Kentucky State Life Insurance Exam

Front 1

The premiums paid by an employer for his employee's group life insurance are usually considered to be

Back 1

Tax-deductible to the employer

Front 2

Which of these is NOT considered to be a cost connected with an individual's death?

Back 2

Business expenses

Front 3

These are all accurate statements regarding universal life insurance EXCEPT

Back 3

Policy loans are not permitted

Front 4

Which of these is NOT relevant when determining the amount of personal life insurance needed?

Back 4

Local unemployment rate

Front 5

Who elects the governing body of a mutual insurance company?

Back 5

Policyholders

Front 6

Why would evidence of insurability be required for a person insured with a variable universal life policy?

Back 6

The face amount is increased

Front 7

At what point are death proceeds paid in a joint life policy?

Back 7

When the first insured dies

Front 8

What is considered a valid reason for small businesses to insure the lives of its major shareholders?

Back 8

Fund a buy-sell agreement

Front 9

Which action will trigger a penalty tax on premature distributions from a modified endowment contract (MEC)?

Back 9

Policy loans

Front 10

Dividends from a mutual insurance company are paid to whom?

Back 10

Policyholders