NEVADA LIFE AND HEALTH LICENSE EXAM
VERSION 1&2 2024| 500+ REAL EXAM QUESTIONS
CORRECT ANSWERS| ALREADY GRADED A+
EXAM VERSION 1
What are the four required elements of an insurance contract? ✔-
Agreement, consideration, competent parties, and legal purpose.
What two parts make up a life insurance application? ✔ - 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? ✔ - 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? ✔ - At the time of the
application.
,If an agent makes a mistake on the application and then corrects it, who must
initial that change? ✔ - The applicant.
Insurers may change what on a guaranteed renewable health insurance polity?
✔ - The rates by class.
At what age may an individual make withdrawals from an HSA for nonhealth
purposes without being penalized? ✔ - 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? ✔-
Recurrent Disability Provision
In forming an insurance contract, when does acceptance occur? ✔ - 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? ✔ - Diagnostic and preventive care
What best describes the "first-dollar coverage" principle in basic medical
insurance? ✔ - 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? ✔ - Attending physicians
, Can an individual who belongs to a POS plan use an out-of-network physician?
✔ - 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?
✔ - The original age is used for premium determination
What would basic medical expense coverage not cover? ✔ - Surgeon's
services
What is not provided by an HMO? ✔ - Reimbursement
What insurance arrangements will be appropriate for a parent buying a life
insurance policy on a child where the parent is the policyowner? ✔ - Third-
party ownership
What is not true about dividends? ✔ - Dividend amounts are guaranteed in
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