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Kentuckyi,-Lifei,-Insurancei,-Statei,-Exami,-Practicei,-
Questionsi,-withi,-Verifiedi,-Answersi,-|i,- 100 %i,-
Correcti,-|Latesti,- 2 025/2026i,-Update.
Howi,-arei,-Rothi,-IRAi,-distributionsi,-normallyi,-taxed?i,-i,- i,-Distributionsi,-
arei,-receivedi,-tax-free
Howi,-cani,-ani,-insurancei,-companyi,-minimizei,-exposurei,-toi,-loss?i,-i,- i,-
Reinsurance
Alli,-ofi,-thei,-followingi,-statementsi,-abouti,-traditionali,-individuali,-
retirementi,-accountsi,-arei,-falsei,-EXCEPTi,-i,- i,-10%i,-penaltyi,-isi,-appliedi,-
toi,-withdrawalsi,-beforei,-agei,- 59 i,-1/
Alli,-ofi,-thesei,-statementsi,-concerningi,-universali,-lifei,-insurancei,-arei,-
falsei,-EXCEPTi,-i,- i,-Policyi,-indicatesi,-howi,-muchi,-ofi,-thei,-premiumi,-isi,-
usedi,-towardi,-companyi,-expenses
Ai,- 55 i,-yeari,-oldi,-recentlyi,-receivedi,-ai,-$30,000i,-distributioni,-fromi,-ai,-
previousi,-employer'si,-401ki,-plan,i,-minusi,-$10,000i,-withholding.i,-
Whichi,-federali,-taxesi,-applyi,-ifi,-nonei,-ofi,-thei,-fundsi,-werei,-rolledi,-over?i,-i,-
i,-Incomei,-taxesi,-plusi,-ai,-10%i,-penaltyi,-taxi,-oni,-$30,
Fori,-insurancei,-purposes,i,-similari,-objectsi,-whichi,-arei,-exposedi,-toi,-thei,-
samei,-perilsi,-arei,-referredi,-toi,-asi,-i,- i,-Homogeneousi,-exposurei,-units
Ini,-ani,-individuali,-retirementi,-accounti,-(IRA),i,-rolloveri,-contributionsi,-
arei,-i,- i,-Noti,-limitedi,-byi,-dollari,-amount
Whati,-isi,-thei,-maximumi,-numberi,-ofi,-employeesi,-(earningi,-ati,-leasti,-
$5,000)i,-thati,-ani,-employeri,-cani,-havei,-ini,-orderi,-toi,-starti,-ai,-SIMPLEi,-
retirementi,-plan?i,-i,- i,- 100
Whichi,-statementi,-concerningi,-ai,-decreasingi,-termi,-lifei,-policyi,-isi,-
accurate?i,-i,- i,-Facei,-amounti,-decreasesi,-overi,-time
Alli,-ofi,-thesei,-arei,-consideredi,-featuresi,-ofi,-wholei,-lifei,-insurancei,-
EXCEPTi,-i,- i,-Initiali,-premiumi,-isi,-loweri,-thani,-fori,-ani,-equivalenti,-
amounti,-ofi,-termi,-insurance
Ani,-employeri,-thati,-offersi,-ai,-qualifiedi,-retirementi,-plani,-toi,-itsi,-
employeesi,-isi,-eligiblei,-toi,-i,- i,-Makei,-tax-deductiblei,-contributionsi,-toi,-
thei,-plan
Thei,-insurancei,-coveragei,-ini,-ai,-variablei,-lifei,-insurancei,-policyi,-mayi,-
fluctuatei,-basedi,-oni,-thei,-valuei,-ofi,-i,- i,-Itsi,-underlyingi,-investments
Ati,-whati,-pointi,-arei,-deathi,-proceedsi,-paidi,-ini,-ai,-jointi,-lifei,-policy?i,-i,- i,-
Wheni,-thei,-firsti,-insuredi,-dies
Whati,-isi,-consideredi,-ai,-validi,-reasoni,-fori,-smalli,-businessesi,-toi,-insurei,-
thei,-livesi,-ofi,-itsi,-majori,-shareholders?i,-i,- i,-Fundi,-ai,-buy-selli,-agreement
