immediate Annuities 
 
 
Answer: 
- Can only be funded using the Single Premium payment method 
- First income payment is ma...
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Kentucky Life Insurance Exam (New 2024/ 2025 Update) Questions and Verified Answers| 100 % Correct| Grade A
- Exam (elaborations) • 22 pages • 2024
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Kentucky Life Insurance Exam (New 2024/ 
2025 Update) Questions and Verified 
Answers| 100 % Correct| Grade A 
 
QUESTION 
 The owner of a single premium deferred annuity is entitled to do all of these EXCEPT 
 
 
Answer: 
 Make multiple premium payments 
 
 
 
QUESTION 
 An insurance company's voluntary refusal to enforce a contract's provision is called a(n) 
 
 
Answer: 
 Waiver 
 
 
 
QUESTION 
 What happens when an initial offer is answered with a counteroffer? 
 
 
Answer: 
 Init...
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Kentucky Life and Health Insurance Exam Prep| Questions and Verified Answers| 100 % Correct| Grade A (New 2024/ 2025 Update)
- Exam (elaborations) • 57 pages • 2024
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Kentucky Life and Health Insurance Exam 
Prep| Questions and Verified Answers| 100 % 
Correct| Grade A (New 2024/ 2025 Update) 
 
QUESTION 
 how many days do you have to send the claim forms for filing proof of loss 
 
 
Answer: 
15 days 
 
 
 
QUESTION 
 how long does the insurer have to pay claims 
 
 
Answer: 
30 days 
 
 
 
QUESTION 
 what happens if insurer does not pay claim within 30 days 
 
 
Answer: 
must pay 12% interest and can collect attorney fees incurred to collect claim 
 ...
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Kentucky Health Insurance Exam (New 2024/ 2025 Update) Questions and Verified Answers| 100 % Correct| Grade A
- Exam (elaborations) • 79 pages • 2024
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Kentucky Health Insurance Exam (New 
2024/ 2025 Update) Questions and Verified 
Answers| 100 % Correct| Grade A 
 
QUESTION 
 The Medical Information Bureau (MIB) was created to protect 
1. Insureds from unreasonable underwriting requirements by the insurance companies. 
2. Medical examiners that perform insurance physical examinations. 
3. Insurance companies from adverse selection by high risk persons. 
4. Insurance departments from lawsuits by policyowners. 
 
Answer: 
 Insurance compa- n...
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Kentucky Health Insurance Exam | Study Questions and Verified Answers| 100 % Correct| Grade A (New 2024/ 2025 Update)
- Exam (elaborations) • 32 pages • 2024
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Kentucky Health Insurance Exam | Study 
Questions and Verified Answers| 100 % 
Correct| Grade A (New 2024/ 2025 Update) 
 
QUESTION 
 Individuals who itemize deductions can claim deductions for medical expenses not covered by 
health insurance that exceed what percent of their adjusted gross income? A. 5% B. 7% C. 10% 
D. 15% 
 
 
Answer: 
C. 10% 
 
 
 
QUESTION 
 What is another name for an Administrative Services only arrangement? A. Self funding B. 
Third party administrator C. A modifie...
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Kentucky Life and Health Insurance Exam Prep| Questions and Verified Answers| 100 % Correct| Grade A (Latest 2024/ 2025 Update)
- Exam (elaborations) • 52 pages • 2024
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Kentucky Life and Health Insurance Exam Prep| Questions and Verified Answers| 100 % Correct| Grade A (Latest 2024/ 2025 Update) 
 
Q: what is loss exposure 
state of being subject to a passible loss 
 
 
 
Q: what does it mean to be defineable 
 
 
Answer: 
definite as to time, cause and location 
 
 
 
Q: what does it mean to be measurable 
 
 
Answer: 
companies will state how much they will pay for a covered loss 
 
 
 
Q: is loss due to war covered 
 
 
Answer: 
no 
 
 
 
Q: can accidental b...
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Kentucky Life and Health Insurance Exam (Latest 2024/ 2025 Update) Questions and Verified Answers| 100 % Correct| Grade A
- Exam (elaborations) • 48 pages • 2024
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Kentucky Life and Health Insurance Exam (Latest 2024/ 2025 Update) Questions and Verified Answers| 100 % Correct| Grade A 
 
Q: Which type of life policy contains a monthly mortality charge as well as self-directed investment choices? 
 
 Joint Life 
 Adjustable Life 
 Variable Universal Life 
 Universal Life 
 
 
Answer: 
Variable Universal Life 
 
 
 
Q: Two agencies are competing for a new client. Agency A mentions to the prospective client that all of the companies with which it does busin...
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