67 Nevada Life, Accident, Health Insurance Exam Practice Questions and Answers

67 Nevada Life, Accident, Health Insurance Exam Practice Questions and Answers 1. Health care accounts and Dependent care accounts Ans: What are the 2 types of Flexible Spending Accounts? 2. Cash value is guaranteed Ans: Concerning a Whole Life Policy, which of the following statements is correct? 3. Unearned premiums are retained by the insurance company Ans: According to the rights of renewability rider for cancellable policies, all of the following are correct about the cancellation of an individual insurance policy EXCEPT 4. Assets Ans: In a replacement situation, all of the following must be considered EXCEPT 5. Be licensed as a life insurance producer Ans: For an agent to sell continuous care coverage, the agent must meet all of the following requirements EXCEPT 6. Insurance consultant Ans: Which of the following licensees are not compensated directly related to the amount of insurance sold? 7. 3 Hours Ans: Producers must complete how many hours of continuing education on the subject of ethics every licensing period? 8. The more liberal "own occupation" Ans: Which of the following definitions would make it easier to qualify for total disability benefits? 9. Plan A Ans: Which of the following must be present in all Medicare supplement plans? 10.Premium receipt Ans: Most agents try to collect the initial premium for submission with the application. When an agent collects the initial premium from the applicant, the agent should issue the applicant a 11.Renewal provision Ans: Which health insurance provision describes the insured's right to cancel coverage? 12.Increasing Term Ans: What type of insurance would be used for a Return of Premium rider? 13.Recurrent disability Ans: When an insurer combines two periods of disability into one, the insured must have suffered a 14.It is designed to pay on a first dollar of expense basis Ans: Which of the following is NOT true of a major-medical health insurance policy? 15.They earn lower interest rates than fixed annuities Ans: Which of the following is NOT true regarding Equity Indexed Annuities? 16.Individual members of the group may select the level of benefits for their own coverage Ans: Underwriting a group health insurance plan that is paid for by the employer requires all of the following EXCEPT 17.High-deductible health plan Ans: To be eligible for a Health Savings Account, an individual must be covered by a 18.Face amount Ans: Which policy component decreases in decreasing term insurance? 19.Acute care in a hospital Ans: Which of the following is NOT covered under a long-term care policy? 20.Term rider Ans: Which of the following, when attached to a permanent life insurance policy, allows the policyowner to customize the policy to provide an additional amount of temporary insurance on the insured, or allows amounts of temporary insurance to cover other family members? 21.Deferred Ans: An individual has been making periodic premium payments on an annuity. The annuity income payments are schedules to begin after 1 year since the annuity was purchased what type of annuity is it? 22.Daily care by medical personnel Ans: What amount of care is provided in LTC's intermediate care? 23.$500,000 Ans: What is the maximum amount that the Nevada Life & Health Insurance Guaranty Association may be obligated to pay with respect to major medical insurance for one life? 24.1 year Ans: A life producer applying for a viatical settlement broker license may be exempt from the prelicensing education and examination requirement if the producer has held an active life license for at least how many years? 25.The surviving beneficiary will continue receiving 2/3 of the benefit paid when both beneficiaries were alive Ans: An insured has chosen joint and 2/3 survivor as the settlement option. What does this mean to the beneficiaries? 26.Increasing term Ans: What type of insurance would be used for a Return of Premium rider? 27.Survivor protection Ans: A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely 28.The benefit received is tax free Ans: A corporation is the owner of the beneficiary of the key persion life policy. If the corporation collect the policy benefit, then 29.Attained age Ans: The premium charged for exercising the Guaranteed Insurability Rider is based upon the insured's al provision Ans: Which health insurance provision describes the insured's right to cancel coverage? 31.Impairment rider Ans: Which of the following riders would NOT increase the premium for a policyowner? 32.Brokers do not need to be appointed Ans: Which of the following is true regarding insurance company appointment for a broker? 33.Provider Ans: Who is a person, other than a viator, that enters into a viatical settlement contract? 34.FINRA Ans: An agent selling variable annuities must be registered with 35.Whole life Ans: An insured bought a policy 20 years ago. The policy stated that 20 years later the cash value would be $480 per $1,000 of coverage. What type of policy does the insured have? 36.Loan values and retirement income Ans: What are the "living benefits" of whole life insurance? 37.The premiums are invested in the insurer's general account Ans: All of the following are true about variable products EXCEPT 38.Annuitization period Ans: In an annuity, the accumulated money is converted into a stream of income during which time period? 39.It is designed to pay on a first dollar expense basis Ans: Which of the following is NOT true of a major-medical health insurance policy? 40.Relative value Ans: Todd has been informed that he has a hernia which requires repair. When Todd researches the cost, he learns that his insurance plan will cover 200 points worth of surgical expenses. Eac