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NEVADA LIFE AND HEALTH LICENSE EXAM LATEST ACTUAL EXAM COMPLETE 400 QUESTIONS AND DETAILED CORRECT ANSWERS | A+ GRADE GUARANTEED PASS$23.99
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NEVADA LIFE AND HEALTH LICENSE
EXAM LATEST ACTUAL EXAM 2024-2025
COMPLETE 400 QUESTIONS AND
DETAILED CORRECT ANSWERS | A+
GRADE GUARANTEED PASS
Louis owns a $10,000 term life policy. He paid the $200
annual premium on Feb 1. Louis fails to pay the second
annual premium and dies on Feb 28 of the following year.
How much will the beneficiary receive from Louis'
insurance company
a. $0
b. $10,000
c. $9,800
d. Non of the above Correct Answer c. $9,800
All of the following statements are true with regard to the
10 day free look provision in a life insurance policy
EXCEPT
a. the 10 day free look period begins when the insured
receives the contract
b. an insured who returns the policy within the 10 days
free look period will receive a full refund of premiums paid
c. if a conditional receipt was issued, a pro rata refund will
be made if the insured returns the policy within the free
look period
d. to get a refund, the policy holder must return the policy
within 10 days from the date the policy was received
,Correct Answer c. if a conditional receipt was issued, a pro
rata refund will be made if the insured returns the policy
within the free look period
All of the following are common life insurance policy
provisions EXCEPT a(n)
a. entire contract clause
b. insuring clause
c. free look period
d. premium deductibility option Correct Answer d. premium
deductibility option
Which of the following statements concerning the Fair
Credit Reporting Act is CORRECT
a. It provides that credit life insurance will be available to
an applicant on an attained age basis
b. It provides additional funding for the cash savings value
of a whole life policy
c. It requires that the applicant for insurance coverage will
be informed if a consumer report is requested.
d. It offers protection against creditors if the applicant
defaults on a loan Correct Answer c. It requires that the
applicant for insurance coverage will be informed if a
consumer report is requested.
The underwriting department of a life insurance company
acquires information on an applicant for life insurance
coverage from all of the following sources EXCEPT
a. an agent's report
b. the life insurance application
c. Dept of Motor Vehicles records
,d. the Medical Information Bureau Correct Answer c. Dept
of Motor Vehicles records
To cover the contingency of a family breadwinner's death,
all of the following would be appropriate applications for a
decreasing term insurance policy EXCEPT to
a. ensure that the family's 5 year old son will have a
source of funds for his college education
b. cover the family's mortgage
c. cover the family's car payments
d. ensure that the family's home improvement loan is
covered Correct Answer a. ensure that the family's 5 year
old son will have a source
Pearl takes out a $100,000 permanent insurance policy on
her life, naming her daughter, Juanita, as the beneficiary.
Five years after the policy was issued, Pearl dies and
Juanita submits a claim to the insurer for the death benefit.
Upon reviewing the claim, the insurer discoverers that
Pearl had made a number of misstatements on the original
applications. The insurer will
a. deny the claim entirely
b. pay the full $100,000 to Juanita
c. calculate any additional costs the company incurred due
to the misstatements, deduct them from the death
proceeds, and pay Juanita the balance
d. require Juanita to substantiate the misstatements in
order to be paid the full $100,000 Correct Answer b. pay
the full $100,000 to Juanita
, An insured may receive protection against the
unintentional lapse of his life insurance contract by
requesting the
a. cash savings amount
b. extended term option
c. at interest option
d. automatic premium loan Correct Answer d. automatic
premium loan
Under a group life insurance policy, an employee
demonstrates her evidence of participation b producing a
a. master policy
b. certificate of insurance
c. group policy
d. premium receipt Correct Answer b. certificate of
insurance
Kevin takes out a loan from the cash value of his life
policy, and subsequently dies. The insurance company will
typically pay
a. the face amount minus the interest and loan amount
b. the full death benefit of the policy
c. no less than $10,000
d. the full death benefit after receiving the loan balance
from the beneficiary Correct Answer a. the face amount
minus the interest and loan amount
Which of the following is the most likely outcome if an
individual who engages in a hazardous occupation applies
for a life insurance policy
a. The application will be reject
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