Nevada Life & Health Insurance Verified Answers
term insurance ✔️✔️temporary protection because it only provides coverage for a specific period of
time
What is the "Affordable Care Act" in Nevada and how does it affect insurance coverage?
The Affordable Care Act (ACA) is a federal law that mandates all individuals to have health insurance,
providing guidelines for coverage, reducing premiums, and preventing insurers from denying coverage
due to pre-existing conditions in Nevada. ✔️✔️
What is the difference between a PPO and an HMO health plan in Nevada?
A PPO (Preferred Provider Organization) plan allows more flexibility in choosing healthcare providers,
while an HMO (Health Maintenance Organization) plan requires members to use a primary care
physician for referrals to specialists and restricts access to a network of doctors. ✔️✔️
What is a "premium" in a health insurance policy in Nevada?
A premium is the amount a policyholder must pay periodically to keep their health insurance policy
active, typically paid monthly, quarterly, or annually. ✔️✔️
What does "co-insurance" mean in Nevada health insurance policies?
Co-insurance is the percentage of healthcare costs that the insured individual must pay after meeting
the deductible. For example, an individual may pay 20% of medical bills after their deductible is met.
✔️✔️
What is the role of the Nevada Health Insurance Exchange?
The Nevada Health Insurance Exchange, also known as Nevada Health Link, helps individuals, families,
and small businesses find and compare health insurance plans, and provides access to federal subsidies.
✔️✔️
Are health insurance plans in Nevada required to cover maternity care?
,Yes, health insurance plans in Nevada are required to cover maternity and newborn care as part of the
essential health benefits under the Affordable Care Act. ✔️✔️
Can life insurance policies in Nevada be transferred to another owner?
Yes, life insurance policies in Nevada can be transferred to another owner through a process known as
policy assignment, though it may require the insurance company’s approval. ✔️✔️
What is the "death benefit" in a life insurance policy in Nevada?
The death benefit is the amount paid to the beneficiaries of a life insurance policy upon the death of the
insured, which is generally tax-free. ✔️✔️
Can health insurance in Nevada cover out-of-state medical expenses?
Yes, health insurance plans in Nevada can cover out-of-state medical expenses, especially for emergency
care. However, coverage details and reimbursement rates depend on the insurer’s network and the
policy's terms. ✔️✔️
What is an "underwriting period" in health insurance in Nevada?
The underwriting period is the time during which an insurance company reviews a potential
policyholder's application, including their medical history and other factors, to determine eligibility and
premium rates. ✔️✔️
What is "limited benefit health insurance" in Nevada?
Limited benefit health insurance offers lower coverage limits than standard health insurance plans and
is typically used for specific types of care or in specific situations, like accidental injuries or critical illness
coverage. ✔️✔️
What happens if a Nevada resident is diagnosed with a critical illness?
If diagnosed with a critical illness, a Nevada resident may use their health insurance policy to help cover
medical treatments, or they may have access to a separate critical illness insurance policy that pays a
lump sum for certain conditions. ✔️✔️
What is a "beneficiary" in life insurance in Nevada?
,A beneficiary is the person or entity designated to receive the death benefit from a life insurance policy
after the insured person's death. ✔️✔️
Can Nevada residents apply for life insurance with pre-existing health conditions?
Yes, Nevada residents can apply for life insurance even with pre-existing health conditions, although
they may face higher premiums or exclusions depending on the insurer's underwriting guidelines.
✔️✔️
What is the "cash value" in a whole life insurance policy in Nevada?
The cash value in a whole life insurance policy is the savings component that accumulates over time,
which can be borrowed against or withdrawn by the policyholder while the policy is active. ✔️✔️
What is the role of an insurance agent in Nevada health and life insurance?
An insurance agent in Nevada helps individuals select, apply for, and manage their health or life
insurance policies by providing guidance on available plans, coverage options, and navigating claims.
✔️✔️
What does "out-of-pocket maximum" mean in Nevada health insurance?
An out-of-pocket maximum is the highest amount a policyholder will have to pay for covered healthcare
services in a given year. After reaching this limit, the insurer will cover 100% of additional medical costs.
✔️✔️
How does Nevada regulate insurance premiums?
Nevada regulates insurance premiums by requiring insurance companies to justify rate increases and
ensuring that premiums are fair, reasonable, and non-discriminatory. ✔️✔️
Can an individual in Nevada purchase a life insurance policy for someone else?
Yes, an individual in Nevada can purchase a life insurance policy for another person, but they must have
an "insurable interest" in the life of the other person, typically a family member or business partner.
✔️✔️
What are "high-risk pools" in Nevada health insurance?
, High-risk pools in Nevada are programs designed to provide health insurance to individuals with serious
medical conditions who cannot obtain coverage through standard insurance markets. ✔️✔️
What is a "rider" in a health or life insurance policy in Nevada?
A rider is an additional provision or amendment to an insurance policy that modifies or expands
coverage, such as adding life insurance for a spouse or coverage for specific treatments. ✔️✔️
What is the difference between "cash surrender value" and "death benefit" in Nevada life insurance?
The cash surrender value is the amount a policyholder can receive if they cancel their life insurance
policy before it matures, while the death benefit is the amount paid to beneficiaries upon the
policyholder's death. ✔️✔️
Is it possible to switch health insurance plans in Nevada outside of open enrollment?
Switching health insurance plans in Nevada outside of open enrollment is possible under special
circumstances, such as qualifying for a life event like marriage, the birth of a child, or losing other
coverage. ✔️✔️
What is a "health savings account" (HSA) in Nevada?
A health savings account (HSA) is a tax-advantaged account that allows Nevada residents to save money
for future medical expenses, typically used in conjunction with a high-deductible health plan (HDHP).
✔️✔️
What is the maximum age at which a person can purchase life insurance in Nevada?
While there is no specific age limit in Nevada, life insurance companies may impose age restrictions or
higher premiums for individuals purchasing life insurance over a certain age, typically around 80 years
old. ✔️✔️
Can residents in Nevada purchase "short-term" health insurance?
Yes, Nevada residents can purchase short-term health insurance plans, which offer limited benefits and
are typically intended for temporary coverage gaps. ✔️✔️
How long does a Nevada health insurance policy last?
