Nevada Life & Health Insurance EXAM STUDY
GUIDE 2026 COMPLETE QUESTIONS WITH
CORRECT DETAILED ANSWERS || 100%
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Terms in this set (526)
What is the main purpose of life To protect against financial loss due to the insured's
insurance? death.
Who is the policyowner? The person who buys and controls the life
insurance policy.
Who is the insured? The person whose life is covered by the policy.
What is third-party ownership? What is third-party ownership?
What is insurable interest? A financial or emotional loss that the policyowner
would suffer if the insured dies.
When must insurable interest exist? At the time the policy is issued.
Who receives the death benefit? The beneficiary, named by the policyowner.
, Can the insured name themselves as No
beneficiary?
What is a producer's job before Assess the client's goals and recommend the right
taking an application? policy.
What are the 4 phases of transacting Solicitation, negotiation, contract execution, and
insurance? post-contract service.
What is the Buyer's Guide? A brochure explaining life insurance types and
costs.
What is a Policy Summary? A detailed illustration of the policy's terms,
premiums, and values.
What does the FCRA require during Applicant consent for third-party reports and
underwriting? disclosures.
What does HIPAA protect? The privacy of personal medical information.
What is needed before HIV testing? Written consent and explanation of purpose and
confidentiality.
What is replacement in life Buying a new policy that causes an existing one to
insurance? change or end.
What is conservation? Attempt to keep the existing policy instead of
replacing it.
Who is the replacing insurer? The one issuing the new policy.
What must the producer do during Provide a Notice Regarding Replacement, gather
replacement? policy info, and give disclosures.
GUIDE 2026 COMPLETE QUESTIONS WITH
CORRECT DETAILED ANSWERS || 100%
GUARANTEED PASS RECENT VERSION
Save
Terms in this set (526)
What is the main purpose of life To protect against financial loss due to the insured's
insurance? death.
Who is the policyowner? The person who buys and controls the life
insurance policy.
Who is the insured? The person whose life is covered by the policy.
What is third-party ownership? What is third-party ownership?
What is insurable interest? A financial or emotional loss that the policyowner
would suffer if the insured dies.
When must insurable interest exist? At the time the policy is issued.
Who receives the death benefit? The beneficiary, named by the policyowner.
, Can the insured name themselves as No
beneficiary?
What is a producer's job before Assess the client's goals and recommend the right
taking an application? policy.
What are the 4 phases of transacting Solicitation, negotiation, contract execution, and
insurance? post-contract service.
What is the Buyer's Guide? A brochure explaining life insurance types and
costs.
What is a Policy Summary? A detailed illustration of the policy's terms,
premiums, and values.
What does the FCRA require during Applicant consent for third-party reports and
underwriting? disclosures.
What does HIPAA protect? The privacy of personal medical information.
What is needed before HIV testing? Written consent and explanation of purpose and
confidentiality.
What is replacement in life Buying a new policy that causes an existing one to
insurance? change or end.
What is conservation? Attempt to keep the existing policy instead of
replacing it.
Who is the replacing insurer? The one issuing the new policy.
What must the producer do during Provide a Notice Regarding Replacement, gather
replacement? policy info, and give disclosures.