Whichi,-actioni,-willi,-triggeri,-ai,-penaltyi,-taxi,-oni,-prematurei,-distributionsi,-
fromi,-ai,-modifiedi,-endowmenti,-contracti,-(MEC)?i,-i,- i,-Policyi,-loans
Dividendsi,-fromi,-ai,-mutuali,-insurancei,-companyi,-arei,-paidi,-toi,-whom?i,-i,-
i,-Policyowners
Traditionali,-individuali,-retirementi,-annuityi,-(IRA)i,-distributionsi,-musti,-
starti,-byi,-i,- i,-Aprili,-1sti,-ofi,-thei,-yeari,-followingi,-thei,-yeari,-thei,-
participanti,-attainsi,-agei,- 70 i,-1/
Wheni,-doesi,-ani,-insuredi,-stopi,-makingi,-paymentsi,-underi,-ai,-thirty-
paymenti,-wholei,-lifei,-policy?i,-i,- i,-Wheni,-thei,-insuredi,-diesi,-ori,- 30 i,-yearsi,-
fromi,-thei,-policy'si,-inception,i,-whicheveri,-comesi,-first
Whati,-doesi,-ai,-fixedi,-lifei,-annuityi,-offeri,-protectioni,-against?i,-i,- i,-
Savingsi,-depletioni,-becausei,-ofi,-longevity
Wheni,-doesi,-interesti,-incomei,-ini,-ai,-deferredi,-annuityi,-geti,-reportedi,-fori,-
federali,-incomei,-taxes?i,-i,- i,-Wheni,-thei,-distributionsi,-arei,-received
Whichi,-statementi,-regardingi,-thei,-cashi,-valuei,-ofi,-ai,-wholei,-lifei,-
insurancei,-policyi,-isi,-correct?i,-i,- i,-Payablei,-toi,-thei,-policyi,-owneri,-wheni,-
policyi,-hasi,-beeni,-surrendered
Thei,-followingi,-arei,-alli,-elementsi,-ofi,-ai,-legali,-contracti,-EXCEPTi,-i,- i,-
Recordedi,-evidence
Ani,-insurancei,-policyi,-thati,-cani,-alsoi,-bei,-classifiedi,-asi,-ai,-securitiesi,-
producti,-isi,-calledi,-i,- i,-Variablei,-life
Whichi,-ofi,-thesei,-doi,-NOTi,-indicatei,-thei,-presencei,-ofi,-insurablei,-interesti,-
ini,-ai,-lifei,-insurancei,-contract?i,-i,- i,-Lifelongi,-friendship
Thei,-owneri,-ofi,-ai,-singlei,-premiumi,-deferredi,-annuityi,-isi,-entitledi,-toi,-doi,-
alli,-ofi,-thesei,-EXCEPTi,-i,- i,-Makei,-multiplei,-premiumi,-payments
andi,-thei,-policyi,-alsoi,-containsi,-ani,-outstandingi,-policyi,-loan?i,-i,- i,-Facei,-
amounti,-minusi,-thei,-loani,-balancei,-andi,-past-duei,-premium
Ani,-owner'si,-costi,-basisi,-fori,-ai,-deferredi,-annuityi,-isi,-typicallyi,-thei,-samei,-
asi,-thei,-i,- i,-Premiumsi,-paidi,-intoi,-thei,-annuity
Whichi,-lifei,-insurancei,-settlementi,-optioni,-paysi,-lifetimei,-benefitsi,-toi,-
twoi,-ori,-morei,-people?i,-i,- i,-Jointi,-andi,-survivor
Whichi,-statementi,-concerningi,-ai,-deferredi,-annuityi,-isi,-correct?i,-i,- i,-
Thei,-owneri,-cani,-bei,-thei,-beneficiary,i,-annuitant,i,-ori,-neither
Basedi,-oni,-agei,-criteriai,-only,i,-whichi,-ofi,-thei,-co-annuitantsi,-listedi,-
belowi,-wouldi,-receivei,-thei,-largesti,-monthlyi,-benefiti,-paymentsi,-ini,-ai,-
