Nevada Life and Health License Exam Prep Questions and Correct Answers 2025/2026

Nevada Life and Health License Exam Prep Questions and Correct Answers 2025/2026 What are the four required elements of an insurance contract? - Answer -Agreement, consideration, competent parties, and legal purpose. What two parts make up a life insurance application? - Answer -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? - Answer -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? - Answer -At the time of the application. If an agent makes a mistake on the application and then corrects it, who must initial that change? - Answer -The applicant. Insurers may change what on a guaranteed renewable health insurance polity? - Answer -The rates by class. At what age may an individual make withdrawals from an HSA for nonhealth purposes without being penalized? - Answer -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? - Answer -Recurrent Disability Provision In forming an insurance contract, when does acceptance occur? - Answer -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? - Answer -Diagnostic and preventive care What best describes the "first-dollar coverage" principle in basic medical insurance? - Answer -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? - Answer -Attending physicians Can an individual who belongs to a POS plan use an out-of-network physician? - Answer -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? - Answer -The original age is used for premium determination What would basic medical expense coverage not cover? - Answer - Surgeon's services What is not provided by an HMO? - Answer -Reimbursement