Nevada Life & Health Insurance EXAM STUDY
GUIDE 2026 COMPLETE QUESTIONS WITH CORRECT
DETAILED ANSWERS || 100% GUARANTEED PASS
<RECENT VERSION>
1. Changing a beneficiary is a right reserved for the:
A. contract owner
B. insured who is other than the owner
C. owner's spouse
D. estate - ANSWER ✔ contact owner
2. An Immediate annuity can be recognized by which of the following
features?
A. Payout begins one payment period after purchase.
B. Payout begins several years later.
C. Only an annual payout period will apply.
D. The annuitant must be in good health. - ANSWER ✔ Payout begins
one payment period after purchase
3. If an initial premium is not collected when a life insurance application is
written, the insurance becomes effective:
A. after the medical examination is completed
B. after it is approved by the insurer's underwriters
, C. on delivery of the policy to the insured and payment of the initial
premium to the producer
D. on delivery of the policy to the insured and receipt of the initial
premium in the home office - ANSWER ✔ on delivery of the policy
to the insured and payment of the initial premium to the producer
4. A producer who lives in an adjacent state and wants to write insurance in
Nevada MUST obtain which of the following types of licenses?
Courtesy
Temporary
Nonresident
Surplus lines - ANSWER ✔ Nonresident
5. Nevada insurance law defines an insurer as any:
Person who acts as a principal obligee to the contract
Person who acts as a principal and an indemnitor ina contract of insurance
Person who purchases a contract of insurance
Adjuster who settles losses on insurance contracts - ANSWER ✔ Adjuster
who settles losses on insurance contracts
During replacement of life insurance, a replacing insurer must do which of
the following?
6. 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
7. 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
8. 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
9. Within how many months must a person be expected to die from a sickness
in order to be classified as terminally ill?
A3
B6
C 12
D 24 - ANSWER ✔ D
, 10.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
11.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
12.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
13.Changing a beneficiary is a right reserved for the:
A. contract owner
GUIDE 2026 COMPLETE QUESTIONS WITH CORRECT
DETAILED ANSWERS || 100% GUARANTEED PASS
<RECENT VERSION>
1. Changing a beneficiary is a right reserved for the:
A. contract owner
B. insured who is other than the owner
C. owner's spouse
D. estate - ANSWER ✔ contact owner
2. An Immediate annuity can be recognized by which of the following
features?
A. Payout begins one payment period after purchase.
B. Payout begins several years later.
C. Only an annual payout period will apply.
D. The annuitant must be in good health. - ANSWER ✔ Payout begins
one payment period after purchase
3. If an initial premium is not collected when a life insurance application is
written, the insurance becomes effective:
A. after the medical examination is completed
B. after it is approved by the insurer's underwriters
, C. on delivery of the policy to the insured and payment of the initial
premium to the producer
D. on delivery of the policy to the insured and receipt of the initial
premium in the home office - ANSWER ✔ on delivery of the policy
to the insured and payment of the initial premium to the producer
4. A producer who lives in an adjacent state and wants to write insurance in
Nevada MUST obtain which of the following types of licenses?
Courtesy
Temporary
Nonresident
Surplus lines - ANSWER ✔ Nonresident
5. Nevada insurance law defines an insurer as any:
Person who acts as a principal obligee to the contract
Person who acts as a principal and an indemnitor ina contract of insurance
Person who purchases a contract of insurance
Adjuster who settles losses on insurance contracts - ANSWER ✔ Adjuster
who settles losses on insurance contracts
During replacement of life insurance, a replacing insurer must do which of
the following?
6. 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
7. 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
8. 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
9. Within how many months must a person be expected to die from a sickness
in order to be classified as terminally ill?
A3
B6
C 12
D 24 - ANSWER ✔ D
, 10.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
11.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
12.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
13.Changing a beneficiary is a right reserved for the:
A. contract owner
