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Life and Health Insurance Producer Exam

Medicare supplement (KY): practice questions

Our Life & Health Insurance bank has 4 questions on this topic. Here are 3 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Kentucky

How long does a Kentucky Medicare supplement buyer have to return the policy for a premium refund?

  1. 15 days from application
  2. 30 days from delivery
  3. 60 days from issue
  4. 10 days from delivery
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B. 30 days from delivery — KRS 304.14-550; 806 KAR 17:570, Section 19(1)(e).

Question 2 · Kentucky

What limits apply to commissions on a Kentucky Medicare supplement sale?

  1. No commission may be paid at all; only a flat application fee charged to the buyer
  2. First-year pay no more than 200% of second-year pay; renewals the same as year 2 for at least 5 years
  3. First-year pay capped at 50% of the premium; no renewal commissions may be paid after the third policy year
  4. First-year pay no more than 300% of renewal pay, with renewals for at least 2 years
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B. First-year pay no more than 200% of second-year pay; renewals the same as year 2 for at least 5 years — 806 KAR 17:570, Section 18(1)-(2).

Question 3 · Kentucky

A Kentucky Medicare supplement policyholder wants to move to another insurer without medical underwriting. Which option does KRS 304.14-525 give?

  1. There is no such right once the six-month Medicare supplement open enrollment period has ended
  2. Apply to any insurer during the first week of each year for any plan it offers
  3. Apply to a different insurer within 60 days of the applicant's birthday for the same plan
  4. Apply to the same insurer within 30 days of any premium increase for a richer plan
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C. Apply to a different insurer within 60 days of the applicant's birthday for the same plan — KRS 304.14-525(2)(c).

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