Nevada Life and Health Exam Simulator | Latest 2026/
2027 Update | Questions and Verified Answers | 100%
Correct (GRADED A)
Question:
Z owns a disability income policy with a 30 day elimination period. Z contracts
pneumonia that leaves him unable to work from January 1 until January 15. He then
becomes disabled from an accident on February 1 and the disability last until July 1 the
same year. She will become eligible to receive benefits starting on?
Answer:
March 1.
The elimination period is the period of time between the onset of a disability, and the
time you're eligible for benefits. It is best thought of as a deductible. For your policy.
After a 30 day elimination. Z will become eligible for receiving benefits on March 1.
Question:
Which of the following best describes how pre - administration certifications are used?
Answer:
Used to prevent nonessential medical costs.
Pre - administration certification is used to prevent unnecessary medical costs
,Question:
When an insurance company sends a policy to the insured with an attached application,
the element that makes the application part of the contract between the insured and
the insurer is called:
Answer:
Entire Contract provision
Question:
At the age of 45, an individual with draws $50,000 from his qualified profit - sharing plan
and then deposit this amount into a personal savings account. This action would result
in:
Answer:
Income tax and a 10% penalty assessed upon funds withdrawn from the qualified plan.
The IRS says that withdraws of funds from a profit sharing plan may be subject to a 10%
tax penalty in addition to income taxes if they are made before the age of 59 1/2. This
same early withdrawal penalty applies to funds taken out of for 401(k) plans and
traditional individual retirement accounts.
If, at a time of an insured's death, the insurance company discovers that the insured's
age was missed stated on the application for life insurance, the company will most
likely:
Answer:
Pay the policy proceeds in the amount the premiums would have purchased at the
intrudes actual age
,Question:
An insurance company must clearly specify questions design to obtain information
solely for marketing research:
Answer:
In any insurance transaction.
An insurance company must clearly specify questions designed to obtain information
for marketing research in any insurance transaction.
Question:
What foremost an applicant be provided with prior to policy delivery if it's replacing an
existing health policy? Answer:
Notice regarding replacement.
Health insurance application forms must contain a question asking the applicant
whether the policy being applied for is intended to replace a health policy currently in
force. If so the agent must provide the applicant with a notice regarding replacement
prior to delivering the policy.
Question:
A variable insurance policy:
Answer:
Does not guarantee a return of its investment accounts.
In contrast variable insurance products do not guarantee contract cash values, and it
is the policy owner who assumes the investment risk. Variable life insurance contracts
do not make any promises as to either interest rates or minimum cash values.
, Question:
An individual disability income insurance applicant may be required to submit all the
following except:
Answer:
Spouses occupation.
In this situation, a spouse is occupation is not necessary for the application
Question:
Which of the following statements about health reimbursement arrangements (HRA) is
correct?
Answer:
If the employee paid for qualified medical expenses, the reimbursement may be tax -
free.
Under a health reimbursement arrangement, reimbursements may be tax - free if the
employee paid for qualified medical expenses
Question:
What is considered to be a characteristic of conditionally Renewable Health insurance
policy?
Answer:
Premiums may increase at time of renewal.
2027 Update | Questions and Verified Answers | 100%
Correct (GRADED A)
Question:
Z owns a disability income policy with a 30 day elimination period. Z contracts
pneumonia that leaves him unable to work from January 1 until January 15. He then
becomes disabled from an accident on February 1 and the disability last until July 1 the
same year. She will become eligible to receive benefits starting on?
Answer:
March 1.
The elimination period is the period of time between the onset of a disability, and the
time you're eligible for benefits. It is best thought of as a deductible. For your policy.
After a 30 day elimination. Z will become eligible for receiving benefits on March 1.
Question:
Which of the following best describes how pre - administration certifications are used?
Answer:
Used to prevent nonessential medical costs.
Pre - administration certification is used to prevent unnecessary medical costs
,Question:
When an insurance company sends a policy to the insured with an attached application,
the element that makes the application part of the contract between the insured and
the insurer is called:
Answer:
Entire Contract provision
Question:
At the age of 45, an individual with draws $50,000 from his qualified profit - sharing plan
and then deposit this amount into a personal savings account. This action would result
in:
Answer:
Income tax and a 10% penalty assessed upon funds withdrawn from the qualified plan.
The IRS says that withdraws of funds from a profit sharing plan may be subject to a 10%
tax penalty in addition to income taxes if they are made before the age of 59 1/2. This
same early withdrawal penalty applies to funds taken out of for 401(k) plans and
traditional individual retirement accounts.
If, at a time of an insured's death, the insurance company discovers that the insured's
age was missed stated on the application for life insurance, the company will most
likely:
Answer:
Pay the policy proceeds in the amount the premiums would have purchased at the
intrudes actual age
,Question:
An insurance company must clearly specify questions design to obtain information
solely for marketing research:
Answer:
In any insurance transaction.
An insurance company must clearly specify questions designed to obtain information
for marketing research in any insurance transaction.
Question:
What foremost an applicant be provided with prior to policy delivery if it's replacing an
existing health policy? Answer:
Notice regarding replacement.
Health insurance application forms must contain a question asking the applicant
whether the policy being applied for is intended to replace a health policy currently in
force. If so the agent must provide the applicant with a notice regarding replacement
prior to delivering the policy.
Question:
A variable insurance policy:
Answer:
Does not guarantee a return of its investment accounts.
In contrast variable insurance products do not guarantee contract cash values, and it
is the policy owner who assumes the investment risk. Variable life insurance contracts
do not make any promises as to either interest rates or minimum cash values.
, Question:
An individual disability income insurance applicant may be required to submit all the
following except:
Answer:
Spouses occupation.
In this situation, a spouse is occupation is not necessary for the application
Question:
Which of the following statements about health reimbursement arrangements (HRA) is
correct?
Answer:
If the employee paid for qualified medical expenses, the reimbursement may be tax -
free.
Under a health reimbursement arrangement, reimbursements may be tax - free if the
employee paid for qualified medical expenses
Question:
What is considered to be a characteristic of conditionally Renewable Health insurance
policy?
Answer:
Premiums may increase at time of renewal.
