100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Nevada Life and Health Exam Questions With100%Verified Solutions A+GRADED CA$17.97   Add to cart
Quickly navigate to
Preview
  2.  
  3. Course Nevada Life Insurance
  4.  
  5. Course Nevada Life Insurance

Exam (elaborations)

Nevada Life and Health Exam Questions With100%Verified Solutions A+GRADED
 12 views  0 purchase
  • Course
  • Course Nevada Life Insurance
  • Institution
  • Course Nevada Life Insurance

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...

[Show more]

Preview 2 out of 13  pages

Document information

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

Subjects

  • nevada life and health exam questions with100veri

Written for

  • Course Nevada Life Insurance
  • Course Nevada Life Insurance

Seller

avatar-seller
agradesolutions

Reviews received

Content preview

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


AGRADESOLUTIONS

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller agradesolutions. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$17.97. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

81298 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$17.97
  • (0)
  Add to cart