Nevada Life and Health License Exam Prep Questions & ANSWERS|| LATEST UPDATE 2024
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Course
Nevada Life and Health License
Institution
Nevada Life And Health License
What are the four required elements of an insurance contract? - ANSWER Agreement, consideration, competent parties, and legal purpose.
What two parts make up a life insurance application? - ANSWER General Information and the Medical Information. An agent's report can go in a life insurance appli...
Nevada Life and Health License Exam Prep
Questions & ANSWERS|| LATEST UPDATE 2024
What are the four required elements of an insurance contract? - ANSWER Agreement, consideration,
competent parties, and legal purpose.
What two parts make up a life insurance application? - 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? - 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? - 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? -
ANSWER The applicant.
Insurers may change what on a guaranteed renewable health insurance polity? - ANSWER The rates by
class.
At what age may an individual make withdrawals from an HSA for nonhealth purposes without being
penalized? - 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? - ANSWER Recurrent Disability Provision
In forming an insurance contract, when does acceptance occur? - 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? - ANSWER Diagnostic and preventive care
What best describes the "first-dollar coverage" principle in basic medical insurance? - ANSWER The
insured is not required to pay a deductible
Occasional visits by what medical professionals will not be covered under Long-Term Care's home health
care? - ANSWER Attending physicians
Can an individual who belongs to a POS plan use an out-of-network physician? - 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? - ANSWER The original
age is used for premium determination
What would basic medical expense coverage not cover? - ANSWER Surgeon's services
What is not provided by an HMO? - 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? - ANSWER Third-party ownership
What is not true about dividends? - ANSWER Dividend amounts are guaranteed in the policy
What is not true about Accidental Death and Dismemberment? - ANSWER Death benefits are paid only if
death occurs within 24 hours of an accident
When would a 20-pay whole life policy endow? - 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? - ANSWER Insuring Clause
, The insurance clause of a disability policy usually states what except? - ANSWER The method of premium
payment
What best describes annually renewable term insurance? - ANSWER It is level term insurance
Who is a person, other than a viator, that enters into a viatical settlement? - 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?
- ANSWER 90 days
What are the three basic types of term life insurance? - ANSWER The three basic types of term life
insurance are level, increasing, and decreasing.
When would a whole life insurance policy mature? - ANSWER The whole life insurance policy matures
when the insured dies or turns 100.
Who is an annuitant? - 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? - ANSWER The entire contract constitutes the policy, a copy of
application, and any riders or amendments.
Which rider allows an insured to purchase additional coverage without evidence of insurability? -
ANSWER The Guaranteed Insurability Rider allows an insured to purchase additional coverage without
evidence of insurability.
What are the three nonforfeiture options? - ANSWER The three nonforfeiture options are reduced paid-
up, extended term, and cash surrender value.
In group life insurance, who receives the master contract? - ANSWER The employer receives the master
contract in group life insurance.
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