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Nevada Life and Health License Exam Prep Questions and answers | 2024/25 newest
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Nevada Life and Health License Exam Prep Questions and answers | 2024/25 newest
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Nevada Life and Health License ExamPrep Questions and answers | 2024/25
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What are the four required elements of an insurance contract? - Agreement,
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consideration, competent parties, and legal purpose.
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What two parts make up a life insurance application? - General Information and the
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Medical Information. An agent's report can go in a life insurance application but is not
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included in the life insurance policy.
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ii When must insurable interest exist in life insurance? - At the time of application.
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When does coverage begin, if the premium was submitted with the application, and the
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policy was issued two weeks later? - At the time of the application.
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If an agent makes a mistake on the application and then corrects it, who must initial that
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change? - The applicant.
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Insurers may change what on a guaranteed renewable health insurance polity? - The
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rates by class.
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At what age may an individual make withdrawals from an HSA for nonhealth purposes
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without being penalized? - At age 65.
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Which provision states how much time must pass between two like illnesses in order for
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the second one to be covered under a new set of benefits? - Recurrent Disability Provision
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In forming an insurance contract, when does acceptance occur? - When an insurer's
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underwriter approves coverage
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What is an important feature of a dental expense insurance plan that is not found in a
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medical expense insurance plan? - Diagnostic and preventive care
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What best describes the "first-dollar coverage" principle in basic medical insurance? -
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The insured is not required to pay a deductible
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Occasional visits by what medical professionals will not be covered under Long-Term
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Care's home health care? - Attending physicians
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Can an individual who belongs to a POS plan use an out-of-network physician? - Yes,
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they can use any physician even if not part of the HMO
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, What is the advantage of reinstating a policy instead of applying for a new one? - The
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original age is used for premium determination
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ii What would basic medical expense coverage not cover? - Surgeon's services
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ii What is not provided by an HMO? - Reimbursement
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What insurance arrangements will be appropriate for a parent buying a life insurance
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policy on a child where the parent is the policyowner? - Third-party ownership
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ii What is not true about dividends? - Dividend amounts are guaranteed in the policy
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What is not true about Accidental Death and Dismemberment? - Death benefits are paid
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only if death occurs within 24 hours of an accident
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ii When would a 20-pay whole life policy endow? - When the insured reaches age 100
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What section of a health policy that states the causes of eligible loss under which an
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insurance is assumed to be disabled? - Insuring Clause
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The insurance clause of a disability policy usually states what except? - The method of
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premium payment
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ii What best describes annually renewable term insurance? - It is level term insurance
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What best describes an annuity period? - Period of time during which accumulated
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money is converted into income payments
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What is an eligibility requirement for all Social Security Disability Income benefits? - Have
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attained fully insured status
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What protects the insured from unintentional policy lapse due to a nonpayment of
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premium? - Automatic premium loan
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What is the maximum amount that the Nevada Life & Health Insurance Guaranty
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Association be obligated to pay with respect to life insurance death benefits for one life? -
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$300,000
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What is the penalty for transacting insurance without a proper license? - $1,000 for each
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violation
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What type of misrepresentation persuades an insured to cancel, lapse, or switch policies
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from one to another? - Twisting
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The patient protection and affordable care act includes what except? - Individual tax
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deduction for premiums paid
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, What entity determines if an advertisement is deceptive of confusing? - The
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Commissioner
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How many days does a nonresident procedure have to file a change of address when the
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agent moves to Nevada from another state? - 30 days
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What is not considered a misrepresentation? - Making comparisons between different
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policies
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A producer who has allowed their license to lapse may reinstate the license without
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retaking the examination within what maximum time period? - 12 months or 1 year
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Who is a person, other than a viator, that enters into a viatical settlement? - Viatical
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Settlement Provider
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How many days after cancellation of a license in another state does a new resident agent
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have to apply for Nevada producer license without having to fulfill licensing examination
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and education requirements? - 90 days
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What are the three basic types of term life insurance? - The three basic types of term life
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insurance are level, increasing, and decreasing.
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When would a whole life insurance policy mature? - The whole life insurance policy
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matures when the insured dies or turns 100.
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Who is an annuitant? - The annuitant is the person on whose life expectancy the annuity
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is written and who receives benefits from the annuity.
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What constitutes the entire contract? - The entire contract constitutes the policy, a copy of
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application, and any riders or amendments.
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Which rider allows an insured to purchase additional coverage without evidence of
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insurability? - The Guaranteed Insurability Rider allows an insured to purchase additional
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coverage without evidence of insurability.
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What are the three nonforfeiture options? - The three nonforfeiture options are reduced
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paid-up, extended term, and cash surrender value.
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In group life insurance, who receives the master contract? - The employer receives the
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master contract in group life insurance.
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What are some examples of qualified retirement plans? - Traditional IRA, Roth IRA,
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SIMPLE, SEP, and 401(k)
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