jointi,-andi,-survivori,-annuity?i,-i,- i,-Agesi,- 71 i,-andi,- 73
Takingi,-ai,-sumi,-ofi,-moneyi,-andi,-decreasingi,-iti,-ini,-sizei,-wouldi,-fiti,-thei,-
descriptioni,-ofi,-i,- i,-Capitali,-liquidation
Underi,-whichi,-circumstancei,-isi,-thei,-interesti,-ratei,-guaranteedi,-withini,-ai,-
marketi,-valuei,-adjustedi,-annuity?i,-i,- i,-Wheni,-thei,-contracti,-hasi,-beeni,-
ini,-forcei,-fori,-ai,-statedi,-timei,-period
Ai,-terminallyi,-illi,-policyowneri,-decidesi,-toi,-selli,-hisi,-lifei,-insurancei,-policyi,-
toi,-helpi,-supporti,-hisi,-family.i,-Thisi,-salei,-isi,-calledi,-a(n)i,-i,- i,-Viaticali,-
settlement
Ani,-annuityi,-whichi,-startsi,-payingi,-benefitsi,-withini,-ai,-monthi,-afteri,-
issuancei,-isi,-calledi,-a(n)i,-i,- i,-Immediatei,-annuity
Whati,-wouldi,-bei,-ai,-validi,-reasoni,-fori,-namingi,-ai,-trusti,-asi,-thei,-
beneficiaryi,-ofi,-ai,-lifei,-insurancei,-policyi,-asi,-opposedi,-toi,-namingi,-ani,-
individual?i,-i,- i,-Managementi,-ofi,-proceedsi,-wouldi,-bei,-provided
Whati,-happensi,-toi,-thei,-purchasingi,-poweri,-ofi,-benefiti,-paymentsi,-fromi,-
ai,-fixedi,-lifei,-annuityi,-wheni,-thei,-costi,-ofi,-livingi,-goesi,-up?i,-i,- i,-Decreases
Whichi,-statementi,-regardingi,-ai,-fixedi,-periodi,-settlementi,-optioni,-isi,-
correct?i,-i,- i,-Thei,-installmenti,-paymenti,-amounti,-isi,-determinedi,-byi,-
thei,-totali,-numberi,-ofi,-installments
Wheni,-ani,-annuityi,-contracti,-hasi,-beeni,-surrendered,i,-howi,-willi,-thei,-
surrenderi,-chargesi,-affecti,-thei,-finali,-contracti,-settlement?i,-i,- i,-
Settlementi,-willi,-bei,-reduced
Thei,-beneficiaryi,-ofi,-ai,-lifei,-insurancei,-policyi,-isi,-normallyi,-choseni,-byi,-
whom?i,-i,- i,-Policyowner
Ini,-thei,-eventi,-ofi,-premiumi,-default,i,-whichi,-lifei,-insurancei,-provisioni,-
willi,-utilizei,-thei,-cashi,-valuei,-toi,-keepi,-thei,-policyi,-ini,-force?i,-i,- i,-
Automatici,-premiumi,-loan
Whichi,-ofi,-thesei,-statementsi,-regardingi,-thei,-lifei,-insurancei,-premiumi,-
fori,-ai,-children'si,-termi,-rideri,-isi,-correct?i,-i,- i,-Leveli,-premiumi,-noi,-
matteri,-howi,-manyi,-children
Ai,-lifei,-insurancei,-policy'si,-waiveri,-ofi,-premiumi,-rideri,-hasi,-thei,-abilityi,-toi,-i,-
i,-Waivei,-thei,-premiumi,-paymentsi,-ini,-thei,-eventi,-thei,-insuredi,-
becomesi,-totallyi,-disabled
Howi,-longi,-cani,-ani,-insureri,-normallyi,-postponei,-payingi,-thei,-cashi,-
valuei,-ofi,-ai,-surrenderedi,-lifei,-insurancei,-policy?i,-i,- i,- 6 i,-months
Whati,-happensi,-toi,-thei,-deathi,-benefiti,-ofi,-ai,-lifei,-insurancei,-policyi,-ifi,-thei,-
insuredi,-acceptsi,-ai,-paymenti,-fromi,-thei,-acceleratedi,-(living)i,-benefiti,-
