Exam (elaborations)
Nevada Life and Health Exam Simulator (200 questions)
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Nevada Life and Health Exam Simulator (200 questions)
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Nevada Life and Health Exam Simulator(200 questions)
Z owns a disability income policy with a 30 day elimination period. Z contracts pneumonia
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that leaves him unable to work from January 1 until January 15. He then becomes disabled
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from an accident on February 1 and the disability last until July 1 the same year. She will
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become eligible to receive benefits starting on? - March 1.
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The elimination period is the period of time between the onset of a disability, and the time
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you're eligible for benefits. It is best thought of as a deductible. For your policy. After a 30
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day elimination. Z will become eligible for receiving benefits on March 1.
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Which of the following best describes how pre-administration certifications are used? -
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Used to prevent nonessential medical costs.
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When an insurance company sends a policy to the insured with an attached application,
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the element that makes the application part of the contract between the insured and the
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insurer is called: - Entire Contract provision
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At the age of 45, an individual with draws $50,000 from his qualified profit-sharing plan and
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then deposit this amount into a personal savings account. This action would result in: -
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Income tax and a 10% penalty assessed upon funds withdrawn from the qualified plan.
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The IRS says that withdraws of funds from a profit sharing plan may be subject to a 10% tax
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penalty in addition to income taxes if they are made before the age of 59 1/2. This same
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early withdrawal penalty applies to funds taken out of for 401(k) plans and traditional
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individual retirement accounts.
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If, at a time of an insured's death, the insurance company discovers that the insured's age
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was missed stated on the application for life insurance, the company will most likely: - Pay
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the policy proceeds in the amount the premiums would have purchased at the intrudes
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actual age
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An insurance company must clearly specify questions design to obtain information solely
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for marketing research: - In any insurance transaction.
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An insurance company must clearly specify questions designed to obtain information for
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marketing research in any insurance transaction.
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What foremost an applicant be provided with prior to policy delivery if it's replacing an
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existing health policy? - Notice regarding replacement.
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, Health insurance application forms must contain a question asking the applicant whether
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the policy being applied for is intended to replace a health policy currently in force. If so the
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agent must provide the applicant with a notice regarding replacement prior to delivering
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the policy.
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ii A variable insurance policy: - Does not guarantee a return of its investment accounts.
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In contrast variable insurance products do not guarantee contract cash values, and it is the
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policy owner who assumes the investment risk. Variable life insurance contracts do not
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make any promises as to either interest rates or minimum cash values.
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An individual disability income insurance applicant may be required to submit all the
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following except: - Spouses occupation.
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In this situation, a spouse is occupation is not necessary for the application
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Which of the following statements about health reimbursement arrangements (HRA) is
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correct? - If the employee paid for qualified medical expenses, the reimbursement may be
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tax-free.
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Under a health reimbursement arrangement, reimbursements may be tax-free if the
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employee paid for qualified medical expenses
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What is considered to be a characteristic of conditionally Renewable Health insurance
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policy? - Premiums may increase at time of renewal.
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A conditionally Renewable Health entrance Paul's he can increase premiums at the time of
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renewal.
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What action can policyholder take if an application for a bank loan requires collateral? -
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Assign policy ownership to the bank.
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A policy owner may assign ownership of a policy to a bank as collateral.
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One of the stated purposes of the life and health insurance guaranty association is to: -
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Assist in the prevention of insurer insolvencies.
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One of the stated purposes of the life and health insurance guaranty association is to assist
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in the prevention of insure insolvencies
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K has a life insurance policy where her husband is beneficiary and her daughter is
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contingent beneficiary. Under the common disaster clause if K and her husband were both
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killed in an automotive accident, where would the death proceeds be directed? - The
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daughter.
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