NEVADA LIFE INSURANCE EXAM
2024/2025 WITH 100% ACCURATE
SOLUTIONS
During replacement of life insurance, a replacing insurer must do which
of the following?
A Send a copy of the Notice Regarding Replacement to the Department
of Insurance
B Obtain a list of all life insurance policies that will be replaced
C Guarantee a replacement for each existing policy
D Designate a new producer for a replaced policy - Precise Answer
✔✔B
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 - Precise 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 - Precise 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 - Precise 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 - Precise 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 - Precise 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. - Precise 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 - Precise 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 - Precise Answer ✔✔B
2024/2025 WITH 100% ACCURATE
SOLUTIONS
During replacement of life insurance, a replacing insurer must do which
of the following?
A Send a copy of the Notice Regarding Replacement to the Department
of Insurance
B Obtain a list of all life insurance policies that will be replaced
C Guarantee a replacement for each existing policy
D Designate a new producer for a replaced policy - Precise Answer
✔✔B
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 - Precise 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 - Precise 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 - Precise 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 - Precise 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 - Precise 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. - Precise 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 - Precise 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 - Precise Answer ✔✔B
