Nevada Life & Health Insurance EXAM STUDY
GUIDE 2026 COMPLETE QUESTIONS WITH
CORRECT DETAILED ANSWERS || 100%
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Terms in this set (248)
term insurance temporary protection because it only provides
coverage for a specific period of time
face amount death benefit
3 basic types of term coverage level, increasing, decreasing
- based on how the face amount changes during
the policy term
What is the premium in term regardless of type of term insurance purchased,
insurance? premium is level throughout the term of policy
level term insurance death benefit does not change throughout the life
of the policy
annually renewable term premium increases annually according to the
attained age, guaranteed to be renewable each
year
, decreasing term level premium and death benefit that decreases
each year over duration of the policy term
increasing term level premium and death benefit that increases
each year over the duration of the policy term
return of premium life insurance an increasing term policy that pays an additional
death beneficiary equal to the amount of the
premiums paid
- return of premium is paid if the death occurs
within a specified period of time or if the insured
outlives the policy term
renewable provision allows the policyowner the right to renew
coverage at the expiration date without evidence
of insurability
convertible provision provides the policyowner the right to convert the
policy to a permanent insurance policy without
evidence of insurability
permanent life insurance general term used to refer to various forms of life
insurance policies that build cash value and remain
in effect for the entire life of the insured (or until
age 100) as long as premium is paid
nonforteiture value aka cash value, does not usually accumulate until
the third policy year and it grows tax deferred
key characteristics of whole life - level premium
insurance - death benefit
- cash value
- living benefits
GUIDE 2026 COMPLETE QUESTIONS WITH
CORRECT DETAILED ANSWERS || 100%
GUARANTEED PASS RECENT VERSION
Save
Terms in this set (248)
term insurance temporary protection because it only provides
coverage for a specific period of time
face amount death benefit
3 basic types of term coverage level, increasing, decreasing
- based on how the face amount changes during
the policy term
What is the premium in term regardless of type of term insurance purchased,
insurance? premium is level throughout the term of policy
level term insurance death benefit does not change throughout the life
of the policy
annually renewable term premium increases annually according to the
attained age, guaranteed to be renewable each
year
, decreasing term level premium and death benefit that decreases
each year over duration of the policy term
increasing term level premium and death benefit that increases
each year over the duration of the policy term
return of premium life insurance an increasing term policy that pays an additional
death beneficiary equal to the amount of the
premiums paid
- return of premium is paid if the death occurs
within a specified period of time or if the insured
outlives the policy term
renewable provision allows the policyowner the right to renew
coverage at the expiration date without evidence
of insurability
convertible provision provides the policyowner the right to convert the
policy to a permanent insurance policy without
evidence of insurability
permanent life insurance general term used to refer to various forms of life
insurance policies that build cash value and remain
in effect for the entire life of the insured (or until
age 100) as long as premium is paid
nonforteiture value aka cash value, does not usually accumulate until
the third policy year and it grows tax deferred
key characteristics of whole life - level premium
insurance - death benefit
- cash value
- living benefits