provision?i,-i,- i,-Reduced
Wheni,-thei,-extendedi,-termi,-lifei,-nonforfeiturei,-optioni,-isi,-chosen,i,-thei,-
coveragei,-willi,-bei,-i,- i,-Leveli,-termi,-fori,-ai,-statedi,-periodi,-ofi,-time
Whichi,-ofi,-thesei,-isi,-NOTi,-ai,-typicali,-lifei,-insurancei,-nonforfeiturei,-
option?i,-i,- i,-Lifei,-incomei,-settlementi,-option
Whati,-happensi,-wheni,-ai,-policyowneri,-borrowsi,-againsti,-thei,-cashi,-
valuei,-ofi,-hisi,-lifei,-insurancei,-policy?i,-i,- i,-Thei,-deathi,-benefiti,-wouldi,-bei,-
reducedi,-byi,-thei,-outstandingi,-loani,-balance
Whati,-benefiti,-isi,-normallyi,-availablei,-toi,-ai,-lifei,-insurancei,-policyowneri,-
whoi,-hasi,-contractedi,-ai,-terminali,-illness?i,-i,- i,-Acceleratedi,-(living)i,-
benefit
Whichi,-ofi,-thesei,-wouldi,-NOTi,-bei,-consideredi,-ai,-Federali,-punishmenti,-
fori,-unfairi,-andi,-deceptivei,-insurancei,-practices?i,-i,- i,-Communityi,-
service
Johni,-hasi,-ai,-criminali,-recordi,-ini,-whichi,-hei,-wasi,-convictedi,-ofi,-ai,-felonyi,-
thati,-involvedi,-dishonesty.i,-Underi,-Federali,-law,i,-howi,-wouldi,-Johni,-bei,-
ablei,-toi,-engagei,-ini,-insurancei,-transactions?i,-i,- i,-Giveni,-writteni,-
consenti,-byi,-thei,-statei,-insurancei,-regulatoryi,-agency
Ifi,-ai,-produceri,-misleadsi,-ori,-failsi,-toi,-adequatelyi,-disclosei,-thei,-titlei,-andi,-
truei,-naturei,-ofi,-ai,-policyi,-offeredi,-toi,-ai,-potentiali,-insured,i,-iti,-mayi,-bei,-
consideredi,-i,- i,-Misrepresentation
Falsei,-advertisingi,-ofi,-ani,-insurancei,-policyi,-isi,-consideredi,-i,- i,-
Misrepresentation
Ai,-Sectioni,- 303 i,-Redemptioni,-wouldi,-allowi,-thei,-corporationi,-toi,-doi,-
whichi,-ofi,-thei,-following?i,-i,- i,-Permiti,-thei,-salei,-ofi,-Corporatei,-stocki,-
necessaryi,-toi,-payi,-thei,-costsi,-associatedi,-withi,-Finali,-Expenses
Johni,-hasi,-beeni,-receivingi,-incomei,-fromi,-ani,-immediatei,-annuityi,-hei,-
purchasedi,-severali,-yearsi,-ago.i,-Uponi,-hisi,-death,i,-incomei,-paymentsi,-
continuei,-toi,-hisi,-widowi,-fori,-thei,-remainderi,-ofi,-heri,-life.i,-Johni,-
purchased?i,-i,- i,-Jointi,-Lifei,-andi,-Survivorshipi,-Annuity
Whichi,-ofi,-thei,-followingi,-isi,-truei,-abouti,-ani,-Insurer?i,-i,- i,-Paysi,-ori,-
deniesi,-claims
Ani,-insurancei,-policyi,-isi,-initiallyi,-ai,-twoi,-partyi,-contract.i,-Thei,-termi,-
Unilaterali,-permitsi,-thei,-enforcementi,-ofi,-thei,-policy'si,-termsi,-byi,-whichi,-
party?i,-i,- i,-Insured
Oni,-ani,-applicationi,-fori,-insurance,i,-alli,-statementsi,-are?i,-i,- i,-Noi,-
statementsi,-arei,-warrantees
Underi,-presenti,-OASDIi,-(oldi,-agei,-survivori,-andi,-disabilityi,-insurance)i,-
