Nevada Statutes & Regulations Common to Life and Health Only Questions and Answers 100% Pass

Nevada Statutes & Regulations Common to Life and Health Only Questions and Answers 100% Pass Which of the following is NOT allowed in credit life insurance? - Answer- Creditor requiring that a debtor buys insurance from a certain insurer (In credit life insurance, creditor may require that the debtor has a life insurance, but they cannot tell you who to buy the insurance from.) The initial amount of credit life insurance may NOT exceed... - Answer- The amount to be repaid under the contract. (The initial amount of credit life insurance may not exceed the total amount repayable under the contract of indebtedness.) Which of the following would be the beneficiary in credit life insurance? - Answer- Creditor (The creditor is the owner and the beneficiary of the policy.) Which of the following types of insurance policies is most commonly used in credit life insurance? - Answer- Decreasing Term (Credit insurance is a special type of coverage written to insure the life of the debtor and pay off the balance of a loan in the event of the death of the debtor. It is usually written as decreasing term insurance.) Which of the following policy provisions required in group life insurance policies states that a policy application must be attached to the policy when issued? - Answer- Entire contract (The entire contract provision states that if an application is used, it must be attached to the policy when issued.) Bev is insured under her employers group life insurance policy. She dies while the policy is still in force. The benefits must be paid within how many days? - Answer- 30 (An insurer must pay the proceeds of any benefits under a group life insurance policy no more than 30 days after the death of the insured.) All of the following are required provisions in all group life insurance policies issued in this state EXCEPT... - Answer- Nonforfeiture benefits (Nonforfeiture provision is only required in policies other than term.) How many days after the death of an insured does an insurer have to pay group life insurance policy benefits? - Answer- 30 (An insurer must pay the proceeds of any benefits under a group life insurance policy no more than 30 days after the death of the insured.) Which of the following is TRUE about credit life insurance? - Answer- Creditor is the policyowner. (In credit life insurance, the creditor is the policyowner and the beneficiary; the debtor is the insured. Credit Life insurance... - Answer- Insures the life of a debtor. (Credit insurance is a special type of coverage written to insure the life of the debtor and pay off the balance of a loan in the event of the death of the debtor.) What does credit life and health insurance cover? - Answer- The l