NEVADA LIFE AND HEALTH LICENSE
EXAM 2024/2025 WITH 100% ACCURATE
SOLUTIONS
What are the four required elements of an insurance contract? - Precise
Answer ✔✔Agreement, consideration, competent parties, and legal
purpose.
What two parts make up a life insurance application? - Precise 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? - Precise 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? - Precise 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? - Precise Answer ✔✔The applicant.
Insurers may change what on a guaranteed renewable health insurance
polity? - Precise Answer ✔✔The rates by class.
,At what age may an individual make withdrawals from an HSA for
nonhealth purposes without being penalized? - Precise Answer ✔✔At
age 65.
Which provision states how much time must pass between two like
illnesses in order for the second one to be covered under a new set of
benefits? - Precise Answer ✔✔Recurrent Disability Provision
In forming an insurance contract, when does acceptance occur? - Precise
Answer ✔✔When an insurer's underwriter approves coverage
What is an important feature of a dental expense insurance plan that is
not found in a medical expense insurance plan? - Precise Answer
✔✔Diagnostic and preventive care
What best describes the "first-dollar coverage" principle in basic medical
insurance? - Precise Answer ✔✔The insured is not required to pay a
deductible
Occasional visits by what medical professionals will not be covered
under Long-Term Care's home health care? - Precise Answer
✔✔Attending physicians
Can an individual who belongs to a POS plan use an out-of-network
physician? - Precise Answer ✔✔Yes, they can use any physician even if
not part of the HMO
,What is the advantage of reinstating a policy instead of applying for a
new one? - Precise Answer ✔✔The original age is used for premium
determination
What would basic medical expense coverage not cover? - Precise
Answer ✔✔Surgeon's services
What is not provided by an HMO? - Precise Answer ✔✔Reimbursement
What insurance arrangements will be appropriate for a parent buying a
life insurance policy on a child where the parent is the policyowner? -
Precise Answer ✔✔Third-party ownership
What is not true about dividends? - Precise Answer ✔✔Dividend
amounts are guaranteed in the policy
What is not true about Accidental Death and Dismemberment? - Precise
Answer ✔✔Death benefits are paid only if death occurs within 24 hours
of an accident
When would a 20-pay whole life policy endow? - Precise Answer
✔✔When the insured reaches age 100
, What section of a health policy that states the causes of eligible loss
under which an insurance is assumed to be disabled? - Precise Answer
✔✔Insuring Clause
The insurance clause of a disability policy usually states what except? -
Precise Answer ✔✔The method of premium payment
What best describes annually renewable term insurance? - Precise
Answer ✔✔It is level term insurance
What best describes an annuity period? - Precise Answer ✔✔Period of
time during which accumulated money is converted into income
payments
What is an eligibility requirement for all Social Security Disability
Income benefits? - Precise Answer ✔✔Have attained fully insured status
What protects the insured from unintentional policy lapse due to a
nonpayment of premium? - Precise Answer ✔✔Automatic premium
loan
What is the maximum amount that the Nevada Life & Health Insurance
Guaranty Association be obligated to pay with respect to life insurance
death benefits for one life? - Precise Answer ✔✔$300,000
EXAM 2024/2025 WITH 100% ACCURATE
SOLUTIONS
What are the four required elements of an insurance contract? - Precise
Answer ✔✔Agreement, consideration, competent parties, and legal
purpose.
What two parts make up a life insurance application? - Precise 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? - Precise 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? - Precise 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? - Precise Answer ✔✔The applicant.
Insurers may change what on a guaranteed renewable health insurance
polity? - Precise Answer ✔✔The rates by class.
,At what age may an individual make withdrawals from an HSA for
nonhealth purposes without being penalized? - Precise Answer ✔✔At
age 65.
Which provision states how much time must pass between two like
illnesses in order for the second one to be covered under a new set of
benefits? - Precise Answer ✔✔Recurrent Disability Provision
In forming an insurance contract, when does acceptance occur? - Precise
Answer ✔✔When an insurer's underwriter approves coverage
What is an important feature of a dental expense insurance plan that is
not found in a medical expense insurance plan? - Precise Answer
✔✔Diagnostic and preventive care
What best describes the "first-dollar coverage" principle in basic medical
insurance? - Precise Answer ✔✔The insured is not required to pay a
deductible
Occasional visits by what medical professionals will not be covered
under Long-Term Care's home health care? - Precise Answer
✔✔Attending physicians
Can an individual who belongs to a POS plan use an out-of-network
physician? - Precise Answer ✔✔Yes, they can use any physician even if
not part of the HMO
,What is the advantage of reinstating a policy instead of applying for a
new one? - Precise Answer ✔✔The original age is used for premium
determination
What would basic medical expense coverage not cover? - Precise
Answer ✔✔Surgeon's services
What is not provided by an HMO? - Precise Answer ✔✔Reimbursement
What insurance arrangements will be appropriate for a parent buying a
life insurance policy on a child where the parent is the policyowner? -
Precise Answer ✔✔Third-party ownership
What is not true about dividends? - Precise Answer ✔✔Dividend
amounts are guaranteed in the policy
What is not true about Accidental Death and Dismemberment? - Precise
Answer ✔✔Death benefits are paid only if death occurs within 24 hours
of an accident
When would a 20-pay whole life policy endow? - Precise Answer
✔✔When the insured reaches age 100
, What section of a health policy that states the causes of eligible loss
under which an insurance is assumed to be disabled? - Precise Answer
✔✔Insuring Clause
The insurance clause of a disability policy usually states what except? -
Precise Answer ✔✔The method of premium payment
What best describes annually renewable term insurance? - Precise
Answer ✔✔It is level term insurance
What best describes an annuity period? - Precise Answer ✔✔Period of
time during which accumulated money is converted into income
payments
What is an eligibility requirement for all Social Security Disability
Income benefits? - Precise Answer ✔✔Have attained fully insured status
What protects the insured from unintentional policy lapse due to a
nonpayment of premium? - Precise Answer ✔✔Automatic premium
loan
What is the maximum amount that the Nevada Life & Health Insurance
Guaranty Association be obligated to pay with respect to life insurance
death benefits for one life? - Precise Answer ✔✔$300,000
