nevada life insurance Updated 2024/2025 Verified 100%
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Course
Nevada life insurance
Institution
Nevada Life Insurance
Which rule would apply if an agent knows an applicant is going to cash in an old policy and use the funds
to purchase new insurance?
A Disclosure rule
B Replacement rule
C Reinstatement rule
D Conversion rule - B
When a viator sells a life insurance policy,
A Collateral assignment is given t...
nevada life insurance
Which rule would apply if an agent knows an applicant is going to cash in an old policy and use the funds
to purchase new insurance?
A Disclosure rule
B Replacement rule
C Reinstatement rule
D Conversion rule - 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
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
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?
A3
B6
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
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