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Nevada Life and Health Exam Simulator 99 Questions with Verified Answers,100% CORRECT
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Nevada Life and Health Exam Simulator 99 Questions with Verified Answers
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Nevada Life and Health Exam Simulator 99 Questions withVerified Answers
Z owns a disability income policy with a 30 day elimination period. Z contracts
pneumonia that leaves him unable to work from January 1 until January 15. He
then becomes disabled from an accident on February 1 and the disability last until
July 1 the same year. She will become eligible to receive benefits starting on? -
CORRECT ANSWER March 1.
The elimination period is the period of time between the onset of a disability, and
the time you're eligible for benefits. It is best thought of as a deductible. For your
policy. After a 30 day elimination. Z will become eligible for receiving benefits on
March 1.
Which of the following best describes how pre-administration certifications are
used? - CORRECT ANSWER Used to prevent nonessential medical costs.
Pre-administration certification is used to prevent unnecessary medical costs
When an insurance company sends a policy to the insured with an attached
application, the element that makes the application part of the contract between
the insured and the insurer is called: - CORRECT ANSWER Entire Contract
provision
At the age of 45, an individual with draws $50,000 from his qualified profit-
sharing plan and then deposit this amount into a personal savings account. This
action would result in: - CORRECT ANSWER Income tax and a 10% penalty
assessed upon funds withdrawn from the qualified plan.
The IRS says that withdraws of funds from a profit sharing plan may be subject to
a 10% tax penalty in addition to income taxes if they are made before the age of
59 1/2. This same early withdrawal penalty applies to funds taken out of for
401(k) plans and traditional individual retirement accounts.
,If, at a time of an insured's death, the insurance company discovers that the
insured's age was missed stated on the application for life insurance, the
company will most likely: - CORRECT ANSWER Pay the policy proceeds in the
amount the premiums would have purchased at the intrudes actual age
An insurance company must clearly specify questions design to obtain
information solely for marketing research: - CORRECT ANSWER In any insurance
transaction.
An insurance company must clearly specify questions designed to obtain
information for marketing research in any insurance transaction.
What foremost an applicant be provided with prior to policy delivery if it's
replacing an existing health policy? - CORRECT ANSWER Notice regarding
replacement.
Health insurance application forms must contain a question asking the applicant
whether the policy being applied for is intended to replace a health policy
currently in force. If so the agent must provide the applicant with a notice
regarding replacement prior to delivering the policy.
A variable insurance policy: - CORRECT ANSWER Does not guarantee a return of
its investment accounts.
In contrast variable insurance products do not guarantee contract cash values,
and it is the policy owner who assumes the investment risk. Variable life
insurance contracts do not make any promises as to either interest rates or
minimum cash values.
An individual disability income insurance applicant may be required to submit all
the following except: - CORRECT ANSWER Spouses occupation.
In this situation, a spouse is occupation is not necessary for the application
Which of the following statements about health reimbursement arrangements
(HRA) is correct? - CORRECT ANSWER If the employee paid for qualified medical
expenses, the reimbursement may be tax-free.
, Under a health reimbursement arrangement, reimbursements may be tax-free if
the employee paid for qualified medical expenses
What is considered to be a characteristic of conditionally Renewable Health
insurance policy? - CORRECT ANSWER Premiums may increase at time of renewal.
A conditionally Renewable Health entrance Paul's he can increase premiums at
the time of renewal.
What action can policyholder take if an application for a bank loan requires
collateral? - CORRECT ANSWER Assign policy ownership to the bank.
A policy owner may assign ownership of a policy to a bank as collateral.
One of the stated purposes of the life and health insurance guaranty association is
to: - CORRECT ANSWER Assist in the prevention of insurer insolvencies.
One of the stated purposes of the life and health insurance guaranty association is
to assist in the prevention of insure insolvencies
K has a life insurance policy where her husband is beneficiary and her daughter is
contingent beneficiary. Under the common disaster clause if K and her husband
were both killed in an automotive accident, where would the death proceeds be
directed? - CORRECT ANSWER The daughter.
With a common disaster Provision a policy owner can be sure that is both insured
and the primary beneficiary die within a short period of time the death benefits
will be paid to contingent beneficiary
Which of the following types of policies pays a benefit if the insured goes blind? -
CORRECT ANSWER AD&D.
An accidental death and dismemberment policy can provide financial benefits if
an insured is killed loses limb suffers blindness or is paralyzed in a covered
accident.
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