NEVADA LIFE AND HEALTH INSURANCE
EXAM PRACTICE REVIEW 2026 TESTED
QUESTIONS
⫸ Which of the following documents must be provided to the
policyowner or applicant during policy replacement?
A Buyer's Guide and Policy Summary
B Policy illustrations
C Notice Regarding Replacement
D Disclosure Authorization Form. Answer: C
⫸ Which of the following terms is used to describe a person, other than
a viator, that enters into or effectuates a viatical settlement contract?
A Viatical settlement purchaser
B Viatical settlement broker
C Viatical settlement effectuator
D Viatical settlement provider. Answer: D
⫸ Within how many months must a person be expected to die from a
sickness in order to be classified as terminally ill?
A3
B6
C 12
,D 24. Answer: D
⫸ For how long must agents retain copies of notices and sales proposals
for life insurance applications?
A 1 year
B 5 years
C 10 years
D 3 years. Answer: D
⫸ What is the purpose of a disclosure statement in life insurance
policies?
A To protect agents and insurers against lawsuits
B To explain features and benefits of a proposed policy to the consumer
C To obtain important underwriting information from the applicant
D To help consumers compare policy prices. Answer: B
⫸ Which of the following statements would best describe the difference
between viatical settlements and accelerated death benefits?
A Viaticals require higher premiums.
B Viaticals use mortality tables; accelerated death benefits are
determined by morbidity.
C Viaticals are funded by a third party; accelerated death benefits are
provided by the insurer that issued the original policy.
D Viaticals are used to fund retirement; accelerated death benefits fund
medical expenses.. Answer: C
, ⫸ Which of the following means having an illness or sickness that can
reasonably be expected to result in death in 24 months or less?
A Chronic illness
B Fatal illness
C Malignant illness
D Terminal illness. Answer: D
⫸ Which of the following insurers must be nonprofit and sell insurance
only to its members?
A Reciprocal
B Fraternal
C Service
D Mutual. Answer: B
⫸ When a viator sells a life insurance policy,
A Collateral assignment is given to the insurance company.
B Absolute assignment is given to the viatical settlement company.
C Collateral assignment is given to the viatical settlement company.
D Absolute assignment is given to the insurance company.. Answer: B
⫸ Who is a person, other than a viator, that enters into a viatical
settlement contract?
A Provider
EXAM PRACTICE REVIEW 2026 TESTED
QUESTIONS
⫸ Which of the following documents must be provided to the
policyowner or applicant during policy replacement?
A Buyer's Guide and Policy Summary
B Policy illustrations
C Notice Regarding Replacement
D Disclosure Authorization Form. Answer: C
⫸ Which of the following terms is used to describe a person, other than
a viator, that enters into or effectuates a viatical settlement contract?
A Viatical settlement purchaser
B Viatical settlement broker
C Viatical settlement effectuator
D Viatical settlement provider. Answer: D
⫸ Within how many months must a person be expected to die from a
sickness in order to be classified as terminally ill?
A3
B6
C 12
,D 24. Answer: D
⫸ For how long must agents retain copies of notices and sales proposals
for life insurance applications?
A 1 year
B 5 years
C 10 years
D 3 years. Answer: D
⫸ What is the purpose of a disclosure statement in life insurance
policies?
A To protect agents and insurers against lawsuits
B To explain features and benefits of a proposed policy to the consumer
C To obtain important underwriting information from the applicant
D To help consumers compare policy prices. Answer: B
⫸ Which of the following statements would best describe the difference
between viatical settlements and accelerated death benefits?
A Viaticals require higher premiums.
B Viaticals use mortality tables; accelerated death benefits are
determined by morbidity.
C Viaticals are funded by a third party; accelerated death benefits are
provided by the insurer that issued the original policy.
D Viaticals are used to fund retirement; accelerated death benefits fund
medical expenses.. Answer: C
, ⫸ Which of the following means having an illness or sickness that can
reasonably be expected to result in death in 24 months or less?
A Chronic illness
B Fatal illness
C Malignant illness
D Terminal illness. Answer: D
⫸ Which of the following insurers must be nonprofit and sell insurance
only to its members?
A Reciprocal
B Fraternal
C Service
D Mutual. Answer: B
⫸ When a viator sells a life insurance policy,
A Collateral assignment is given to the insurance company.
B Absolute assignment is given to the viatical settlement company.
C Collateral assignment is given to the viatical settlement company.
D Absolute assignment is given to the insurance company.. Answer: B
⫸ Who is a person, other than a viator, that enters into a viatical
settlement contract?
A Provider
