Nevada Life & Health Insurance Package Deal

term insurance - ANSWER-temporary protection because it only provides coverage for a specific period of time face amount - ANSWER-death benefit 3 basic types of term coverage - ANSWER-level, increasing, decreasing - based on how the face amount changes during the policy term What is the ...

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 appli...

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 be...

During replacement of life insurance, a replacing insurer must do which of the following? 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 D...

Which of the following information will be stated in the consideration clause of a life insurance policy? - ANSWER-The amount of premium payment Which of the following is TRUE of a qualified plan? - ANSWER-It has a tax benefit for both employer and employee An insured is covered by a partially...

What term describes the specified dollar amount beyond which the insured no longer participates in the sharing of expenses? - ANSWER-Stop-loss limit What would be INCORRECT about the required provisions of a health insurance policy? - ANSWER-A reinstated policy provides immediate coverage for an ...

Which law requires the applicant be notified before a consumer report is ordered: - ANSWER-Fair Credit Reporting Act The Insuring Clause of an A&H policy usually states all of the following, EXCEPT: A. That insurance against loss is provided B. That a loss must result directly from stated acci...

Domestic insurer - ANSWER-insurance company that is incorporated in this state. Domicile is when e company's home office is in the state in which it was formed. If a company was chartered in Nevada it would be a Nevada domesticated company. Foreign insurer - ANSWER-An insurance company that is i...

COBRA (because she can convert, and if she has a long term illness it it will be hard for her to get approved for individual insurance) - ANSWER-Kevin and Nancy are married; Kevin is the primary breadwinner and has a health insurance policy that covers both him and his wife. Nancy has an illness tha...

Jason is the insured in a $100,000, 10 year renewable term policy. Soon after taking out the policy, he develops a serious heart condition. Which of the following statement is CORRECT? a. Since the condition manifested after the policy was issued, he will not be able to renew his policy. b. Jason ...