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Nevada Life and Health License Exam Prep Questions With Complete Solutions(Guaranteed Success)Already Passed!!!
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Nevada Life and Health License Exam Prep Questions With Complete Solutions(Guaranteed Success)Already Passed!!! What are the four required elements of an insurance contract? - correct answer...Agreement, consideration, competent parties, and legal purpose. What two parts make up a life insu...

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  • August 9, 2024
  • 24
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • nevada life and health license exam prep questions

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  • Course Nevada Life Insurance
  • Course Nevada Life Insurance

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Nevada Life and Health License Exam
Prep Questions With Complete
Solutions(Guaranteed Success)Already
Passed!!!
What are the four required elements of an insurance contract? - correct
answer...✔✔Agreement, consideration, competent parties, and legal purpose.

What two parts make up a life insurance application? - correct answer...✔✔General
Information and the Medical Information. An agent's report can go in a life insurance
application but is not included in the life insurance policy.

When must insurable interest exist in life insurance? - correct answer...✔✔At the time
of application.

When does coverage begin, if the premium was submitted with the application, and the
policy was issued two weeks later? - correct answer...✔✔At the time of the application.

If an agent makes a mistake on the application and then corrects it, who must initial that
change? - correct answer...✔✔The applicant.

Insurers may change what on a guaranteed renewable health insurance polity? - correct
answer...✔✔The rates by class.

At what age may an individual make withdrawals from an HSA for nonhealth purposes
without being penalized? - correct answer...✔✔At age 65.

Which provision states how much time must pass between two like illnesses in order for
the second one to be covered under a new set of benefits? - correct answer...✔✔
Recurrent Disability Provision

In forming an insurance contract, when does acceptance occur? - correct answer...✔✔
When an insurer's underwriter approves coverage

What is an important feature of a dental expense insurance plan that is not found in a
medical expense insurance plan? - correct answer...✔✔Diagnostic and preventive care

What best describes the "first-dollar coverage" principle in basic medical insurance? -
correct answer...✔✔The insured is not required to pay a deductible



AGRADESOLUTIONS

,Occasional visits by what medical professionals will not be covered under Long-Term
Care's home health care? - correct answer...✔✔Attending physicians

Can an individual who belongs to a POS plan use an out-of-network physician? - correct
answer...✔✔Yes, they can use any physician even if not part of the HMO

What is the advantage of reinstating a policy instead of applying for a new one? -
correct answer...✔✔The original age is used for premium determination

What would basic medical expense coverage not cover? - correct answer...✔✔
Surgeon's services

What is not provided by an HMO? - correct answer...✔✔Reimbursement

What insurance arrangements will be appropriate for a parent buying a life insurance
policy on a child where the parent is the policyowner? - correct answer...✔✔Third-party
ownership

What is not true about dividends? - correct answer...✔✔Dividend amounts are
guaranteed in the policy

What is not true about Accidental Death and Dismemberment? - correct answer...✔✔
Death benefits are paid only if death occurs within 24 hours of an accident

When would a 20-pay whole life policy endow? - correct answer...✔✔When the insured
reaches age 100

What section of a health policy that states the causes of eligible loss under which an
insurance is assumed to be disabled? - correct answer...✔✔Insuring Clause

The insurance clause of a disability policy usually states what except? - correct
answer...✔✔The method of premium payment

What best describes annually renewable term insurance? - correct answer...✔✔It is
level term insurance

What best describes an annuity period? - correct answer...✔✔Period of time during
which accumulated money is converted into income payments

What is an eligibility requirement for all Social Security Disability Income benefits? -
correct answer...✔✔Have attained fully insured status

What protects the insured from unintentional policy lapse due to a nonpayment of
premium? - correct answer...✔✔Automatic premium loan



AGRADESOLUTIONS

, What is the maximum amount that the Nevada Life & Health Insurance Guaranty
Association be obligated to pay with respect to life insurance death benefits for one life?
- correct answer...✔✔$300,000

What is the penalty for transacting insurance without a proper license? - correct
answer...✔✔$1,000 for each violation

What type of misrepresentation persuades an insured to cancel, lapse, or switch
policies from one to another? - correct answer...✔✔Twisting

The patient protection and affordable care act includes what except? - correct answer...
✔✔Individual tax deduction for premiums paid

What entity determines if an advertisement is deceptive of confusing? - correct
answer...✔✔The Commissioner

How many days does a nonresident procedure have to file a change of address when
the agent moves to Nevada from another state? - correct answer...✔✔30 days

What is not considered a misrepresentation? - correct answer...✔✔Making
comparisons between different policies

A producer who has allowed their license to lapse may reinstate the license without
retaking the examination within what maximum time period? - correct answer...✔✔12
months or 1 year

Who is a person, other than a viator, that enters into a viatical settlement? - correct
answer...✔✔Viatical Settlement Provider

How many days after cancellation of a license in another state does a new resident
agent have to apply for Nevada producer license without having to fulfill licensing
examination and education requirements? - correct answer...✔✔90 days

What are the three basic types of term life insurance? - correct answer...✔✔The three
basic types of term life insurance are level, increasing, and decreasing.

When would a whole life insurance policy mature? - correct answer...✔✔The whole life
insurance policy matures when the insured dies or turns 100.

Who is an annuitant? - correct answer...✔✔The annuitant is the person on whose life
expectancy the annuity is written and who receives benefits from the annuity.

What constitutes the entire contract? - correct answer...✔✔The entire contract
constitutes the policy, a copy of application, and any riders or amendments.



AGRADESOLUTIONS

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