Nevada Life and Health License Exam Prep Questions Rated A+

Nevada Life and Health License Exam Prep Questions Rated A+ What are the four required elements of an insurance contract? ️Agreement, consideration, competent parties, and legal purpose. What two parts make up a life insurance application? ️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? ️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? ️At the time of the application. If an agent makes a mistake on the application and then corrects it, who must initial that change? ️The applicant. Insurers may change what on a guaranteed renewable health insurance polity? ️The rates by class. At what age may an individual make withdrawals from an HSA for nonhealth purposes without being penalized? ️At age 65. Which provision states how much time must pass between two like illnesses in order for the second one to be covered under a new set of benefits? ️Recurrent Disability Provision In forming an insurance contract, when does acceptance occur? ️When an insurer's underwriter approves coverage What is an important feature of a dental expense insurance plan that is not found in a medical expense insurance plan? ️Diagnostic and preventive care What best describes the "first-dollar coverage" principle in basic medical insurance? ️The insured is not required to pay a deductible Occasional visits by what medical professionals will not be covered under Long-Term Care's home health care? ️Attending physicians Can an individual who belongs to a POS plan use an out-of-network physician? ️Yes, they can use any physician even if not part of the HMO What is the advantage of reinstating a policy instead of applying for a new one? ️The original age is used for premium determination What would basic medical expense coverage not cover? ️Surgeon's services What is not provided by an HMO? ️Reimbursement What insurance arrangements will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? ️Third-party ownership What is not true about dividends? ️Dividend amounts are guaranteed in the policy What is not true about Accidental Death and Dismemberment? ️Death benefits are paid only if death occurs within 24 hours of an accident When would a 20-pay whole life policy endow? ️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? ️Insuring Clause The insurance clause of a disability policy usually states what except? ️The method of premium payment What best describes annually renewable term insurance? ️It is level term insurance What best describes an annuity period? ️Period of time during which accumulated money is converted into income payments What is an eligibility requirement for all Social Security Disability Income benefits? ️Have attained fully insured status What protects the insured from unintentional policy lapse due to a nonpayment of premium? ️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? ️$300,000 What is the penalty for transacting insurance without a proper license? ️$1,000 for each violation What type of misrepresentation persuades an insured to cancel, lapse, or switch policies from one to another? ️Twisting The patient protection and affordable care act includes what except? ️Individual tax deduction for premiums paid What entity determines if an advertisement is deceptive of confusing? ️The Commissioner How many days does a nonresident procedure have to file a change of address when the agent moves to Nevada from another state? ️30 days What is not considered a misrepresentation? ️Making comparisons between different policies A producer who has allowed their license to lapse may reinstate the license without retaking the examination within what maximum time period? ️12 months or 1 year Who is a person, other than a viator, that enters into a viatical settlement? ️Viatical Settlement Provider How many days after cancellation of a license in another state does a new resident agent have to apply for Nevada producer license without having to fulfill licensing examination and education require