1|Page
Nevada Life & Health Insurance EXAM STUDY GUIDE
||VERIFIED EXAM!!|| MOST RECENT EXAM ACTUAL
COMPLETE REAL EXAM QUESTIONS AND CORRECT
ANSWERS (VERIFIED ANSWERS) ALREADY GRADED
A+ | GUARANTEED SUCCESS!! NEWEST EXAM!!!
What is the advantage of reinstating a policy instead of
applying for a new one? -Answer-The original age is used
for premium determination
What would basic medical expense coverage not cover? -
Answer-Surgeon's services
What is not provided by an HMO? -Answer-
Reimbursement
What insurance arrangements will be appropriate for a
parent buying a life insurance policy on a child where the
parent is the policyowner? -Answer-Third-party ownership
What is not true about dividends? -Answer-Dividend
amounts are guaranteed in the policy
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What is not true about Accidental Death and
Dismemberment? -Answer-Death benefits are paid only if
death occurs within 24 hours of an accident
When would a 20-pay whole life policy endow? -Answer-
When the insured reaches age 100
What section of a health policy that states the causes of
eligible loss under which an insurance is assumed to be
disabled? -Answer-Insuring Clause
The insurance clause of a disability policy usually states
what except? -Answer-The method of premium payment
What best describes annually renewable term insurance?
-Answer-It is level term insurance
What best describes an annuity period? -Answer-Period of
time during which accumulated money is converted into
income payments
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What is an eligibility requirement for all Social Security
Disability Income benefits? -Answer-Have attained fully
insured status
What protects the insured from unintentional policy lapse
due to a nonpayment of premium? -Answer-Automatic
premium loan
What is the maximum amount that the Nevada Life &
Health Insurance Guaranty Association be obligated to
pay with respect to life insurance death benefits for one
life? -Answer-$300,000
What is the penalty for transacting insurance without a
proper license? -Answer-$1,000 for each violation
What type of misrepresentation persuades an insured to
cancel, lapse, or switch policies from one to another? -
Answer-Twisting
What are the four required elements of an insurance
contract? -Answer-Agreement, consideration, competent
parties, and legal purpose.
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What two parts make up a life insurance application? -
Answer-General Information and the Medical Information.
An agent's report can go in a life insurance application but
is not included in the life insurance policy.
When must insurable interest exist in life insurance? -
Answer-At the time of application.
When does coverage begin, if the premium was submitted
with the application, and the policy was issued two weeks
later? -Answer-At the time of the application.
If an agent makes a mistake on the application and then
corrects it, who must initial that change? -Answer-The
applicant.
Insurers may change what on a guaranteed renewable
health insurance polity? -Answer-The rates by class.
At what age may an individual make withdrawals from an
HSA for nonhealth purposes without being penalized? -
Answer-At age 65.
Nevada Life & Health Insurance EXAM STUDY GUIDE
||VERIFIED EXAM!!|| MOST RECENT EXAM ACTUAL
COMPLETE REAL EXAM QUESTIONS AND CORRECT
ANSWERS (VERIFIED ANSWERS) ALREADY GRADED
A+ | GUARANTEED SUCCESS!! NEWEST EXAM!!!
What is the advantage of reinstating a policy instead of
applying for a new one? -Answer-The original age is used
for premium determination
What would basic medical expense coverage not cover? -
Answer-Surgeon's services
What is not provided by an HMO? -Answer-
Reimbursement
What insurance arrangements will be appropriate for a
parent buying a life insurance policy on a child where the
parent is the policyowner? -Answer-Third-party ownership
What is not true about dividends? -Answer-Dividend
amounts are guaranteed in the policy
,2|Page
What is not true about Accidental Death and
Dismemberment? -Answer-Death benefits are paid only if
death occurs within 24 hours of an accident
When would a 20-pay whole life policy endow? -Answer-
When the insured reaches age 100
What section of a health policy that states the causes of
eligible loss under which an insurance is assumed to be
disabled? -Answer-Insuring Clause
The insurance clause of a disability policy usually states
what except? -Answer-The method of premium payment
What best describes annually renewable term insurance?
-Answer-It is level term insurance
What best describes an annuity period? -Answer-Period of
time during which accumulated money is converted into
income payments
,3|Page
What is an eligibility requirement for all Social Security
Disability Income benefits? -Answer-Have attained fully
insured status
What protects the insured from unintentional policy lapse
due to a nonpayment of premium? -Answer-Automatic
premium loan
What is the maximum amount that the Nevada Life &
Health Insurance Guaranty Association be obligated to
pay with respect to life insurance death benefits for one
life? -Answer-$300,000
What is the penalty for transacting insurance without a
proper license? -Answer-$1,000 for each violation
What type of misrepresentation persuades an insured to
cancel, lapse, or switch policies from one to another? -
Answer-Twisting
What are the four required elements of an insurance
contract? -Answer-Agreement, consideration, competent
parties, and legal purpose.
, 4|Page
What two parts make up a life insurance application? -
Answer-General Information and the Medical Information.
An agent's report can go in a life insurance application but
is not included in the life insurance policy.
When must insurable interest exist in life insurance? -
Answer-At the time of application.
When does coverage begin, if the premium was submitted
with the application, and the policy was issued two weeks
later? -Answer-At the time of the application.
If an agent makes a mistake on the application and then
corrects it, who must initial that change? -Answer-The
applicant.
Insurers may change what on a guaranteed renewable
health insurance polity? -Answer-The rates by class.
At what age may an individual make withdrawals from an
HSA for nonhealth purposes without being penalized? -
Answer-At age 65.
