THE KSKJ LIFE INSURANCE TEST Multiple Choice 1. The main two products that KSKJ sells are:A. Life Insurance and Mortgage Insurance B. Life Insurance and AnnuitiesC. Life insurance and CD’s D. Life Insurance and Fraternal Benefits 2. The two kinds of life Insurance that KSKJ sells are:A. Term Life and Universal Life B. Group Life and Whole LifeC. Universal Life and Whole Life D. Term Life and Whole Life 3. Which of the following is not an example of KSKJ Whole Life:A. Accidental Death and Dismemberment B. Single PremiumC. 10- Payment Life D. 20-Payment Life E. Whole Life 4. Which KSKJ Life insurance product would most likely give the best protection for a young couple with a family for the least amount of cost:A. 10-Payment Life B. Single Premium Whole LifeC. Whole Life D. Term Life 5. Which KSKJ Life insurance product is designed for grandparents to purchase for newborns?A. 20-Payment Life B Whole Life C. Term LifeD 10-Payment Life D. Single Premium 6. Which KSKJ Life insurance product is designed for parents to purchase for newborns?A. 20-Payment Life B Whole Life C. Term LifeD 10-Payment Life D. Single Premium 7. Which KSKJ Life insurance product would be excellent for leaving a sum of money to a church, charity, or an organization you’re a member of that would pay out on death a lot more than you paid and you would not have to worry about premium payments?A. 20-Payment Life B Whole Life C. Term LifeD 10-Payment Life D. Single Premium 8. In the comparison of buying a house or renting which KSKJ Life insurance product would fall under renting?A. 20-Payment Life B Whole Life C. Term LifeD 10-Payment Life D. Single Premium 9. At what age does the KSKJ Life Insurance product Whole Life pay out the death benefit even though you may still be alive?A. 65 B. 70 C. 99 D. 120 10. For a 30 year old which of the following KSKJ Life insurance policies annual premium for a $100,000 of life insurance would be the least?A. 20-Payment Life B Whole Life C. Term LifeD 10-Payment Life 11. Of the following KSKJ Life insurance products which one will not have a cash value after 30 years?A. 20-Payment Life B Whole Life C. Term LifeD 10-Payment Life D. Single Premium 12. Of the following KSKJ Life insurance products which one will have an instant cash value of about 85% of the premium that you paid?A. 20-Payment Life B Whole Life C. Term LifeD 10-Payment Life D. Single Premium 13. Which of the following KSKJ Life insurance products is set up so you are through paying a premium after 20 years?A. 20-Payment Life B Whole Life C. Term LifeD 10-Payment Life E. Single Premium 14. Which of the following is not a benefit of the KSKJ Student Term policy?A. At age 25, the policy may be converted for up to $50,000 of Whole Life insurance, regardless of insured’s health or occupationB. For $35 a year the insured is insured for $10,000 C. The insured qualifies for full fraternal member benefits.D. The insured cannot apply for a KSKJ scholarship. 15. Which is not an example of Whole Life Insurance?A. You must pay taxes on the death benefit:B. Level premiums C. Accumulation of cash value D. A good choice for long range goals 16. If you have an Individual Retirement Account with KSKJ or another company and you are 70.5 years old which statement is not true?A. You can make a tax free distribution directly to a charitable organization in amounts up to $100,000.B. You can make a contribution to a tax-exempt organization such as your church or the KSKJ Scholarship Fund without your IRA distribution being taxed to you as ordinary income.C. This is an easy way to satisfy your required minimum distribution from your IRA at 70.5 years old.D. You can withdraw money from your Traditional IRA and Roth IRA and not have money taxable after age 70.5. 17. A young man with a wife and children dies in an automobile accident with $500,000 of KSKJ term life insurance. Which statement is wrong?A. The Life Insurance can allow his wife time off from her career so she can be a full time mom.B. The Life Insurance can put some money into a college fund for his children.C. The Life Insurance can pay off the mortgage, car payments, credit cards, and pay for the funeral costs.D The Life Insurance can bring back his wife’s husband. 18. Which statement is true?A Life insurance companies sell annuities and are not bank products. and are not insured by the FDIC.B. Banks and credit unions sell CD along with annuities and are insured by the FDIC.C. CD’s are not taxable each and every year unless the CD is in a tax qualified IRA.D. CD’s do not carry a loss-of-interest penalty if redeemed early. 19. Which statement is not true?A. Annuities are backed by the assets of the insurance company and its underlying investment holdings.B. There has not been a loss of any annuity issued of either principal or interest, nor has any payment ever been missed, even when an insurer defaulted, no matter what the amount invested be $1,000 or $1,000,000. C. CD’s generally give you a higher rate of return than annuities.D. Annuities are invested in longer term instruments, which generally give higher returns. 20. In the passing of an annuity or CD to heirs which is true?A. Most likely a CD will pass directly to the heirs outside of Probate.B Annuities pass between the beneficiary and the company.C. Annuities have to go through Probate Court.D. CD’s will not be prone to delays and potential public disclosure. 21. Which statement is not true?A. KSKJ has average fixed annuity rates on the market today.B. KSKJ offers two year, five year, seven year, and immediate annuities.C. KSKJ rates exceed bank CD rates and grow tax deferred.D. If you are young buying an annuity is not a good way to save for buying a new car. 22. Which statement is true?A. Buying a KSKJ annuity is a great way to save for a house.B. Buying a KSKJ annuity is a great way to save for retirement.C. Buying a KSKJ annuity is a great way to save for a new car.D. Buying a KSKJ annuity later in life is smarter than buying one when your young and adding to it each year. 23. Purchasing a KSKJ Life Single Premium Immediate Annuity has some of the following options except?A. Interest only for 10 years , then KSKJ keeps your principalB. Fixed period 10 years and over, if you die before the 10 years are up your beneficiaries get the money. C. Period Certain and Life Contingency, you receive money for a certain number of years that you select no matter what and if you’re still alive you continue to receive money.D. Income for Life, once you pass away that is the end of the money. 24. Which $200,000 single premium immediate annuity would most likely give a 65 year old female the highest pay out per month.A. Full Cash RefundB. 20 year CertainC. Interest onlyD. Life only 25. KSKJ Life Insurance company is a fraternal life insurance company. Which of the following statements is not true? . A. Buying a KSKJ life insurance policy or an annuity makes you a member of KSKJ and at the age of 18 you can hold office, vote for officers in your lodge and be a representative to the KSKJ convention held every four years.B. KSKJ offers a lot of fraternal activities to its membership. Over the years KSKJ has changed to meet the wants and needs of the membership. A KSKJ member is one who has a competitively priced life insurance certificate or annuity certificate offering a high current rate of interest. If KSKJ members who participate in KSKJ activities would figure in the cost of these activities into their life or annuity certificate premiums they would find that no bank or other life insurance companies (other fraternal life insurance companies excluded) rates would compare to KSKJ’s). C. No Refunds on profits come back to membership through dividends on life insurance certificates.D. KSKJ is a non profit company so that a portion of the money KSKJ makes comes back to its members. through fraternal activities.. The money is distributed through the lodges and Home Office KSKJ membership benefits include special benefits for newborns, bowling tournaments, basketball tournament, scholarships, newspaper, picnics, religious celebrations, photo contest, cultural grants, sporting activities, Christmas party, lodge dinner for all lodge members including family, matching fund charitable event, and numerable events that are put on to promotes KSKJ.
