During replacement of life insurance, a replacing insurer must do which of the following?
A Send a copy of the Notice Regarding Replacement to the Department of Insurance
B Obtain a list of all life insurance policies that will be replaced
C Guarantee a replacement for each existing policy
D ...
Nevada Life Insurance Exam Questions & Answers 100% Correct(SCORED A+)
During replacement of life insurance, a replacing insurer must do which of the following?
A Send a copy of the Notice Regarding Replacement to the Department of Insurance
B Obtain a list of all life insurance policies that will be replaced
C Guarantee a replacement for each existing policy
D Designate a new producer for a replaced policy - ANSWER-B
Which of the following documents must be provided to the policyowner or applicant during policy replacement?
A Buyer's Guide and Policy Summary
B Policy illustrations
C Notice Regarding Replacement
D Disclosure Authorization Form - ANSWER-C
Which of the following terms is used to describe a person, other than a viator, that enters into or effectuates a viatical settlement contract?
A Viatical settlement purchaser
B Viatical settlement broker
C Viatical settlement effectuator
D Viatical settlement provider - ANSWER-D
Within how many months must a person be expected to die from a sickness in order to be classified as terminally ill?
A 3
B 6
C 12
D 24 - ANSWER-D
For how long must agents retain copies of notices and sales proposals for life insurance
applications?
A 1 year
B 5 years
C 10 years
D 3 years - ANSWER-D
What is the purpose of a disclosure statement in life insurance policies?
A To protect agents and insurers against lawsuits B To explain features and benefits of a proposed policy to the consumer
C To obtain important underwriting information from the applicant
D To help consumers compare policy prices - ANSWER-B
Which of the following statements would best describe the difference between viatical settlements and accelerated death benefits?
A Viaticals require higher premiums.
B Viaticals use mortality tables; accelerated death benefits are determined by morbidity.
C Viaticals are funded by a third party; accelerated death benefits are provided by the insurer that issued the original policy.
D Viaticals are used to fund retirement; accelerated death benefits fund medical expenses. - ANSWER-C
Which of the following means having an illness or sickness that can reasonably be expected to result in death in 24 months or less?
A Chronic illness
B Fatal illness
C Malignant illness
D Terminal illness - ANSWER-D
Which of the following insurers must be nonprofit and sell insurance only to its members?
A Reciprocal
B Fraternal
C Service
D Mutual - ANSWER-B
When a viator sells a life insurance policy,
A Collateral assignment is given to the insurance company.
B Absolute assignment is given to the viatical settlement company.
C Collateral assignment is given to the viatical settlement company.
D Absolute assignment is given to the insurance company. - ANSWER-B
Who is a person, other than a viator, that enters into a viatical settlement contract?
A Provider
B Purchaser
C Effectuator
D Broker - ANSWER-A
Each insurer must maintain a complete file containing a copy of each document used in solicitation and sale of life insurance products for how long following the date of its last authorized use?
A 3 years
B 5 years
C 10 years
D As long as the insurer remains in business - ANSWER-A
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