NEVADA LIFE & HEALTH INSURANCE FINAL
PAPER 2026 COMPLETE QUESTIONS AND
ANSWERS
◉ If the annuitant dies before the annuitization period starts, what
will beneficiary receive? Answer: Either the amount paid into the
annuity or cash value, whichever is greater
◉ In annually renewable term policies, what is the annual premium
based upon? Answer: The insured's attained age
◉ If the annuitant dies during the accumulation period, who will
receive the annuity benefits? Answer: The beneficiary
◉ What does the term "level" refer to in level term insurance?
Answer: Face amount
◉ What type of life insurance is best suited to cover a mortgage?
Answer: Decreasing term
◉ Who receives income payments from an annuity? Answer:
Annuitant
,◉ What type of premium is charged on a straight life policy?
Answer: A level premium for the life of the insured
◉ In variable universal life insurance, to what policy component
does the term "variable" refer? Answer: Cash value and death benefit
◉ A whole policy that requires that the policyowner only pays
premiums for a specified number of years is known as what kind of
policy? Answer: Limited-Pay Whole Life
◉ In an annuity, the accumulated money is converted into a stream
of income during which phase? Answer: Annuitization period
◉ Whose life expectancy is taken into consideration in an annuity
contract? Answer: The annuitant
◉ What type of life insurance offers an applicant a cash value
element? Answer: Permanent Insurance
◉ Mortality tables are used by insurance companies to predict
what? Answer: Life expectancy and the death rates for specific
groups of individuals
,◉ If there is no named beneficiary for the annuity benefits, to which
entity will the benefits be paid? Answer: The annuitant's estate
◉ How soon can income payments begin in an immediate annuity?
Answer: No later than 1 year from the time of annuity purchase
◉ What type of annuity requires an agent to have a securities
license? Answer: Variable annuity
◉ What policy loans are not available on term insurance? Answer:
There is no cash value to borrow against
◉ An individual has a contract that will provide them with a certain
amount of income for the rest of their life, however, this is not a life
insurance policy. What type of contract does this person have?
Answer: Annuity
◉ How long will a life annuity with a 15-year period certain pay?
Answer: For the life of the annuitant unless they die within the first
15 years of the annuitization period; then the payments will last 15
years
◉ When does an adjustable life policy accumulate cash value?
Answer: When the premiums paid are more than the cost of the
policy
, ◉ What type of whole life insurance policies only requires a
payment of premium at its inception, and in addition to providing
insurance protection for the life of the insured, endows at the
insured's age 100? Answer: Single premium whole life
◉ What type of insurance would perform the function of cash
accumulation? Answer: Whole Life Insurance
◉ What are the two components of a universal policy? Answer:
Insurance and cash account
◉ Which Universal Life option has a gradually increasing cash value
and a level death benefit? Answer: Option A
◉ What policies would have an IRS required corridor or gap
between the cash value and the death benefit? Answer: Universal
Life, Option A
◉ What is the main difference between immediate and deferred
annuities? Answer: When the income payments begin
◉ In a survivorship life policy, when does the insurer pay the death
benefit? Answer: Upon the last death
PAPER 2026 COMPLETE QUESTIONS AND
ANSWERS
◉ If the annuitant dies before the annuitization period starts, what
will beneficiary receive? Answer: Either the amount paid into the
annuity or cash value, whichever is greater
◉ In annually renewable term policies, what is the annual premium
based upon? Answer: The insured's attained age
◉ If the annuitant dies during the accumulation period, who will
receive the annuity benefits? Answer: The beneficiary
◉ What does the term "level" refer to in level term insurance?
Answer: Face amount
◉ What type of life insurance is best suited to cover a mortgage?
Answer: Decreasing term
◉ Who receives income payments from an annuity? Answer:
Annuitant
,◉ What type of premium is charged on a straight life policy?
Answer: A level premium for the life of the insured
◉ In variable universal life insurance, to what policy component
does the term "variable" refer? Answer: Cash value and death benefit
◉ A whole policy that requires that the policyowner only pays
premiums for a specified number of years is known as what kind of
policy? Answer: Limited-Pay Whole Life
◉ In an annuity, the accumulated money is converted into a stream
of income during which phase? Answer: Annuitization period
◉ Whose life expectancy is taken into consideration in an annuity
contract? Answer: The annuitant
◉ What type of life insurance offers an applicant a cash value
element? Answer: Permanent Insurance
◉ Mortality tables are used by insurance companies to predict
what? Answer: Life expectancy and the death rates for specific
groups of individuals
,◉ If there is no named beneficiary for the annuity benefits, to which
entity will the benefits be paid? Answer: The annuitant's estate
◉ How soon can income payments begin in an immediate annuity?
Answer: No later than 1 year from the time of annuity purchase
◉ What type of annuity requires an agent to have a securities
license? Answer: Variable annuity
◉ What policy loans are not available on term insurance? Answer:
There is no cash value to borrow against
◉ An individual has a contract that will provide them with a certain
amount of income for the rest of their life, however, this is not a life
insurance policy. What type of contract does this person have?
Answer: Annuity
◉ How long will a life annuity with a 15-year period certain pay?
Answer: For the life of the annuitant unless they die within the first
15 years of the annuitization period; then the payments will last 15
years
◉ When does an adjustable life policy accumulate cash value?
Answer: When the premiums paid are more than the cost of the
policy
, ◉ What type of whole life insurance policies only requires a
payment of premium at its inception, and in addition to providing
insurance protection for the life of the insured, endows at the
insured's age 100? Answer: Single premium whole life
◉ What type of insurance would perform the function of cash
accumulation? Answer: Whole Life Insurance
◉ What are the two components of a universal policy? Answer:
Insurance and cash account
◉ Which Universal Life option has a gradually increasing cash value
and a level death benefit? Answer: Option A
◉ What policies would have an IRS required corridor or gap
between the cash value and the death benefit? Answer: Universal
Life, Option A
◉ What is the main difference between immediate and deferred
annuities? Answer: When the income payments begin
◉ In a survivorship life policy, when does the insurer pay the death
benefit? Answer: Upon the last death
