nevada life insurance Questions And Answers
During replacement of life insurance, a replacing insurer must do which of the following?
A Send a copy of the Notice Regarding Replacement to the Department of Insurance
B Obtain a list of all life insurance policies that will be replaced
C Guarantee a replacement for each existing policy
D Designate a new producer for a replaced policy - B
Which of the following documents must be provided to the policyowner or applicant during policy replacement?
A Buyer's Guide and Policy Summary
B Policy illustrations
C Notice Regarding Replacement
D Disclosure Authorization Form - C
Which of the following terms is used to describe a person, other than a viator, that enters into or effectuates a viatical settlement contract?
A Viatical settlement purchaser
B Viatical settlement broker
C Viatical settlement effectuator
D Viatical settlement provider - D
Within how many months must a person be expected to die from a sickness in order to be classified as terminally ill?
A 3
B 6
C 12
D 24 - D
For how long must agents retain copies of notices and sales proposals for life insurance
applications?
A 1 year B 5 years
C 10 years
D 3 years - D
What is the purpose of a disclosure statement in life insurance policies?
A To protect agents and insurers against lawsuits
B To explain features and benefits of a proposed policy to the consumer
C To obtain important underwriting information from the applicant
D To help consumers compare policy prices - B
Which of the following statements would best describe the difference between viatical settlements and accelerated death benefits?
A Viaticals require higher premiums.
B Viaticals use mortality tables; accelerated death benefits are determined by morbidity.
C Viaticals are funded by a third party; accelerated death benefits are provided by the insurer that issued the original policy.
D Viaticals are used to fund retirement; accelerated death benefits fund medical expenses. - C
Which of the following means having an illness or sickness that can reasonably be expected to result in death in 24 months or less?
A Chronic illness
B Fatal illness
C Malignant illness
D Terminal illness - D
Which of the following insurers must be nonprofit and sell insurance only to its members?
A Reciprocal
B Fraternal
C Service
D Mutual - B
When a viator sells a life insurance policy,
A Collateral assignment is given to the insurance company.
B Absolute assignment is given to the viatical settlement company.
C Collateral assignment is given to the viatical settlement company.
D Absolute assignment is given to the insurance company. - B
Who is a person, other than a viator, that enters into a viatical settlement contract?
A Provider
B Purchaser
C Effectuator
D Broker - A
During replacement of life insurance, a replacing insurer must do which of the following?
A Send a copy of the Notice Regarding Replacement to the Department of Insurance
B Obtain a list of all life insurance policies that will be replaced
C Guarantee a replacement for each existing policy
D Designate a new producer for a replaced policy - B
Which of the following documents must be provided to the policyowner or applicant during policy replacement?
A Buyer's Guide and Policy Summary
B Policy illustrations
C Notice Regarding Replacement
D Disclosure Authorization Form - C
Which of the following terms is used to describe a person, other than a viator, that enters into or effectuates a viatical settlement contract?
A Viatical settlement purchaser
B Viatical settlement broker
C Viatical settlement effectuator
D Viatical settlement provider - D
Within how many months must a person be expected to die from a sickness in order to be classified as terminally ill?
A 3
B 6
C 12
D 24 - D
For how long must agents retain copies of notices and sales proposals for life insurance
applications?
A 1 year B 5 years
C 10 years
D 3 years - D
What is the purpose of a disclosure statement in life insurance policies?
A To protect agents and insurers against lawsuits
B To explain features and benefits of a proposed policy to the consumer
C To obtain important underwriting information from the applicant
D To help consumers compare policy prices - B
Which of the following statements would best describe the difference between viatical settlements and accelerated death benefits?
A Viaticals require higher premiums.
B Viaticals use mortality tables; accelerated death benefits are determined by morbidity.
C Viaticals are funded by a third party; accelerated death benefits are provided by the insurer that issued the original policy.
D Viaticals are used to fund retirement; accelerated death benefits fund medical expenses. - C
Which of the following means having an illness or sickness that can reasonably be expected to result in death in 24 months or less?
A Chronic illness
B Fatal illness
C Malignant illness
D Terminal illness - D
Which of the following insurers must be nonprofit and sell insurance only to its members?
A Reciprocal
B Fraternal
C Service
D Mutual - B
When a viator sells a life insurance policy,
A Collateral assignment is given to the insurance company.
B Absolute assignment is given to the viatical settlement company.
C Collateral assignment is given to the viatical settlement company.
D Absolute assignment is given to the insurance company. - B
Who is a person, other than a viator, that enters into a viatical settlement contract?
A Provider
B Purchaser
C Effectuator
D Broker - A
