Nevada Life Insurance Verified A+
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 rep...
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
What is the purpose of a "benefit period" in health insurance in Nevada?
The benefit period in health insurance refers to the time frame during which benefits are paid for
covered medical services. This period may be a calendar year or based on the length of treatment.
✔️✔️
How does Nevada’s health insurance marketplace compare to the federal marketplace?
Nevada operates its own health insurance marketplace (Nevada Health Link), which allows residents to
shop for health plans and may offer local support, while the federal marketplace serves other states that
don't run their own exchanges. ✔️✔️
What does "cost-sharing" mean in Nevada health insurance policies?
Cost-sharing refers to the portion of health care expenses that the insured person must pay, such as
deductibles, co-pays, and co-insurance, before the insurance coverage kicks in. ✔️✔️
What are "state-based subsidies" in Nevada health insurance?
State-based subsidies are financial assistance programs offered by Nevada to help lower-income
residents afford health insurance premiums, available through the state's health insurance marketplace.
✔️✔️
How does a "life insurance settlement" work in Nevada?
,A life insurance settlement in Nevada occurs when a policyholder sells their life insurance policy to a
third party for a lump sum, which is often higher than the cash surrender value but lower than the death
benefit. ✔️✔️
What is "whole life insurance" in Nevada?
Whole life insurance is a type of permanent life insurance in Nevada that provides coverage for the
insured's entire life and includes a savings component that grows in cash value over time. ✔️✔️
What is "coverage for preventive services" in Nevada health insurance?
Preventive services in Nevada health insurance are medical services aimed at preventing illnesses, such
as vaccinations, screenings, and wellness check-ups, which are typically covered without cost-sharing
under the ACA. ✔️✔️
Can I switch from a high-deductible health plan (HDHP) to a lower-deductible plan in Nevada?
Yes, in Nevada, individuals can switch from a high-deductible health plan (HDHP) to a lower-deductible
plan during open enrollment or after a qualifying life event. ✔️✔️
What is the "premium tax credit" in Nevada?
The premium tax credit in Nevada is a federal subsidy available to individuals and families purchasing
health insurance through the state's marketplace, designed to reduce monthly premium costs based on
income. ✔️✔️
What is a "waiting period" for life insurance coverage in Nevada?
A waiting period for life insurance refers to the time between the policy’s start date and when the full
death benefit is payable. This period may vary but is often used to prevent fraud, especially with
accidental death benefits. ✔️✔️
What types of life insurance policies have an investment component in Nevada?
Whole life insurance and universal life insurance in Nevada include an investment component where a
portion of premiums is allocated to a cash value that can grow over time based on interest or market
performance. ✔️✔️
How does Nevada handle "high-risk health insurance" for individuals with chronic conditions?
, Nevada has a state-run high-risk pool to help individuals with chronic or serious conditions who may not
qualify for standard health insurance. The pool offers a safety net with coverage for high-risk individuals.
✔️✔️
What does "guaranteed renewal" mean in health insurance in Nevada?
Guaranteed renewal means that health insurance policies in Nevada can be renewed without the
insurer being able to refuse renewal based on the insured's health status, as long as premiums are paid
on time. ✔️✔️
What are the benefits of "group life insurance" for employees in Nevada?
Group life insurance in Nevada offers employees affordable coverage, typically with no medical exams
required, and is often provided as a benefit by employers to cover a large group of people under a single
policy. ✔️✔️
Can I buy supplemental health insurance in Nevada?
Yes, Nevada residents can purchase supplemental health insurance, such as vision, dental, or critical
illness coverage, to enhance their existing health insurance benefits. ✔️✔️
How do insurance companies in Nevada determine the premium for life insurance policies?
Life insurance premiums in Nevada are determined based on factors such as the policyholder’s age,
health, occupation, lifestyle, and the amount of coverage requested. ✔️✔️
What is the "insurable interest" requirement in Nevada life insurance policies?
In Nevada, an insurable interest is required to purchase life insurance, meaning the policyholder must
have a legitimate financial interest in the well-being or life of the insured, such as a spouse, family
member, or business partner. ✔️✔️
Can I apply for health insurance outside of open enrollment in Nevada?
Yes, in Nevada, you can apply for health insurance outside of the open enrollment period if you
experience a qualifying life event, such as marriage, the birth of a child, or the loss of other health
coverage. ✔️✔️
What is the "Cash Surrender Value" in Nevada life insurance?
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