NEBRASKA LIFE AND HEALTH STUDY GUIDE 2025/2026
QUESTIONS WITH SOLUTIONS RATED A+
✔✔Key Person Insurance - ✔✔Key employee is the insured, company is the applicant.
Protects from lost of earnings
✔✔Buy-Sell Agreement - ✔✔Business continuation agreement
✔✔Cash Value - ✔✔Policy Savings element or living benefit
✔✔Face Amount - ✔✔Amount of benefit stated in the policy
✔✔Permanent Insurance - ✔✔Builds Cas Value and Remains in effect for the entire life
of the insured
✔✔Term Insurance - ✔✔Temporary Insurance
✔✔Key Features of Term Insurance - ✔✔Pure Death Protection, Level Premiums,
Renewable, Convertible
✔✔3 Types of Term Insurance - ✔✔Level, Increasing, Decreasing
✔✔Key Features of Whole Life - ✔✔Protection Until 100 years old, Level Premium,
Cash Values and Lvings Benefits
✔✔3 Basic Types of Whole Life - ✔✔Straight Life, Limited Payment, Single Premium
✔✔Adjustable Life Insurance - ✔✔Term or Permanent, Policy owner can increase or
decrease the premium the face amount of period of protection
✔✔Level Term Insurance - ✔✔Face amount remains the same
✔✔Increasing Term Insurance - ✔✔Face amount increases each year
✔✔Decreasing Term Insurance - ✔✔Face amount decreases each year
✔✔Straight Whole Life - ✔✔Premiums are paid until the insured's death or age 100
✔✔Limited Payment Whole Life - ✔✔Premiums are paid up before age 100
✔✔Single Premium Whole Life - ✔✔Policy is completely paid up after one premium
✔✔Universal Life Option A - ✔✔Level Benefit Annually renewable term and cash
amount
, ✔✔Universal Life Option B - ✔✔Increasing Benefit Annually renewable term and cash
amount
✔✔Key Features of Variable Life - ✔✔Permanent Insurance, Fixed Premium, Cash
Value, SEC Regulated, Insurance and Securities License
✔✔Key Features of Credit Life - ✔✔Insurers the debtor and pay off balance of an,
Creditor is owner and beneficiary
✔✔Key Features of Group Life - ✔✔Natural Group, no evidence of insurability, master
policy, certificates of insurance, conversion to individual insurance
✔✔Options - ✔✔Ways to invest or distribute money available in a policy
✔✔Provisions - ✔✔the lights and obligations within the contract
✔✔Riders - ✔✔modify policy provisions
✔✔Assignment - ✔✔Policy owner can transfer ownership to another person. Absolute
and Collateral
✔✔Beneficiary Designation - ✔✔Succesion: Primary vs Contingent Change of
Beneficiary Revocable vs Irrevocable
✔✔Entire Contract - ✔✔Policy with riders and amendments plus copy of application
✔✔Exclusions - ✔✔Perils and hazards not covered
✔✔Free Look - ✔✔Period of time after issue to return the policy or a refund of premium
✔✔Grace Period - ✔✔Time allowed for payment of premium after due date
✔✔Incontestability - ✔✔After a specified period of time, the insurer cannot deny a claim
based on misstatements on the application
✔✔Legal Action - ✔✔Period of time for legal action after a loss
✔✔Misstatement of Age - ✔✔Death benefit is adjusted according to the insured's
correct age
✔✔Ownership - ✔✔Policy owner's rights and privileges within the period
✔✔Payment of Premiums - ✔✔Premiums must be paid in advance
QUESTIONS WITH SOLUTIONS RATED A+
✔✔Key Person Insurance - ✔✔Key employee is the insured, company is the applicant.
Protects from lost of earnings
✔✔Buy-Sell Agreement - ✔✔Business continuation agreement
✔✔Cash Value - ✔✔Policy Savings element or living benefit
✔✔Face Amount - ✔✔Amount of benefit stated in the policy
✔✔Permanent Insurance - ✔✔Builds Cas Value and Remains in effect for the entire life
of the insured
✔✔Term Insurance - ✔✔Temporary Insurance
✔✔Key Features of Term Insurance - ✔✔Pure Death Protection, Level Premiums,
Renewable, Convertible
✔✔3 Types of Term Insurance - ✔✔Level, Increasing, Decreasing
✔✔Key Features of Whole Life - ✔✔Protection Until 100 years old, Level Premium,
Cash Values and Lvings Benefits
✔✔3 Basic Types of Whole Life - ✔✔Straight Life, Limited Payment, Single Premium
✔✔Adjustable Life Insurance - ✔✔Term or Permanent, Policy owner can increase or
decrease the premium the face amount of period of protection
✔✔Level Term Insurance - ✔✔Face amount remains the same
✔✔Increasing Term Insurance - ✔✔Face amount increases each year
✔✔Decreasing Term Insurance - ✔✔Face amount decreases each year
✔✔Straight Whole Life - ✔✔Premiums are paid until the insured's death or age 100
✔✔Limited Payment Whole Life - ✔✔Premiums are paid up before age 100
✔✔Single Premium Whole Life - ✔✔Policy is completely paid up after one premium
✔✔Universal Life Option A - ✔✔Level Benefit Annually renewable term and cash
amount
, ✔✔Universal Life Option B - ✔✔Increasing Benefit Annually renewable term and cash
amount
✔✔Key Features of Variable Life - ✔✔Permanent Insurance, Fixed Premium, Cash
Value, SEC Regulated, Insurance and Securities License
✔✔Key Features of Credit Life - ✔✔Insurers the debtor and pay off balance of an,
Creditor is owner and beneficiary
✔✔Key Features of Group Life - ✔✔Natural Group, no evidence of insurability, master
policy, certificates of insurance, conversion to individual insurance
✔✔Options - ✔✔Ways to invest or distribute money available in a policy
✔✔Provisions - ✔✔the lights and obligations within the contract
✔✔Riders - ✔✔modify policy provisions
✔✔Assignment - ✔✔Policy owner can transfer ownership to another person. Absolute
and Collateral
✔✔Beneficiary Designation - ✔✔Succesion: Primary vs Contingent Change of
Beneficiary Revocable vs Irrevocable
✔✔Entire Contract - ✔✔Policy with riders and amendments plus copy of application
✔✔Exclusions - ✔✔Perils and hazards not covered
✔✔Free Look - ✔✔Period of time after issue to return the policy or a refund of premium
✔✔Grace Period - ✔✔Time allowed for payment of premium after due date
✔✔Incontestability - ✔✔After a specified period of time, the insurer cannot deny a claim
based on misstatements on the application
✔✔Legal Action - ✔✔Period of time for legal action after a loss
✔✔Misstatement of Age - ✔✔Death benefit is adjusted according to the insured's
correct age
✔✔Ownership - ✔✔Policy owner's rights and privileges within the period
✔✔Payment of Premiums - ✔✔Premiums must be paid in advance
