semplr.

Exams · Certifications · Licensing

Life and Health Insurance Producer Exam

Replacement (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.

Start the free mock exam

Question 1 · Kentucky

How soon must a replacing insurer notify the existing insurer of a proposed life or annuity replacement?

  1. Within 48 hours, by telephone, before the replacing insurer begins underwriting
  2. Within 30 calendar days after the new policy is delivered
  3. Only after the free-look period on the new policy has ended
  4. Within 5 business days of receiving the completed application
Show the answer

D. Within 5 business days of receiving the completed application — 806 KAR 12:080, Section 5(1)(b).

Question 2 · Kentucky

Values taken from an existing policy pay premiums on a new policy from the same company. Within what window is this prima facie evidence of a financed purchase?

  1. 30 days before through 6 months after the date the application for the new policy was signed
  2. 1 year before through 2 years after the old policy's last anniversary
  3. 4 months before through 13 months after the new policy's effective date
  4. Only on the day the new policy is delivered and the first premium paid
Show the answer

C. 4 months before through 13 months after the new policy's effective date — KRS 304.12-030(1)(e).

Question 3 · Kentucky

The applicant says existing coverage will be replaced. What must the agent do with the replacement notice (Form A)?

  1. Present and read it no later than taking the application; both sign it and a copy is left with the applicant
  2. Give it to the applicant only if the applicant asks; reading it aloud is not allowed
  3. Send it only to the existing insurer, since the applicant does not need to see it
  4. Mail it to the applicant after the policy is issued, and keep the applicant's signed copy of it on file for one full year
Show the answer

A. Present and read it no later than taking the application; both sign it and a copy is left with the applicant — 806 KAR 12:080, Section 3(2).

More Life & Health Insurance topics