Nevada Life and Health Exam Simulator (200 questions)
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? ✔️✔️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.
Which of the following best describes how pre-administration certifications are used? ✔️✔️Used to
prevent nonessential medical costs.
Pre-administration certification is used to prevent unnecessary medical costs
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:
✔️✔️Entire Contract provision
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: ✔️✔️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a 10% penalty assessed upon funds withdrawn from the qualified plan.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: ✔️✔️Pay the policy proceeds
in the amount the premiums would have purchased at the intrudes actual age
An insurance company must clearly specify questions design to obtain information solely for marketing
research: ✔️✔️In any insurance transaction.
,An insurance company must clearly specify questions designed to obtain information for marketing
research in any insurance transaction.
What foremost an applicant be provided with prior to policy delivery if it's replacing an existing health
policy? ✔️✔️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.
A variable insurance policy: ✔️✔️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.
An individual disability income insurance applicant may be required to submit all the following except:
✔️✔️Spouses occupation.
In this situation, a spouse is occupation is not necessary for the application
Which of the following statements about health reimbursement arrangements (HRA) is correct?
✔️✔️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
What is considered to be a characteristic of conditionally Renewable Health insurance policy?
✔️✔️Premiums may increase at time of renewal.
A conditionally Renewable Health entrance Paul's he can increase premiums at the time of renewal.
, What action can policyholder take if an application for a bank loan requires collateral? ✔️✔️Assign
policy ownership to the bank.
A policy owner may assign ownership of a policy to a bank as collateral.
One of the stated purposes of the life and health insurance guaranty association is to: ✔️✔️Assist in
the prevention of insurer insolvencies.
One of the stated purposes of the life and health insurance guaranty association is to assist in the
prevention of insure insolvencies
K has a life insurance policy where her husband is beneficiary and her daughter is contingent
beneficiary. Under the common disaster clause if K and her husband were both killed in an automotive
accident, where would the death proceeds be directed? ✔️✔️The daughter.
With a common disaster Provision a policy owner can be sure that is both insured and the primary
beneficiary die within a short period of time the death benefits will be paid to contingent beneficiary
Which of the following types of policies pays a benefit if the insured goes blind? ✔️✔️AD&D.
An accidental death and dismemberment policy can provide financial benefits if an insured is killed
loses limb suffers blindness or is paralyzed in a covered accident.
Basic Medical Expense Insurance ✔️✔️has lower benefit limits than Major Medical insurance.
Basic medical expense insurance typically has lower benefit limits than major medical insurance.
The amount of coverage on a group credit life policy is limited to: ✔️✔️the insured's total loan value.
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? ✔️✔️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.
Which of the following best describes how pre-administration certifications are used? ✔️✔️Used to
prevent nonessential medical costs.
Pre-administration certification is used to prevent unnecessary medical costs
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:
✔️✔️Entire Contract provision
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: ✔️✔️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: ✔️✔️Pay the policy proceeds
in the amount the premiums would have purchased at the intrudes actual age
An insurance company must clearly specify questions design to obtain information solely for marketing
research: ✔️✔️In any insurance transaction.
,An insurance company must clearly specify questions designed to obtain information for marketing
research in any insurance transaction.
What foremost an applicant be provided with prior to policy delivery if it's replacing an existing health
policy? ✔️✔️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.
A variable insurance policy: ✔️✔️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.
An individual disability income insurance applicant may be required to submit all the following except:
✔️✔️Spouses occupation.
In this situation, a spouse is occupation is not necessary for the application
Which of the following statements about health reimbursement arrangements (HRA) is correct?
✔️✔️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
What is considered to be a characteristic of conditionally Renewable Health insurance policy?
✔️✔️Premiums may increase at time of renewal.
A conditionally Renewable Health entrance Paul's he can increase premiums at the time of renewal.
, What action can policyholder take if an application for a bank loan requires collateral? ✔️✔️Assign
policy ownership to the bank.
A policy owner may assign ownership of a policy to a bank as collateral.
One of the stated purposes of the life and health insurance guaranty association is to: ✔️✔️Assist in
the prevention of insurer insolvencies.
One of the stated purposes of the life and health insurance guaranty association is to assist in the
prevention of insure insolvencies
K has a life insurance policy where her husband is beneficiary and her daughter is contingent
beneficiary. Under the common disaster clause if K and her husband were both killed in an automotive
accident, where would the death proceeds be directed? ✔️✔️The daughter.
With a common disaster Provision a policy owner can be sure that is both insured and the primary
beneficiary die within a short period of time the death benefits will be paid to contingent beneficiary
Which of the following types of policies pays a benefit if the insured goes blind? ✔️✔️AD&D.
An accidental death and dismemberment policy can provide financial benefits if an insured is killed
loses limb suffers blindness or is paralyzed in a covered accident.
Basic Medical Expense Insurance ✔️✔️has lower benefit limits than Major Medical insurance.
Basic medical expense insurance typically has lower benefit limits than major medical insurance.
The amount of coverage on a group credit life policy is limited to: ✔️✔️the insured's total loan value.
