NEVADA LIFE AND HEALTH LICENSE EXAM 2024 WITH 100% CORRECT ANSWERS

NEVADA LIFE AND HEALTH LICENSE EXAM 2024 WITH 100% CORRECT ANSWERS What are the four required elements of an insurance contract? - correct answer Agreement, consideration, competent parties, and legal purpose. What two parts make up a life insurance application? - correct 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? - correct 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? - correct 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? - correct answer The applicant. Insurers may change what on a guaranteed renewable health insurance polity? - correct answer The rates by class.