Nevada Life and Health Exam Simulator
(200 questions)
Z owns a disability income policy with a 30 day elimination period. Z contracts pneumonia
ii ii ii ii ii ii ii ii ii ii ii ii ii ii
that leaves him unable to work from January 1 until January 15. He then becomes disabled
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
from an accident on February 1 and the disability last until July 1 the same year. She will
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
become eligible to receive benefits starting on? - March 1.
ii ii ii ii ii ii ii ii ii ii ii ii
The elimination period is the period of time between the onset of a disability, and the time
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
you're eligible for benefits. It is best thought of as a deductible. For your policy. After a 30
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
day elimination. Z will become eligible for receiving benefits on March 1.
ii ii ii ii ii ii ii ii ii ii ii ii
Which of the following best describes how pre-administration certifications are used? -
ii ii ii ii ii ii ii ii ii ii ii ii ii ii
Used to prevent nonessential medical costs.
ii ii ii ii ii ii
Pre-administration certification is used to prevent unnecessary medical costs ii ii ii ii ii ii ii ii
When an insurance company sends a policy to the insured with an attached application,
ii ii ii ii ii ii ii ii ii ii ii ii ii ii
the element that makes the application part of the contract between the insured and the
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
insurer is called: - Entire Contract provision
ii ii ii ii ii ii ii ii ii
At the age of 45, an individual with draws $50,000 from his qualified profit-sharing plan and
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
then deposit this amount into a personal savings account. This action would result in: -
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
Income tax and a 10% penalty assessed upon funds withdrawn from the qualified plan.
ii ii ii ii ii ii ii ii ii ii ii ii ii ii
The IRS says that withdraws of funds from a profit sharing plan may be subject to a 10% tax
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
penalty in addition to income taxes if they are made before the age of 59 1/2. This same
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
early withdrawal penalty applies to funds taken out of for 401(k) plans and traditional
ii ii ii ii ii ii ii ii ii ii ii ii ii ii
individual retirement accounts.
ii ii ii
If, at a time of an insured's death, the insurance company discovers that the insured's age
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
was missed stated on the application for life insurance, the company will most likely: - Pay
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
the policy proceeds in the amount the premiums would have purchased at the intrudes
ii ii ii ii ii ii ii ii ii ii ii ii ii ii
actual age
ii ii
An insurance company must clearly specify questions design to obtain information solely
ii ii ii ii ii ii ii ii ii ii ii ii
for marketing research: - In any insurance transaction.
ii ii ii ii ii ii ii ii ii ii
An insurance company must clearly specify questions designed to obtain information for
ii ii ii ii ii ii ii ii ii ii ii
marketing research in any insurance transaction.
ii ii ii ii ii ii
What foremost an applicant be provided with prior to policy delivery if it's replacing an
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
existing health policy? - Notice regarding replacement.
ii ii ii ii ii ii ii ii ii
, Health insurance application forms must contain a question asking the applicant whether
ii ii ii ii ii ii ii ii ii ii ii
the policy being applied for is intended to replace a health policy currently in force. If so the
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
agent must provide the applicant with a notice regarding replacement prior to delivering
ii ii ii ii ii ii ii ii ii ii ii ii ii
the policy.
ii ii
ii A variable insurance policy: - Does not guarantee a return of its investment accounts.
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
In contrast variable insurance products do not guarantee contract cash values, and it is the
ii ii ii ii ii ii ii ii ii ii ii ii ii ii
policy owner who assumes the investment risk. Variable life insurance contracts do not
ii ii ii ii ii ii ii ii ii ii ii ii ii
make any promises as to either interest rates or minimum cash values.
ii ii ii ii ii ii ii ii ii ii ii ii
An individual disability income insurance applicant may be required to submit all the
ii ii ii ii ii ii ii ii ii ii ii ii ii
following except: - Spouses occupation.
ii ii ii ii ii ii ii ii
In this situation, a spouse is occupation is not necessary for the application
ii ii ii ii ii ii ii ii ii ii ii ii
Which of the following statements about health reimbursement arrangements (HRA) is
ii ii ii ii ii ii ii ii ii ii ii
correct? - If the employee paid for qualified medical expenses, the reimbursement may be
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
tax-free.
ii
Under a health reimbursement arrangement, reimbursements may be tax-free if the
ii ii ii ii ii ii ii ii ii ii ii
employee paid for qualified medical expenses
ii ii ii ii ii ii
What is considered to be a characteristic of conditionally Renewable Health insurance
ii ii ii ii ii ii ii ii ii ii ii ii
policy? - Premiums may increase at time of renewal.
ii ii ii ii ii ii ii ii ii ii ii
A conditionally Renewable Health entrance Paul's he can increase premiums at the time of
ii ii ii ii ii ii ii ii ii ii ii ii ii
renewal.
ii
What action can policyholder take if an application for a bank loan requires collateral? -
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
Assign policy ownership to the bank.
ii ii ii ii ii ii
A policy owner may assign ownership of a policy to a bank as collateral.
ii ii ii ii ii ii ii ii ii ii ii ii ii
One of the stated purposes of the life and health insurance guaranty association is to: -
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
Assist in the prevention of insurer insolvencies.
ii ii ii ii ii ii ii
One of the stated purposes of the life and health insurance guaranty association is to assist
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
in the prevention of insure insolvencies
ii ii ii ii ii ii
K has a life insurance policy where her husband is beneficiary and her daughter is
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
contingent beneficiary. Under the common disaster clause if K and her husband were both
ii ii ii ii ii ii ii ii ii ii ii ii ii ii
killed in an automotive accident, where would the death proceeds be directed? - The
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
daughter.
ii ii
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller STUVATE. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.