KANSAS LIFE HEALTH INSURANCE FINAL EXAM

PDF Download KANSAS LIFE & HEALTH INSURANCE FINAL EXAM Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -100 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: T has an annuity that guarantees an income payment for the rest of his life.The contract also guarantees that if T dies before receiving payments for 20 years, the remaining payments will be paid to his son for the balance of the 20 years. What type of annuity is this

Answer:

Life Annuity with period certain Question 2: What type of life policy covers 2 lives and pays the face amount after the first one dies?

Answer:

Joint Life policy Question 3: What is Old Age and Survivors Health Insurance (OASDHI) also known as

Answer:

Social Security Question 4: M completes an application for life insurance but does not pay the initial premium.All of these actions must occur before M's policy goes into effect EXCEPT

Answer:

Free-look period has expired

Question 5: If its employees share in the cost of insurance, what type of group life insurance plan would a corporation have?

Answer:

Contributory Question 6: S is covered by a whole life policy. Which insurance product can cover his children

Answer:

Child term rider Question 7: What kind of insurance policy supplies an income stream over a set period of time that starts when the insured dies?

Answer:

Family maintenance policy

Question 8: Deductibles are used in health policies to lower

Answer:

Overused of medical services Question 9: When an insurer issues a policy that refuses to cover certain risks, this is referred to as a(n)

Answer:

Exclusion

Question 10: A person who is insured within a group contract will be given a

Answer:

certificate Question 11: Which of the following is an important underwriting principle of group life insurance?

Answer:

Everyone must be covered in the group Question 12: When must insurable interest be present in order for a life insurance policy to be valid

Answer:

At the time of application

Question 13: A medical care provider which typically delivers health services at its own local medical facility is known as a

Answer:

Health maintenance organization Question 14: Which of these statements concerning an Individual Straight Life annuity is accurate?

Answer:

Payments are made to an annuitant for life

Question 15: Which provision is NOT a requirement in a group life policy?

Answer:

Accidental

Question 16: The amount of coverage on a group credit life policy is limited to

Answer:

the insured's total loan value Question 17: Which of these options can an individual use their medical flexible spending account to pay for

Answer:

prescription drugs Question 18: What type of insurance offers permanent life coverage with premiums that are payable for life?

Answer:

Whole life Question 19: What type of life policy covers two people and pays upon the death of the last insured?

Answer:

Survivorship

Question 20: An individual who purchases a Life annuity is given protection against

Answer:

The risk of living longer than expected Question 21: A Key Employee policy is taken out by Company X on its vice president. Ten years later, this employee leaves Company X and begins working for Company Y. If this individual were to die and the policy is still in force and unchanged, where would the death proceeds be directed?

Answer:

Company X Question 22: An insured covered by a group Major Medical plan is hospitalized after sustaining injuries that resulted from an automobile accident. Assuming the plan had a $1,000 deductible and an 80/20 Coinsurance clause, how much will the INSURED be responsible to pay with $11,000 in covered medical expenses

Answer:

$3,000

Question 23: N is a 40-year old applicant who would like to retire at age 70. He is looking to buy a life insurance policy with level premiums, permanent protection, and be paid-up at retirement.Which of these should N purchase?

Answer:

30 pay life Question 24: Which statement is true concerning a Variable Universal Life policy?

Answer:

Policyowner controls where the investment will go and selects the amount of the premium payment

Question 25: Which statement is true regarding a minor beneficiary

Answer:

Normally, a guardian is required to be appointed in the Beneficiary clause of the contract

Question 26: What is being delivered during a policy delivery?

Answer:

Insurance contract to the proposed insured