OpenExamsFREE PRACTICE — ANY EXAM

Life examination — Information & Free Practice

US-KY · Examination information

86 free questions · Answer explanations · No signup required

Start free practice →

Life examination

Provider
Kentucky Department of Insurance
Format
Computerized written examination
Passing score
70% correct
Examination outline
  • Introduction to Life Insurance (4%)
    • Insurance
    • Principle of Life Insurance
    • Elements of a Contract
    • Important Contractual Concepts
    • The Mortality Rate
  • The Need For Life Insurance (4%)
    • Obligations at Death
    • Methods of Estate Building
    • Living Benefits of Life Insurance
    • Advantages as Property
    • Human and Moral Values
    • Needs Approach Versus Human Life Value Approach
  • Permanent Life Insurance (6%)
    • Introduction
    • Permanent Life Insurance
    • Permanent Life Insurance Policies
  • Term Life Insurance and Other Plans (4%)
    • Term Insurance Products
    • Uses For Term Insurance
    • Family Plans
    • Juvenile Insurance
    • Industrial Life Insurance
  • Annuities (6%)
    • Purpose of Annuities
    • How Annuities Work
    • Immediate and Deferred Annuities
    • Deferred Annuity Death Benefits
    • Annuity Premium Amounts
    • Variable Annuities
    • Annuity Settlement Options
    • Two-Tiered Annuities
    • Tax Sheltered Annuities
    • Retirement Income Annuities
    • Equity-Indexed Annuities
    • Market-Value Adjusted Annuities
  • Policy Provisions (6%)
    • Policy Conditions
    • Insuring, Consideration, and Execution Clauses
    • Ten-Day Free Look
    • Policy Ownership
    • The Policyowner’s Rights
    • Beneficiaries
    • Uniform Simultaneous Death Act
    • Common Disaster Provision
    • Spendthrift Clause
    • Incontestable Clause
    • Misstatement of Age Clause
    • Suicide Clause
    • Grace Period
    • Reinstatement Clause
    • Applicant Control or Ownership Clause
    • Privilege of Change Clause
    • Automatic Premium Loan Provision
    • Policy Assignment
    • Policy Exclusions
  • Riders (4%)
    • Riders Defined
    • Waiver of Premium
    • Disability Income Rider
    • Accidental Death Rider
    • Payor Rider
    • Guaranteed Insurability Rider
    • Accelerated Benefits Rider
    • Life Settlements
    • Term Riders
    • Cost of Living Rider
    • Exchange Privilege Rider
    • Return of Premium Rider
  • Premiums (4%)
    • The Purpose of Premiums
    • Modes of Premium Payments
    • Modified Premium Plan
    • Graded Premium Plan
    • Paying Premiums from Policy Values
    • Minimum Deposit Insurance
    • Reserves
    • Cost Comparison Methods
    • Interest-Adjusted Cost Indexes
  • Dividends (4%)
    • Policy Dividend Sources
    • Dividend Options
    • Conclusion
  • Nonforfeiture and Settlement Options (6%)
    • Nonforfeiture Values and Options
    • Lapsed and Reinstated Policies
    • Settlement Options
    • Using Cash Values
  • Policy Loans (4%)
    • The Basic Concept
    • Advantages of Policy Loans
    • Deferring Policy Loans
    • Collateral for Policy Loans
    • Irrevocable Beneficiaries and Policy Loans
    • Interest on Policy Loans
    • Nonpayment of Policy Loans
    • Loans and Nonforfeiture Options
    • Outstanding Loans and Death Claims
    • Business Uses of Policy Loans
  • The Application (6%)
    • Three Parties to an Application
    • Application Defined
    • Signing the Application
    • Correcting Applications
    • Incomplete or Incorrect Applications
    • Representations and Warranties
    • Conditional Receipt
    • Binding Receipt
    • Temporary Insurance Agreement
    • Policy Effective Date
