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Nevada Life and Health Exam Questions With100%Verified Solutions A+GRADED
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Nevada Life and Health Exam Questions With100%Verified Solutions A+GRADED 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 disa...

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  • August 9, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • nevada life and health exam questions with100veri

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  • Course Nevada Life Insurance
  • Course Nevada Life Insurance

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Nevada Life and Health Exam Questions
With100%Verified Solutions A+GRADED
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withdrawn from the qualified plan.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.




AGRADESOLUTIONS

, 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


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