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Life and Health Insurance Producer Exam

Replacement (KS): practice questions

Our Life & Health Insurance bank has 3 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 · Kansas

Under K.A.R. 40-2-12, a replacement is involved. Within what time must the replacing insurer notify the insurer whose policy is being replaced?

  1. Before the free-look period ends
  2. Within three working days
  3. Within 10 calendar days
  4. Within 30 days after issue
Show the answer

B. Within three working days — K.A.R. 40-2-12(f)(3).

Question 2 · Kansas

Which transaction is exempt from the Kansas life replacement regulation?

  1. Replacing a nonconvertible, nonrenewable term policy with five years or less to expire
  2. Surrendering an annuity to buy a new deferred annuity from another company
  3. Replacing a whole life policy with a universal life policy from a different insurer
  4. Taking a large loan against a whole life policy to fund a new life policy
Show the answer

A. Replacing a nonconvertible, nonrenewable term policy with five years or less to expire — K.A.R. 40-2-12(b)(3).

Question 3 · Kansas

A replacing insurer wants to issue its policy immediately instead of waiting 20 days after notifying the existing insurer. What must the policy or a separate notice provide?

  1. A right to an unconditional refund of all premiums within 20 days after delivery
  2. A guarantee that the new premium will not exceed the replaced premium
  3. A promise that the agent will refund any commission if the client is unhappy
  4. A signed waiver from the applicant giving up any right to compare the two policies side by side
Show the answer

A. A right to an unconditional refund of all premiums within 20 days after delivery — K.A.R. 40-2-12(f)(4).

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