Nevada Life Insurance Exam | Latest
2025/2026 Update |Complete Questions
and Answers (100% Correct) GRADED A.
During replacement of life insurance, a replacing insurer must do which of the
following?
ANS>> Obtain a list of all life insurance policies that will be replaced
Which of the following documents must be provided to the policyowner or applicant
during policy replacement?
ANS>> Notice Regarding Replacement
Which of the following terms is used to describe a person, other than a viator, that
enters into or effectuates a viatical settlement contract?
ANS>> Viatical settlement provider
Within how many months must a person be expected to die from a sickness in order
to be classified as terminally ill?
ANS>> 24
For how long must agents retain copies of notices and sales proposals for life
insurance applications?
ANS>> 3 years
What is the purpose of a disclosure statement in life insurance policies?
ANS>> To explain features and benefits of a proposed policy to the consumer
Which of the following statements would best describe the difference between
viatical settlements and accelerated death benefits?
, ANS>> Viaticals are funded by a third party; accelerated death benefits are provided
by the insurer that issued the original policy.
Which of the following means having an illness or sickness that can reasonably be
expected to result in death in 24 months or less?
ANS>> Terminal illness
Which of the following insurers must be nonprofit and sell insurance only to its
members?
ANS>> Fraternal
When a viator sells a life insurance policy,
ANS>> Absolute assignment is given to the viatical settlement company.
Who is a person, other than a viator, that enters into a viatical settlement contract?
ANS>> Provider
Each insurer must maintain a complete file containing a copy of each document used
in solicitation and sale of life insurance products for how long following the date of its
last authorized use?
ANS>> 3 years
Which of the following is a generic consumer publication that explains life insurance in
general terms in order to assist the applicant in the decision-making process?
ANS>> Buyer's Guide
A viatical settlement is arranged between a viatical company and a/an
ANS>> Terminally ill insured.
Which rule would apply if an agent knows an applicant is going to cash in an old policy
and use the funds to purchase new insurance?
2025/2026 Update |Complete Questions
and Answers (100% Correct) GRADED A.
During replacement of life insurance, a replacing insurer must do which of the
following?
ANS>> Obtain a list of all life insurance policies that will be replaced
Which of the following documents must be provided to the policyowner or applicant
during policy replacement?
ANS>> Notice Regarding Replacement
Which of the following terms is used to describe a person, other than a viator, that
enters into or effectuates a viatical settlement contract?
ANS>> Viatical settlement provider
Within how many months must a person be expected to die from a sickness in order
to be classified as terminally ill?
ANS>> 24
For how long must agents retain copies of notices and sales proposals for life
insurance applications?
ANS>> 3 years
What is the purpose of a disclosure statement in life insurance policies?
ANS>> To explain features and benefits of a proposed policy to the consumer
Which of the following statements would best describe the difference between
viatical settlements and accelerated death benefits?
, ANS>> Viaticals are funded by a third party; accelerated death benefits are provided
by the insurer that issued the original policy.
Which of the following means having an illness or sickness that can reasonably be
expected to result in death in 24 months or less?
ANS>> Terminal illness
Which of the following insurers must be nonprofit and sell insurance only to its
members?
ANS>> Fraternal
When a viator sells a life insurance policy,
ANS>> Absolute assignment is given to the viatical settlement company.
Who is a person, other than a viator, that enters into a viatical settlement contract?
ANS>> Provider
Each insurer must maintain a complete file containing a copy of each document used
in solicitation and sale of life insurance products for how long following the date of its
last authorized use?
ANS>> 3 years
Which of the following is a generic consumer publication that explains life insurance in
general terms in order to assist the applicant in the decision-making process?
ANS>> Buyer's Guide
A viatical settlement is arranged between a viatical company and a/an
ANS>> Terminally ill insured.
Which rule would apply if an agent knows an applicant is going to cash in an old policy
and use the funds to purchase new insurance?
