Exam (elaborations)
NEVADA LIFE AND HEALTH LICENSE EXAM PREP QUESTIONS
- Course
- Institution
NEVADA LIFE AND HEALTH LICENSE EXAM PREP QUESTIONS
[Show more]
Seller
Follow
Greaterheights
Reviews received
Content preview
NEVADA LIFE AND HEALTH LICENSE EXAM PREPQUESTIONS
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
What insurance arrangements will be appropriate for a parent buying a life insurance
policy on a child where the parent is the policyowner? - Answer - Third-party ownership
What is not true about dividends? - Answer - Dividend amounts are guaranteed in the
policy
What is not true about Accidental Death and Dismemberment? - Answer - Death
benefits are paid only if death occurs within 24 hours of an accident
When would a 20-pay whole life policy endow? - Answer - 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? - Answer - Insuring Clause
The insurance clause of a disability policy usually states what except? - Answer - The
method of premium payment
What best describes annually renewable term insurance? - Answer - It is level term
insurance
What best describes an annuity period? - Answer - Period of time during which
accumulated money is converted into income payments
What is an eligibility requirement for all Social Security Disability Income benefits? -
Answer - Have attained fully insured status
What protects the insured from unintentional policy lapse due to a nonpayment of
premium? - Answer - Automatic premium loan
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?
- Answer - $300,000
What is the penalty for transacting insurance without a proper license? - Answer -
$1,000 for each violation
What type of misrepresentation persuades an insured to cancel, lapse, or switch
policies from one to another? - Answer - Twisting
, The patient protection and affordable care act includes what except? - Answer -
Individual tax deduction for premiums paid
What entity determines if an advertisement is deceptive of confusing? - Answer - 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? - Answer - 30 days
What is not considered a misrepresentation? - Answer - Making comparisons between
different policies
A producer who has allowed their license to lapse may reinstate the license without
retaking the examination within what maximum time period? - Answer - 12 months or 1
year
Who is a person, other than a viator, that enters into a viatical settlement? - Answer -
Viatical Settlement Provider
How many days after cancellation of a license in another state does a new resident
agent have to apply for Nevada producer license without having to fulfill licensing
examination and education requirements? - Answer - 90 days
What are the three basic types of term life insurance? - Answer - The three basic types
of term life insurance are level, increasing, and decreasing.
When would a whole life insurance policy mature? - Answer - The whole life insurance
policy matures when the insured dies or turns 100.
Who is an annuitant? - Answer - The annuitant is the person on whose life expectancy
the annuity is written and who receives benefits from the annuity.
What constitutes the entire contract? - Answer - The entire contract constitutes the
policy, a copy of application, and any riders or amendments.
Which rider allows an insured to purchase additional coverage without evidence of
insurability? - Answer - The Guaranteed Insurability Rider allows an insured to purchase
additional coverage without evidence of insurability.
What are the three nonforfeiture options? - Answer - The three nonforfeiture options are
reduced paid-up, extended term, and cash surrender value.
In group life insurance, who receives the master contract? - Answer - The employer
receives the master contract in group life insurance.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Greaterheights. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now