Unit 22 Test (High Priority)

The total amount repayable under the contract of indebtedness.

The initial amount of credit life insurance may NOT exceed ________. (The total amount repayable under the contract of indebtedness // The insured's annual salary // The total life insurance already in place on the insured's life // An amount to be determined by the Commissioner on a case-by-case basis)

15.

If a fraternal benefit society provides benefits on the lives of children, the age requirement for adult membership may not be less than age _______. (15 // 18 // 25 // 65)

$300,000

The maximum amount that the Kentucky Life and Health Insurance Guaranty Association will cover with respect to any one life is ________. ($100,000 // $300,000 // $500,000 // $1 million)

150% of the rate permissible for a single life.

When a husband and wife are insured jointly under a credit life insurance policy, the premium may NOT exceed __________. (75% of the rate permissible for a single life // 100% of the rate permissible for a single life // 150% of the rate permissible for a single life // 200% of the rate permissible for a single life)

All of the above.

Which of the following is excluded from coverage by the Kentucky Life and Health Insurance Guaranty Association? (An portion of a policy not guaranteed by the insurer // A claim based on marketing materials // A claim based on misrepresentations regarding policy benefits // All of the above)