Nevada Life & Health Insurance
EXAM STUDY GUIDE 2026
COMPLETE QUESTIONS WITH
CORRECT DETAILED ANSWERS
|| 100% GUARANTEED PASS
RECENT VERSION
term insurance - 🧠 ANSWER ✔✔temporary protection because it only
provides coverage for a specific period of time
face amount - 🧠 ANSWER ✔✔death benefit
,3 basic types of term coverage - 🧠 ANSWER ✔✔level, increasing,
decreasing
- based on how the face amount changes during the policy term
What is the premium in term insurance? - 🧠 ANSWER ✔✔regardless of
type of term insurance purchased, premium is level throughout the term of
policy
level term insurance - 🧠 ANSWER ✔✔death benefit does not change
throughout the life of the policy
annually renewable term - 🧠 ANSWER ✔✔premium increases annually
according to the attained age, guaranteed to be renewable each year
decreasing term - 🧠 ANSWER ✔✔level premium and death benefit that
decreases each year over duration of the policy term
increasing term - 🧠 ANSWER ✔✔level premium and death benefit that
increases each year over the duration of the policy term
,return of premium life insurance - 🧠 ANSWER ✔✔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 - 🧠 ANSWER ✔✔allows the policyowner the right to
renew coverage at the expiration date without evidence of insurability
convertible provision - 🧠 ANSWER ✔✔provides the policyowner the right to
convert the policy to a permanent insurance policy without evidence of
insurability
permanent life insurance - 🧠 ANSWER ✔✔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 - 🧠 ANSWER ✔✔aka cash value, does not usually
accumulate until the third policy year and it grows tax deferred
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, key characteristics of whole life insurance - 🧠 ANSWER ✔✔- level premium
- death benefit
- cash value
- living benefits
3 basic forms of whole life insurance - 🧠 ANSWER ✔✔1. straight (ordinary)
whole life
2. limited-pay whole life
3. single premium whole life
straight life - 🧠 ANSWER ✔✔basic whole life policy; policy owner pays the
premium from the lime the policy is issued until insured's death or age 100
- has lowest annual premium
limited-pay whole life - 🧠 ANSWER ✔✔designed so that premiums for
coverage will be completely paid-up well before age 100
- cash value builds up faster
EXAM STUDY GUIDE 2026
COMPLETE QUESTIONS WITH
CORRECT DETAILED ANSWERS
|| 100% GUARANTEED PASS
RECENT VERSION
term insurance - 🧠 ANSWER ✔✔temporary protection because it only
provides coverage for a specific period of time
face amount - 🧠 ANSWER ✔✔death benefit
,3 basic types of term coverage - 🧠 ANSWER ✔✔level, increasing,
decreasing
- based on how the face amount changes during the policy term
What is the premium in term insurance? - 🧠 ANSWER ✔✔regardless of
type of term insurance purchased, premium is level throughout the term of
policy
level term insurance - 🧠 ANSWER ✔✔death benefit does not change
throughout the life of the policy
annually renewable term - 🧠 ANSWER ✔✔premium increases annually
according to the attained age, guaranteed to be renewable each year
decreasing term - 🧠 ANSWER ✔✔level premium and death benefit that
decreases each year over duration of the policy term
increasing term - 🧠 ANSWER ✔✔level premium and death benefit that
increases each year over the duration of the policy term
,return of premium life insurance - 🧠 ANSWER ✔✔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 - 🧠 ANSWER ✔✔allows the policyowner the right to
renew coverage at the expiration date without evidence of insurability
convertible provision - 🧠 ANSWER ✔✔provides the policyowner the right to
convert the policy to a permanent insurance policy without evidence of
insurability
permanent life insurance - 🧠 ANSWER ✔✔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 - 🧠 ANSWER ✔✔aka cash value, does not usually
accumulate until the third policy year and it grows tax deferred
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, key characteristics of whole life insurance - 🧠 ANSWER ✔✔- level premium
- death benefit
- cash value
- living benefits
3 basic forms of whole life insurance - 🧠 ANSWER ✔✔1. straight (ordinary)
whole life
2. limited-pay whole life
3. single premium whole life
straight life - 🧠 ANSWER ✔✔basic whole life policy; policy owner pays the
premium from the lime the policy is issued until insured's death or age 100
- has lowest annual premium
limited-pay whole life - 🧠 ANSWER ✔✔designed so that premiums for
coverage will be completely paid-up well before age 100
- cash value builds up faster
