Unit 22: Life and Health Insurance Candidates

Question 1

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(KY Life & Health Ins Guaranty Assoc)

What is the purpose of this subtitle?

Answer 1

to protect against failure in the performance of contractual obligations due to the impairment or insolvency of the insurer issuing such policies/contracts.

Question 2

What is the KY Life & Health Ins Guaranty Assoc?

Answer 2

a nonprofit, legal entity
Member insurers will be and remain members of the assoc as a condition of their authority to transact insurance in this state (KY)

Question 3

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What are the limitations on Association’s obligations?

Answer 3

obligated to cover the lesser of the contractual obligations for which the insurer is liable (or would have been liable if it were not an impaired or insolvent insurer)

OR (next card)

Question 4

What are the limitations on Association’s obligations for any ONE life?

Answer 4

• $300K in life insur death benefits but nore more than $100K net cash surrender/cash withdrawal values for life insur
• $100K in health insur benefits, including any net cash surrender and net cash withdrawl values
• $250K in present value of annuity benefits

Question 5

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Unit 22 test
Nothing hightlighted, Handwritten note says need to know answers to ALL questions