nevada life insurance exam questions and answers 100% correct

nevada life insurance exam questions and answers 100% correct During replacement of life insurance, a replacing insurer must do which of the following? A Send a copy of the Notice Regarding Replacement to the Department of Insurance B Obtain a list of all life insurance policies that will be replaced C Guarantee a replacement for each existing policy D Designate a new producer for a replaced policy - Answer- B Which of the following documents must be provided to the policyowner or applicant during policy replacement? A Buyer's Guide and Policy Summary B Policy illustrations C Notice Regarding Replacement D Disclosure Authorization Form - Answer- C Which of the following terms is used to describe a person, other than a viator, that enters into or effectuates a viatical settlement contract? A Viatical settlement purchaser B Viatical settlement broker C Viatical settlement effectuator D Viatical settlement provider - Answer- D Within how many months must a person be expected to die from a sickness in order to be classified as terminally ill? A 3 B 6 C 12 D 24 - Answer- D For how long must agents retain copies of notices and sales proposals for life insurance applications? A 1 year B 5 years C 10 years D 3 years - Answer- D What is the purpose of a disclosure statement in life insurance policies? A To protect agents and insurers against lawsuits B To explain features and benefits of a proposed policy to the consumer C To obtain important underwriting information from the applicant D To help consumers compare policy prices - Answer- B Which of the following statements would best describe the difference between viatical settlements and accelerated death benefits? A Viaticals require higher premiums. B Viaticals use mortality tables; accelerated death benefits are determined by morbidity. C Viaticals are funded by a third party; accelerated death benefits are provided by the insurer that issued the original policy. D Viaticals are used to fund retirement; accelerated death benefits fund medical expenses. - Answer- C Which of the following means having an illness or sickness that can reasonably be expected to result in death in 24 months or less? A Chronic illness B Fatal illness C Malignant illness D Terminal illness - Answer- D Which of the following insurers must be nonprofit and sell insurance only to its members? A Reciprocal B Fraternal C Service D Mutual - Answer- B When a viator sells a life insurance policy, A Collateral assignment is given to the insurance company. B Absolute assignment is given to the viatical settlement company. C Collateral assignment is given to the viatical settlement company. D Absolute assignment is given to the insurance company. - Answer- B Who is a person, other than a viator, that enters into a viatical settlement contract? A Provider B Purchaser C Effectuator D Broker - Answer- A Each insurer must maintain a complete file containing a copy of each document used in solicitation and sale of life insurance products for how long following the date of its last authorized use? A 3 years B 5 years C 10 years D As long as the insurer remains in business - Answer- A Which of the following is a generic consumer publication that explai