Nevada Life and Health Exam
Simulator (99 questions and
Answers)
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funds withdrawn from the qualified plan.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.
Simulator (99 questions and
Answers)
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.