program,i,-PIAi,-represents?i,-i,- i,-Averagei,-earningsi,-overi,-thei,-numberi,-
ofi,-yearsi,-worked
Wheni,-ani,-insurancei,-companyi,-agreesi,-toi,-automaticallyi,-assumei,-ai,-
portioni,-ofi,-thei,-riski,-writteni,-byi,-anotheri,-insurancei,-company,i,-iti,-isi,-
knowni,-asi,-a(n)i,-i,- i,-Reinsurancei,-treaty
Mikei,-wantsi,-toi,-buyi,-ai,-lifei,-insurancei,-policyi,-thati,-willi,-coveri,-
prematurei,-deathi,-fori,-hisi,-entirei,-life.i,-Whati,-typei,-ofi,-lifei,-insurancei,-
policyi,-shouldi,-hei,-buy?i,-i,- i,-Wholei,-life
Ai,-Modifiedi,-Endowmenti,-Contracti,-isi,-createdi,-wheni,-i,- i,-Thei,-totali,-
premiumsi,-ini,-thei,-policy'si,-firsti,-seveni,-yearsi,-exceedsi,-thei,-neti,-
premiumsi,-ofi,-thei,-seven-payi,-policy
Ifi,-thei,-insuredi,-hasi,-ani,-outstandingi,-$5,000i,-loani,-oni,-ai,-$100,000i,-lifei,-
policyi,-ati,-thei,-timei,-ofi,-deathi,-i,- i,-Thei,-policyi,-willi,-payi,-$95,
Ai,-numberi,-ofi,-factorsi,-arei,-consideredi,-ini,-thei,-developmenti,-ofi,-lifei,-
insurancei,-rates.i,-Whichi,-ofi,-thei,-followingi,-isi,-NOTi,-classifiedi,-asi,-ani,-
"expense"i,-factori,-wheni,-developingi,-lifei,-insurancei,-rates?i,-i,- i,-Ai,-
reservei,-fori,-contingencies
Alli,-ofi,-thei,-followingi,-arei,-truei,-abouti,-termi,-lifei,-insurancei,-EXCEPTi,-i,- i,-
Termi,-insurancei,-isi,-onei,-ofi,-thei,-leasti,-expensivei,-formsi,-ofi,-protectioni,-
fori,-olderi,-individuals
Wheni,-insurancei,-cannoti,-bei,-procuredi,-fromi,-ani,-Authorizedi,-Insurer,i,-
whichi,-ofi,-thei,-followingi,-wouldi,-servei,-asi,-ani,-alternative?i,-i,- i,-Surplusi,-
lines
Alli,-ofi,-thei,-followingi,-arei,-truei,-abouti,-annuitiesi,-EXCEPT:i,-i,- i,-Theyi,-
havei,-alli,-thei,-samei,-characteristicsi,-asi,-lifei,-insurance
Whichi,-Annuityi,-isi,-basedi,-oni,-Unitsi,-ratheri,-thani,-specifici,-amounts?i,-i,-
i,-Variable
Ai,-contracti,-designedi,-toi,-providei,-thei,-owneri,-withi,-ai,-Guaranteedi,-
Monthlyi,-Incomei,-is:i,-i,- i,-Flexiblei,-Premiumi,-Annuity
Ani,-employeei,-quitsi,-heri,-jobi,-wherei,-shei,-hasi,-ai,-balancei,-ofi,-$10,000i,-ini,-
qualifiedi,-plan.i,-Ifi,-shei,-decidesi,-toi,-rolloveri,-heri,-plani,-toi,-ai,-Traditionali,-
IRA,i,-howi,-muchi,-willi,-shei,-receivei,-fromi,-thei,-plani,-administrator,i,-andi,-
howi,-longi,-doesi,-shei,-havei,-toi,-completei,-thei,-tax-freei,-rollover?i,-i,- i,-
$8,000;i,- 60 i,-days
Underi,-ai,- 1035 i,-Exchangei,-andi,-subsequenti,-surrenderi,-ofi,-ani,-annuityi,-
contract,i,-thei,-taxi,-consequencei,-wouldi,-bei,-whichi,-ofi,-thei,-following?i,-i,-
i,-Onlyi,-thei,-gainsi,-arei,-subjecti,-toi,-taxi,-ati,-ordinaryi,-rates
