Nevada Life and Health License Exam Prep Questions And Answers With Verified Updates
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Course
Nevada Life and Health
Institution
Nevada Life And Health
What protects the insured from unintentional policy lapse due to a nonpayment of premium? -
Automatic premium loan
What is an important feature of a dental expense insurance plan that is not found in a medical expense
insurance plan? - Diagnostic and preventive care
What two parts make up a lif...
Nevada Life and Health License Exam
Prep Questions
What protects the insured from unintentional policy lapse due to a nonpayment of premium? -
Automatic premium loan
What is an important feature of a dental expense insurance plan that is not found in a medical expense
insurance plan? - Diagnostic and preventive care
What two parts make up a life insurance application? - 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? - 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? - At the time of the application.
If an agent makes a mistake on the application and then corrects it, who must initial that change? -
The applicant.
Insurers may change what on a guaranteed renewable health insurance polity? - The rates by
class.
At what age may an individual make withdrawals from an HSA for nonhealth purposes without being
penalized? - 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? - Recurrent Disability Provision
,In forming an insurance contract, when does acceptance occur? - When an insurer's underwriter
approves coverage
What best describes the "first-dollar coverage" principle in basic medical insurance? - 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? - Attending physicians
Can an individual who belongs to a POS plan use an out-of-network physician? - 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? - The original age
is used for premium determination
What would basic medical expense coverage not cover? - Surgeon's services
What is not provided by an HMO? - Reimbursement
What are the four required elements of an insurance contract? - Agreement, consideration,
competent parties, and legal purpose.
What insurance arrangements will be appropriate for a parent buying a life insurance policy on a child
where the parent is the policyowner? - Third-party ownership
What is not true about dividends? - Dividend amounts are guaranteed in the policy
What is not true about Accidental Death and Dismemberment? - Death benefits are paid only if
death occurs within 24 hours of an accident
When would a 20-pay whole life policy endow? - When the insured reaches age 100
, What section of a health policy that states the causes of eligible loss under which an insurance is
assumed to be disabled? - Insuring Clause
The insurance clause of a disability policy usually states what except? - The method of premium
payment
What best describes annually renewable term insurance? - It is level term insurance
What best describes an annuity period? - Period of time during which accumulated money is
converted into income payments
What is an eligibility requirement for all Social Security Disability Income benefits? - Have attained
fully insured status
What is the maximum amount that the Nevada Life & Health Insurance Guaranty Association be
obligated to pay with respect to life insurance death benefits for one life? - $300,000
What is the penalty for transacting insurance without a proper license? - $1,000 for each violation
What type of misrepresentation persuades an insured to cancel, lapse, or switch policies from one to
another? - Twisting
The patient protection and affordable care act includes what except? - Individual tax deduction for
premiums paid
What entity determines if an advertisement is deceptive of confusing? - The Commissioner
How many days does a nonresident procedure have to file a change of address when the agent moves to
Nevada from another state? - 30 days
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