KENTUCKY LIFE INSURANCE EXAM ACTUAL 2025/2026 LATEST UPDATE

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KENTUCKY LIFE INSURANCE EXAM ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS Elements of a Contract - Answer -Competent parties, legal purpose, offer and acceptance, consideration Waiver - Answer -Voluntary giving up of a known right or privilege, can be express or implied Estoppel - Answer -A person is prohibited by virtue of his own past actions from claiming a right that would work to the detriment of another who relied on the past conduct Aleatory Contract - Answer -a contract where the values exchanged may not be equal but depend on an uncertain event Contracts of Adhesion - Answer -One-sided in regards to preparation (prepared by the insurer) Contract of Utmost Good Faith - Answer -Both parties bargain in good faith when forming and entering into the contract. The two parties rely upon the statements and promises of the other and assume no attempt to conceal or deceive has been made. Executory Contract - Answer -A contract that has not yet been fully performed. Mortality Rate - Answer -Determined by dividing the average number of people who Need assistance on Online classes, Exams & Assignments? Reach out for instant help!! Full Course Assistance, Plagiarism-free Essay Writing, Research Paper, Dissertation, Discussion Posts, etc…. Confidential & Secure services. Tutors are available for all subjects! Email now at: tutorjean01@gmail.com will die each year at each age by the entire population of people that age (1980 CSO table) Functions of Life Insurance - Answer -Create an immediate estate, requires no management or physical upkeep, paid in installments, can be used as collateral Final Expenses - Answer -Medical and funeral expenses, outstanding debts Total Needs Approach - Answer -Totaling the amount required to pay for current and future expenses Living Benefits of Life Insurance - Answer -Loan value (can be used as collateral,) retirement benefits Human Life Value - Answer -The monetary value of an individual's life Tax Advantages of Life Insurance - Answer -Cash value earnings accumulate tax free, proceeds at death pass income tax free 4 Types of Life Insurance - Answer -Permanent, Term, Industrial, Group Permanent Life Insurance - Answer -Accumulates cash value, insurance protection decreases as cash value increases Term Life Insurance - Answer -Accumulates no cash value, only provides death benefits Whole Life Insurance - Answer -A permanent policy for which you pay a specified premium each year for the rest of your life, cash value accumulates, endows at age 100 Need assistance on Online classes, Exams & Assignments? Reach out for instant help!! Full Course Assistance, Plagiarism-free Essay Writing, Research Paper, Dissertation, Discussion Posts, etc…. Confidential & Secure services. Tutors are available for all subjects! Email now at: tutorjean01@gmail.com