    • Backdating Policies
  • Underwriting (6%)
    • The Nature of Underwriting
    • Definitions
    • Methods of Risk Management
    • Using Life Insurance to Transfer Risk
    • Elements of Risk Selection
    • Medical Information Bureau
    • Fair Credit Reporting Act
    • Standard and Substandard (Special Class) Risks
    • Rating Methods
    • Exclusions
    • Insurable Interest
    • Consent
  • Claims (2%)
    • Life Insurance Claims
    • Payment of Claims
    • Payments Less than Face Amount
    • Agent’s Responsibilities upon Insured’s Death
  • Group Life Insurance (4%)
    • Types of Groups
    • Setting up Group Life
    • Certificate of Insurance
    • Group Policy Types
    • Avoiding Adverse Selection
    • Contributory Versus Noncontributory
    • Probationary Period
    • Eligibility Period
    • Group Life Versus Individual Life
    • Conversion Privilege
    • Dependents and Group Life
  • Business Insurance (4%)
    • Business Uses of Life Insurance
    • Selling the Business Interest
    • Keeping the Business Interest
    • Key Employee Insurance
    • Deferred Compensation
    • Section 457 Deferred Compensation Plans
    • Split-Dollar Insurance
    • Executive Bonus Plan
  • Retirement Plans (4%)
    • Qualified and Nonqualified Retirement Plans
    • Vesting
    • Individual Retirement Accounts and Annuities
    • Roth IRAs
    • SIMPLE Retirement Plans
    • Simplified Employee Pension (SEP) Plans
    • Keogh Plans
    • Tax-Deferred Annuity Arrangements [403(b) Arrangements]
    • Plan Distributions
    • Incidental Limitations
    • Taxation of Plan Benefits
    • Employee Retirement Income Security Act (ERISA)
  • Tax Treatment of Life Insurance (4%)
    • Individual Life Insurance
    • Group Life Insurance
    • Doctrine of Economic Benefit
    • Federal Estate Tax
    • Charitable Uses of Life Insurance
    • Gifts of Life Insurance
    • Section 1035 Policy Exchanges
    • Business Insurance
  • Life Insurance Companies (4%)
    • Stock and Mutual Companies
    • Domestic, Foreign, and Alien Companies
    • Authorized (Admitted), Unauthorized (Nonadmitted) Companies
    • Reinsurance and Retention Limits
    • Marketing Systems
    • Fraternal Benefit Societies
    • Risk Retention Groups and Purchasing Groups
    • Miscellaneous Insurance Organizations
    • Private Versus Government Insurance
  • Legal and Professional Aspects (4%)
    • Control of the Insurance Business
    • Insurance Commissioners and Insurance Laws
    • Duties of the Insurance Commissioner
    • Complaints
    • National Association of Insurance Commissioners (NAIC)
    • Agents
    • Examination and Licensing of Agents
    • Brokers and Agents
    • The Powers of Agency
    • Solicitors
    • Consultants
    • Controlled Business
    • Commissions
    • Commission Splitting
    • Ethics
    • Delivering the Policy
    • Exposure to Errors and Omissions Liability
  • Government Programs (4%)
    • Social Security Overview
    • Social Security Taxes
    • Insured Status
    • Primary Insurance Amount
    • Normal Retirement Age
    • Dual Benefit Liability
    • Retirement Benefits
    • Survivor Benefits
    • Disability Benefits
    • Maximum Family Benefit
    • Retirement Earning Limit
    • Servicemembers' Group Life Insurance (SGLI)
  • Kentucky Insurance Laws and Regulations 2007 (6%)
    • KRS 304.12-110
    • KRS 304.14-150
    • KRS 304.2-120
    • KRS 304.9-295
    • KRS 304.9-425(5)
    • KRS 304.9-440
Examination sources

Related license preparation

This examination may be required or accepted as an alternative, depending on the license and application pathway.