Chapter 11: NV Statutes & Regulations Common to Life and Health Only. Exam Questions With Correct Answers
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Course
Nevada Life & Health Insurance
Institution
Nevada Life & Health Insurance
Chapter 11: NV Statutes & Regulations
Common to Life and Health Only. Exam
Questions With Correct Answers
Which of the following is TRUE about credit life insurance?
A) debtor is the policy beneficiary
B) creditor is the policyowner
C) debtor is the annuitant
D) creditor is the insured - ans...
Chapter 11: NV Statutes & Regulations
Common to Life and Health Only. Exam
Questions With Correct Answers
Which of the following is TRUE about credit life insurance?
A) debtor is the policy beneficiary
B) creditor is the policyowner
C) debtor is the annuitant
D) creditor is the insured - answer✔✔B
which of the following is NOT allowed in credit life insurance?
A) creditor having a collateral assignment on the policy
B) creditor requiring that a debtor has a life insurance
C) creditor becoming a policy beneficiary
D) creditor requiring that a debtor buys insurance from a certain insurer - answer✔✔D
Which of the following would be an allowable purpose of forming a group to be covered by a
life insurance policy?
A) obtaining lower insurance rates
B) assembling a group of employees
C) claim of benefits
What entity ultimately determines if an advertisement is deceptive or confusing? -
answer✔✔commissioner
When group coverage terminates, the insured may convert coverage to an individual policy
without evidence of insurability within - answer✔✔31 days
what type of insurance would you recommend for someone who wants to insure the life of a
debtor in connection to a specific loan? - answer✔✔credit life insurance
what does credit life and health insurance cover? - answer✔✔the life and disability of a debtor
during the time a loan is outstanding
what type of insurance is known as consumer credit insurance? - answer✔✔credit insurance
all of the following are required provisions in all group life insurance policies EXCEPT]
A) nonforfeiture benefits
B) incontestability
C) misstatement of age
D) grace period - answer✔✔A
which of the following is correct regarding credit life insurance?
A) it insures the life of a creditor
B) it has a max term of 20 yrs
C) it insures the life of a debtor
D) it is purchased on an installment basis - answer✔✔C
If a group life policy is terminated by the insurer, every person in the group is entitled to convert
to an individual life insurance policy if he or she has been insured under the current plan for at
least - answer✔✔5 years
which of the following statements could NOT be used in an ad of life insurance policies in
Nevada?
A) untrue statements of the insurer's assests or financial standing
B) imply that claim settlements will be generous beyond the terms of the policy
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